#ADVICESAVES Campaign Highlights Power of Debt Advice

Advice NI has announced its support of the first ever #AdviceSaves campaign, taking place during Advice Week from 21 – 25 October 2024. Led by AdviceUK, the initiative aims to highlight the crucial role that advice services play in supporting people and businesses as they navigate financial difficulty.

With 65 member organisations and over 300 trained advisers across Northern Ireland, Advice NI independent advice on a range of issues including debt, benefits and housing. In 2022/23, the independent network advised on over 260,000 enquiries claiming back a total of £79 million, helping those in need improve their situations and reduce the risk of poverty.

In the last five years, its debt service, which is supported by Department for Communities, assisted over 21,000 people and businesses to manage £233 million of debt, demonstrating the vital role it plays here in Northern Ireland. In 2023 alone, 4,062 people with personal debt were supported, with Advice NI managing more than £43.3 million on their behalf.

In today’s complex world, debt can be accumulated more easily due to a variety of factors. The rising cost of living is adding to financial strain, making it harder for people to manage their money. Furthermore, vulnerable people are at risk with the growing prevalence of scams, while today’s digital landscape is contributing to an increase in addictions like gambling and online shopping.

Sinead Campbell, Head of Money, Debt and Quality at Advice NI, said that most people will be impacted by debt at some point in their lives. She explained, “Our Debt Services aim to empower people and businesses to regain control of their financial situations. People fall into debt for a variety of reasons, and it is a misconception that it is always caused by poor financial management. Advice Week is an important opportunity to highlight the benefits of debt advice, to ensure everyone is aware of these services and can access them without feeling shame or judgement.”

A recent study by Europe Economics highlighted that the debt advice sector could save the economy up to £596 million annually, by providing improved creditor repayment rates and reduced debt collection costs. Furthermore, the survey found that debt advice improves mental well-being contributing to reduced mental health-related spending between £50-93 million annually.

Sinead has witnessed how debt advice can literally save lives. She said, “Debt advice is a lifeline for people who often struggle to navigate the complex world of debt on their own. Debt can cause untold harm to people, their families, and their careers. However, the positive effects of debt services are clear: they help people manage their debt, improve mental health, prevent homelessness, strengthen relationships, address addictions, and keep businesses running. This strong link between financial stability and well-being, ultimately determines the health of our economy. Our services and the broader advice sector continue to improve outcomes for people from community organisations to healthcare providers to business owners.”

Advice NI also runs a freephone helpline providing business advice across debt, funding, resources, and HMRC products and services. Advice NI has handled over £8.3 million in business debt over the last twelve months. These numbers show that viable solutions are often available for businesses facing financial struggles.

Jennifer Elliot, a Business Debt Adviser at Advice NI says that as result of the persistently challenging economic climate, many businesses are falling into debt simply to make ends meet. She said, “Business owners face difficulties as they navigate higher operational costs, which leaves them vulnerable to increased debt. There is a common misconception that disclosing debt is the first step to insolvency, but our experience shows it can actually be the first step toward a brighter future. There are often solutions, but reaching out for advice is a necessary step toward financial stability. In fact, the feedback we receive from those we support is that they wished they reached out sooner. Remember, seeking advice isn’t a sign of failure; it can be the lifeline needed to build business resilience.”

Advice NI encourages everyone facing financial difficulties—both people and businesses—to seek support without hesitation by calling the Freephone helpline on 0800 915 4604 or email advice@adviceni.net  to speak directly with an adviser between 9.00am and 5.00pm, Monday to Friday, or visit adviceni.net for more information. Follow #AdviceSaves on social media for more information.

ENDS