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Additional funding for debt advice providers to help people affected by Coronavirus

By June 9, 2020National News

Published 9th June  

An extra £37.8 million support package will be available to debt advice providers this year (20-21) so they can continue to provide essential services to help more people who are struggling with their finances due to Coronavirus, minsters have announced. 

The Money and Pensions Service (MaPS), will oversee the allocation of the funds, including to charities, for debt advice and other money guidance services. 

The support package, which will bring the MaPS budget for debt advice to over £100 million this financial year, will help providers to deliver advice to more people in England who may be experiencing financial problems due to coronavirus. It will also help providers who have seen a fall in their income streams, enabling them to continue their vital work and supporting their staff to deliver these services. 

The funding consists of £20.6 million from the government and £14.2 million raised through a one-off increase to the Financial Services Levy. In addition, MaPS will also be contributing a further £3 million from their existing budget. 

For more information go to the Government website (opens in a new tab) 

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