One of the UK’s leading providers of consumer debt advice has welcomed the Government’s firm action to tackle ‘financial exclusion’ outlined in the 2010 Budget.
Debt Advisory Line believes the Treasury’s move to force all UK banks to provide a basic bank account to every citizen will go some way towards helping poor and disadvantaged people to benefit from basic financial services and have the best chances of recovering from debt.
Mike Ransom, Head of Business Development, Debt Advisory Line said: “We are delighted with the decision to provide consumers with a legal right of access to a basic bank account. Millions of households in the UK are already blighted by financial exclusion many of whom suffer from severe debt problems. With 1.75 million adults without a transactional bank account, many cannot receive pension and benefit payments, have a debit card or set up direct debits.
“This means that it is the most vulnerable consumers who have to pay over the odds for basic services such as utilities, exacerbating their poor financial situation. Gaining access to a bank account, without overdraft facilities or cheque books, also helps an individual’s ability to find employment which is another key step towards reducing their debt.”
Debt Advisory Line recently launched its own current account with prepaid debit card for this purpose, to provide a current account, available to everyone, with no credit checks and a ‘no hidden bank charges’ guarantee.
Mike Ransom continued: “The provision of this account underlines our continued focus on our customer’s requirements after listening to the needs of our customers. They have told us they want a card that helps them manage their money, allows them to take control of their household bills and finances and has no hidden charges. This is exactly what we have given them with the current account and prepaid debit card.”
Debt Advisory Line already helps thousands of consumers every month to tackle their debt problems and rebuild their credit profile in the shortest possible time, with advisers helping individuals across the UK tackle mortgage arrears, Individual Voluntary Agreements (IVAs), trust deeds, secured loans and bankruptcy.