The Money Advice Process

The money advice process is the process that is used to help people struggling with problem debt. This is the process used by Inverclyde Council money advice service and is a well-established five-step process. The five steps are:

New Pound Coin

Find out all your background information

First we will aim to gather all the relevant information about your background to ensure we take a holistic approach when dealing with your debts. This includes gathering all relevant information about your health, your household, your income and your debts.

Help you with any emergencies

Second, we will seek to address any emergencies you have. We understand that emergencies are often the reason people seek out debt advice and it is important to deal with these quickly.

Maximise your income and help minimise your expenditure

Third we aim to maximise your income whilst advising you on how you may be able to minimise your expenditure. This may include completing a benefit check and also ensuring you are not paying any unnecessary direct debits or charges.

Assist you to draft a personal budget plan

Fourth, we will help you to draft a personal budget, which will outline what your income and expenditure is. This is a crucial stage in dealing with  your debt problems, as it is important your finances are balanced and we establish clearly what you can afford to pay towards your debts.

Discuss all the options open to you

We will then discuss with you all the options available to you to help you deal with your debts.

The decision as to how you deal with your debts is yours; our role is to help you to make an informed decision and not tell you what to do.

If you are struggling with problem debts and want to chat with an adviser, you can do this through our online chat or call our helpline on 01475 715 299.