Jubilee Money Advice Service
in Oswestry
Registered Charity Number 1140544
Authorised and Regulated by The Financial Conduct Authority. Registration No. 618776
Jubilee Money Advice Service
in Oswestry
A member of
Community Money Advice
Uncontrolled debt
is just as
imprisoning as
being in jail.
In some ways debt’s worse than
prison – at least in jail the authorities
feed you and keep you warm.
In some ways debt’s worse than
prison – at least in jail the authorities
feed you and keep you warm.
In debt you still have to feed
yourself and your dependents –
there probably won’t be enough
left over to keep you properly
warm in winter.
If you have a poor credit rating then
you will not be able to borrow money
at reasonable rates.
1. Mr & Mrs Average-Householder
Mortgage debt
Debts other than mortgage
Total
£48,849
£6,130
£54,979
National figures for July 2014, published in September2014 by ‘The Money Charity.
http://themmoneycharity.org.uk
1. Mr & Mrs Average-Householder
Mortgage debt
Debts other than mortgage
Total
£48,849
£6,130
£54,979
Mr & Mrs Average-Householder have a good credit
rating and can borrow from the cheapest of banks
1. Mr & Mrs Poor-Creditrating
Mortgage debt
Debts other than mortgage
Total
£0
£56
£56
Mr & Mrs Poor-Creditrating are not eligible for
mainstream finance and have resorted to rolling over
short-term loans charged at 4000% interest APR.
Note; these figures might have overemphasised the amount that Mr & Mrs Poor-Creditrating are
able to borrow because the £2245 does not include new arrangement fees every couple of months.
60000
The effect of your
credit rating on the
amount you can
borrow for a yearly
interest payment of
50000
40000
£
30000
20000
10000
0
Average
Householder
Poor Credit Rating
Depression
The bedroom tax.
(aka the spare room subsidy)
If you have more bedrooms than the rules deem you to be
eligible for, then you are expected to either move to housing
with the correct number of rooms or pay the extra amount
from your disposable income.
Unfortunately no one seemed to notice that there was no
great surplus of housing with one or two bedrooms.
Therefore few people have been able to down-size and the
majority are having to pay considerably more for their
accommodation than hitherto.
Housing benefit caps in Shropshire
Weekly Rent £
Shared accommodation 69.23
1 Bedroom
86.54
2 Bedrooms
109.62
3 Bedrooms
126.92
4 Bedrooms
167.31
job
centre
plus
How do we go
about advising
clients?
How hard depends on
how early they have
come to us.
The earlier they come,
the less painful the
treatment
No matter how serious
the debt problem, stage 1
is the preparation of a
common financial
statement.
Weekly
Monthly
Essential living
expenses
Servicing the
debts
Essential living expenses
are determined
nationally by a set of
confidential trigger
figures.
What remains is available
to service debts
Debts are divided into
priority and
non-priority .
Priority debts are those debts where
non-payment can result in the loss of:
•
•
•
•
liberty
home
essential services
essential goods on hire purchase.
All non-priority creditors have to
be treated identically.
Once all details have been
calculated our advisors
approach all legal creditors
to set out a repayment
schedule based upon the
clients ability to pay.
For many people
following a debt relief
plan is like an alcoholic
going ‘cold turkey’
As long as clients are willing to go on trying, JMAS
will be there for them as long as it takes –
sometimes for years
Jubilee Money Advice Service is
staffed completely by volunteers
but it still costs about £7000 a
year to offer our services to the
community.
Registered Charity Number 1140544
Authorised and Regulated by The Financial Conduct Authority. Registration No. 618776
If you can understand the impact that debt has
How about using your experience
to help others?
If you can understand the impact that debt has
How about using your experience
to help others?
We need more
volunteers to train
as advisors