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Money Advice Service: Final Report

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Money Advice Service: Final Report Money Advice Service: Final Report The effectiveness of debt advice in the UK Table of Contents Glossary ........................................................................................................................................ 4 Executive Summary ...................................................................................................................... 6 Project Objectives & Background................................................................................................ 8 Which types of people are in debt? ............................................................................................. 9 Identifying the sub groups .......................................................................................................... 9 Profiling the sub groups ............................................................................................................ 10 Long term manageable debt ..................................................................................................... 13 To what extent is debt advice effective ..................................................................................... 15 Effectiveness of debt advice ...................................................................................................... 15 Effectiveness of channels .......................................................................................................... 16 Effectiveness of free versus paid for advice ............................................................................... 16 Other findings revealed in the model for manageability of debt ............................................. 17 Positive predictors of manageable debt .................................................................................... 17 Negative predictors of manageable debt .................................................................................. 17 Regional differences ................................................................................................................. 19 Which factors contribute to changes in an individual’s debt situation? ................................ 21 How does debt become unmanageable? ................................................................................. 21 Why might debt remain unmanageable? .................................................................................. 21 What role do creditors play when debt becomes unmanageable? ........................................... 22 How does debt become manageable? ..................................................................................... 23 What is the customer journey like for advice seekers? ........................................................... 25 Which channels are used by those in unmanageable debt? ..................................................... 25 Which channels are perceived as helpful? ............................................................................... 28 Which organisations are used by those in unmanageable debt? .............................................. 29 Which organisations are perceived as helpful? ......................................................................... 31 To what extent does paying for advice make a difference? ..................................................... 32 Do recipients in unmanageable debt stick to the advice given? ............................................... 33 How does debt advice affect the outcome for the individual? ................................................ 35 Which type of solution is carried out? ...................................................................................... 35 Does debt advice help to reduce debt? ................................................................................... 38 Does receiving debt advice affect emotional well-being? ......................................................... 39 Conclusions and Implications .................................................................................................. 42 Overview ................................................................................................................................. 42 2 Channels ................................................................................................................................. 42 Organisations .......................................................................................................................... 43 Implications ............................................................................................................................. 43 Research assumptions and challenges ................................................................................... 44 Research Approach .................................................................................................................... 44 Overview ................................................................................................................................. 44 Measures Used ....................................................................................................................... 44 Interpreting the results of logistic regression ............................................................................. 46 Sampling, fieldwork dates and sub groups ............................................................................... 47 Appendix A .................................................................................................................................. 49 Appendix B .................................................................................................................................. 63 Appendix C .................................................................................................................................. 72 3 Glossary and Definitions Channel Channel used to seek debt advice: Telephone Face to face Website Email Post Printed material Instant messaging Creditors A broad generic term - any entity that you owe money to, such as a bank, utility company, payday lenders, DWP, HMRC, Local Authorities, etc. Financially distressed A person is categorised as ‘financially distressed’ if they have answered yes to one of the following statements: Kept up with all bills and commitments, but it was a constant struggle; or Fell behind with some bills or credit commitments; or Had real financial problems and fell behind with many bills or credit commitments Free sector An organisation, which does not charge a fee for debt advice or implementation of a debt management plan, examples include: Citizen’s Advice Bureau (CAB) Consumer Credit Counselling Service (CCCS) National Debtline Money Advice Service PayPlan Long term unmanageable debt Debt has remained unmanageable since first fell into unmanageable debt Long term manageable debt Debt has consistently been manageable Manageable debt Debt is self-defined as being ‘manageable’ Non priority debt Store card Credit card Unsecured personal loan Authorised overdraft Student loan HP agreement Car finance loan Credit union loan 4 Loan from friends and family Mail order catalogue Home collected credit loan Loan from pawnbroker/cash converter Payday loan Insurance payment plan/instalments Water bills Paid for sector An organisation, which charges a fee for debt advice and/or implementation of a debt management plan: Professional insolvency practitioner Insolvency service Creditor Priority debt Mortgages Gas and electric bills TV licence bills, rent payment Council tax payment Income tax National insurance VAT Magistrate’s court fine Child support/maintenance DSS/social fund loan Secured personal loan Welfare/benefit repayments Scale of debt Level of debt as a proportion of annual household income Severe debt Debtor is categorised as ‘financially distressed’ and scale of debt is high (i.e. over 100%) Unmanageable debt Debt is self-defined as being ‘unmanageable’ 5 Executive Summary Headline findings 1. This research demonstrates that debt advice has a positive effect on a person’s debt situation when other characteristics of debt are controlled for. a) Individuals in unmanageable debt who have sought debt advice are almost twice as likely to move into manageable debt within 12 months compared to those who have not sought debt advice. b) Advice seekers are also more likely to remain in manageable debt than non-advice seekers suggesting that debt advice helps not only to manage debt but to sustain a manageable level of debt. 2. The channels used to seek debt advice are equally as likely to affect moving out of unmanageable debt within 12 months – no channel is any more effective than any other channel. a) Channels tend to be used in conjunction with other channels and so different outcomes may be reached by different people dependent on how channels are used. b) Different types of people will use different channels and so the same outcome may not be attainable if they were to use a different channel. 3. The most popular forms of communication among advice seekers in unmanageable debt are telephone and face to face channels. a) Telephone is also considered to be the most helpful channel among those in unmanageable debt. 4. Whether advice is free or paid for1 has no significant impact on the outcome of moving out of unmanageable debt – both are equally as effective. 5. The majority of debt advice organisations are perceived as ‘helpful’ with the exception of creditors (which encompass a broad spectrum
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