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Chancellor and banks expand help for small trading businesses in debt

Government support for the Money Advice Trust’s Business Debtline (see note to editors) – a free, confidential and independent advice service to small businesses – will more than double over the next three years, the Government announced today in its Access to Finance White Paper – one of the documents accompanying the Budget Red Book.

The Access to Finance document says that ensuring that businesses are able to access specialist and expert help to manage debt is critical to small and growing businesses. The Government therefore is proposing, with the support of the major banks, to expand the Money Advice Trust’s Business Debtline service.

Joanna Elson, Chief Executive of the Money Advice Trust said ‘I am absolutely delighted that the Government and banks are working together to provide enhanced support for the invaluable service for small trading businesses in difficulty. Business Debtline helped more than 10,000 businesses last year. Over 85% of our clients find the advice given ‘very useful’ or ‘excellent’ and a high proportion tell us that this advice helped them to carry on trading. We are currently meeting about 60% of demand and this extra support will help to ensure that many more people will be helped.’


- Ends -

Notes to Editors

If you would like any further information about the Money Advice Trust please contact:

Jon Elwes on 020 7653 9722 or email jon@moneyadvicetrust.org


MAT is a charity formed in 1991 to increase the quality and availability of money advice in the UK. MAT’s vision is to contribute to reducing unmanageable debt of UK consumers and its mission is to support individuals in the UK with unmanageable debts and to improve the capacity, quality and efficient delivery of free-to-client independent money advice, through:

Co-ordination
Influence
Direct service provision
Training
Research
Information provision.


The Rt. Hon Ian McCartney MP was appointed MAT’s President (unpaid) in November 2007. Ian McCartney has been a campaigner against illegal money lending and has introduced various government initiatives including the then Department of Trade and Industry’s (now Department for Business, Enterprise and Regulatory Reform) loan shark projects.

MAT has the following trustees:-
Martin Hall MVO MBE (Chairman)
Margaret Bloom CBE (Deputy Chair)
Gill Bull
Garry Hunter
Eva Lomnicka
Brian Pomeroy CBE
John Saunders
Ian Mullen
Jenny Watson


MAT’s activities cover:

a) Support to the debt advice sector through:-
i) Training
ii) Second tier support
iii) Quality assurance developments, e.g. accreditation
iv) Policy, research and evaluation
v) Fundraising, facilitation and strategy development

b) Direct service provision (National Debtline and Business Debtline)

National Debtline (NDL) (www.nationaldebtline.co.uk) is part of the Money Advice Trust (MAT) (www.moneyadvicetrust.org), a charity formed in 1991 to increase the quality and availability of free, independent money advice in the UK. MAT also runs Business Debtline (BDL) (www.bdl.org.uk). BDL and NDL are under the same roof and benefit from the sharing of experience, knowledge and technology.

c) Facts about MAT and its services:
  • BDL started in 1992 at the Birmingham Settlement and went national in 2000. MAT took over running the service in 2005.
  • NDL first started in 1987 under the name Housing Debtline and consisted of only two advisers and one phone.
  • During 2007 NDL dealt with a record number of enquires and helped approximately 115,000.
  • MAT offers over 5000 training places each year to money advisers who give free-to-the-client advice.



 

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