Turning Financial Capability in a Reality

The Project provides essential advice to help people understand money matters and improving their ability to manage their financial affairs.

The project provides advice on budgeting, financial products, benefits, debt, borrowing, building savings and investments. We delivery group sessions supported by one to one advice. We are proud to have given clients the confidence and knowledge to use online tools.

People are often overwhelmed following changes to circumstances, ranging from loss of working hours to health conditions. Our advice allows for them to understand options available to them and make informed decisions. This leads to people regaining control of their finances, putting their minds at rest as they are able to meet daily living expenses.

We are grateful to Bank of Scotland Foundation for their grant award allowing us to deliver this important service. 

How we helped Polly
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Client names have been changed to protect their identity.

Polly is finding it very hard trying to manage on her own with her 3 children – she is trying to adapt to managing a household on her own after her and partner have recently split up earlier in the year.

Individuals who find themselves in need of financial and debt advice, after a separation and new status of single parent often struggle to adapt in managing a household on their own and sole income. Polly was due to return to work after a maternity period and being in receipt of statutory maternity allowance.

Polly is finding her current financial situation and life changes overwhelming and confusing. Sometimes she doesn’t open letters due to escalating debts and is unable to service them with change of income.

With the advice and assistance from CAB financial capability project, Polly was made aware of income maximisation via welfare rights entitlement in relation to her individual circumstances.   Debts were explored including liability for debts and review of priority and non priority debts.   Advice and support was given in relation to priority household debts and negotiating with creditors and insight to relevant debt solution.  Additional advice was provided in relation to separation and maintenance payments, and understanding financial separation and liabilities of shared costs and debts.

Advice and in-depth budgeting and money management sessions were provided, allowing the individual to understand the effectiveness of budgeting tools and understanding priority bills and living costs and managing income to cover priority liability and review of spending habits with surplus income.

This individual found the service to be very comprehensive in terms of dealing with welfare rights changes and the underlying budgeting issues; they expressed feelings of motivation and empowerment by taking control of finances with the help and advice from the service.

The Money Advice Service offers are range of free impartial information via their website and cover a variety of life event circumstances as well as budgeting tips and tools, for more information visit: https://www.moneyadviceservice.org.uk