Coronavirus debt advice support in England
It is critical people have access to debt advice when they need it and the UK Strategy for Financial Wellbeing sets out a goal of 2 million more people receiving debt advice by 2030.
The Coronavirus pandemic will have an impact on people’s financial wellbeing, and we expect the demand for debt advice services to increase. To help combat this, in June MaPS secured an extra £38 million to help providers deliver advice to more people in England who may be experiencing financial problems due to coronavirus. Work to allocate this funding is under way and details will be shared on this page.
Increasing debt advice capacity in England
One tranche of this funding – an initial £16 million in 2020/21 – will be aimed at increasing the capacity of high-quality, free-to-customer debt advice by recruiting and training additional debt advisers.
Organisations that meet the eligibility criteria – including those not currently funded by MaPS – were invited to participate in an early market engagement process which is now closed. Details can be found on Contracts Finder, including a recording of the webinar. Details of any future funding opportunities will be announced via the MaPS website and by signing up to our stakeholder newsletter.
Maintaining debt advice capacity in England
We are currently (17-28 July) undertaking market engagement exercise will gather insight on how Covid-19 has impacted the income streams of debt advice providers. We want to understand where reductions in income, due to coronavirus, are putting vital debt support services at risk.
We held a webinar for interested organisations on Friday 17 July and have invited organisations that meet the eligibility criteria – including those not currently funded by MaPS – to supply information about reduced income linked to Covid-19 and the impact this is having on maintaining pre-pandemic capacity to provide debt advice.