debt awareness week 2022: caba debt advisor Q&A
This Debt Awareness Week, we’re lifting the lid on debt with the help of one of our specialist debt advisors, Paul Day, who has been providing debt advice for almost 10 years.
Millions of households in the UK struggle with debt every year. It can feel overwhelming, and many people in debt tell us they feel as though they can't share their problems with friends or family. We can help you get your finances back on track.
Debt is something that has the potential to affect us all, leaving us feeling guilty and ashamed of getting into financial difficulty. This series of articles is designed to help you take more of an informed and proactive approach to managing debt.
Keep reading for best practice and guidance on topics, including how to improve your credit score, how debt impacts your ICAEW membership, debt indicators to watch out for, plus more…
We're here to listen to you. We know being in debt can be a deeply personal matter that can be difficult to talk about. Our friendly and non-judgmental debt advisers will give you the time and space to share your worries.
One of our team will have a chat with you about your situation. They'll listen to you, and they may be able to identify other ways in which we can support you alongside our debt advice services. One of our debt advisers will then be allocated to you as your Support Officer, and they'll be your main point of contact at caba.
Your Support Officer will explore your financial situation in depth with you. They'll ask you to provide details of your monthly household income and expenditure, as well as your debts. You may find it helpful to begin preparing this information ahead of time.
Once you've shared this, your Support Officer will identify any ways in which you can increase your income, such as claiming state benefits you may be entitled to, and reduce your expenditure, such as switching energy tarriff or ensuring your tax code is correct.Together you'll assess your options for tackling your debts, and choose a course of action that's right for you. Your Support Officer will support and advise you as you begin to address your debts.
“ I thought that my situation was so bad caba wouldn't be able to help much. They allocated me a Support Officer, and after listening to everything he offered to help me prioritise the debt and said he could negotiate with the creditors on my behalf. I was over the moon that someone was actually going to help me bear the weight of responsibility. ”
Becca
caba client
This Debt Awareness Week, we’re lifting the lid on debt with the help of one of our specialist debt advisors, Paul Day, who has been providing debt advice for almost 10 years.
Debt can easily creep up on us. Here, we reveal the early warning signs to watch out for. We also explain how our dedicated debt service can help you proactively tackle your debt, as well as share best practice advice on getting to grips with your financial issues.
Being in debt can have a knock-on effect on many of areas of your life, including your ICAEW membership. Here, Nigel Howell, Head of Investigations at the ICAEW explains the impact escalating debt problems can have on ICAEW memberships.
What’s your credit score? Is it good or is it in need of improvement? We explain all you need to know about credit ratings, including the impact they can have on your financial footprint, as well as 10 practical measures for improving them.
What are Individual Voluntary Arrangements (IVAs)? How do they work? How can you tell if you need one? Which debts can you pay off with them? Does having one mean you’ll lose your ICAEW membership? We answer all of these questions, and more, right here…
We support past and present members of the Institute of Chartered Accountants of England and Wales (ICAEW)1, ACA students2, ICAEW staff members3, and the family and carers of members and students4.
You can find out more about our available support both in the UK and around the world on our support we offer page.
If you need financial support, we carry out a means test where we consider income, expenditure, capital and assets.
*Please note none of our other services are means tested.