I am excited about the opportunities and plans ahead for MALG this year. January sees the launch of a brand new MALG Region in the South West and then February arrives with our first National Members Meeting of the year; further details on this can be found below. After the success of the Talk Money Conference last year, we have already started our planning for this year’s event which will be very different. I will let you know our plans in due course.

You will all know I am keen to engage with our members in fresh and innovative ways and so if you would like to sit down and discuss how you and your organisation would like to develop your relationship with MALG this year, please let me know. I have already had some very engaging conversations with a number of our members and these could transform the way in which we can develop our approach to member engagement in the future.”

MALG South West group

As mentioned above, the inaugural and first South West group meeting will be hosted by Bournemouth Water (part of South West Water) on 24th January 2019 with further meetings set to be held in Exeter and Bristol.

If you are aware of any of your Regional organisations with a presence in the South West or know of any individuals who may wish to attend the launch or subsequent meetings, I’d love to hear from you. I have had a couple of kind offers of support to establish the new MALG South West Regional Committee but if you think it’s something you could be involved in please let me know by emailing info@malg org.uk

MALG National Members Meeting

The next MALG Members Meeting to be held on 7th February at Dentons LLP, 1 Fleet Place, London EC4M 7RA. The full agenda can be found here.

We have some fantastic speakers lined up including Rich Sullivan-Jones, Audit Manager of the National Audit Office, Money Advice Trust and Angela Crossley, Head of Insolvency Practitioner Regulation of the The Insolvency Service as well as the usual regulatory updates and key dates for your diary. I hope to see many of you there and to register your place please email info@malg.org.uk.

Latest news

• Barclays announce gambling blocks: http://malg.org.uk/barclays-announce-gambling-blocks/
• Review of enforcement agent (Baliff) reforms: Call for evidence: http://malg.org.uk/review-of-enforcement-agent-bailiff-reforms-call-for-evidence/
• FCA proposes introduction of price cap on rent-to-own firms to protect vulnerable consumers from high costs: http://malg.org.uk/fca-proposes-introduction-of-price-cap-on-rent-to-own-firms-to-protect-vulnerable-consumers-from-high-costs/

The post Bob’s Blog: Happy New Year! An exciting year ahead for MALG appeared first on Money Advice Liaison Group.

The idea is to help vulnerable customers, particularly problem gamblers, or those in serious debt.

However, all account holders can now block their own spending in a number of categories, including supermarkets, restaurants, pubs and petrol stations.

It follows pressure from charities and money experts such as Martin Lewis.

Find out more here

The post Barclays announce gambling blocks appeared first on Money Advice Liaison Group.

The DNA of Financial Wellbeing Report highlights that a worrying number of people are being forced into debt to cover essential costs each month despite having jobs, and the stress of finances is now a bigger concern than health, relationships or looking after family.

Despite half of the 10,000 workers questioned regularly falling into debt, and 30% saying finances were their biggest concern, remarkably few people are actually doing anything about it. One worker in three has less than a month’s savings set aside, while one in seven has no savings at all. On top of that, three workers in 10 don’t understand credit scores and two people in three do not check them regularly.

Heidi Allan, head of employee wellbeing at Neyber, said: “It is hardly surprising that finances are the thing most likely to keep UK employees up at night. However, it is alarming that so few workers are taking steps to protect themselves financially. Money troubles can lead to stress and even depression, so it is crucial that we arm people and help them to become more financially savvy. ”

To try and help us get on top of our finances, Neyber’s Allan has identified the five key steps to reducing money stresses.

1. Assess the situation: Make sure you understand your current financial situation. Make a note of all your incomings including any benefits you receive and then work out all your regular outgoings, such as council tax, energy bills, season ticket costs, loan repayments and mortgage or rent payments. Shop around and see if you can switch for a better rate on everything from mortgages and energy to broadband and mobile phone tariffs.
2. Budget better: Evaluate your spending habits to see where you can make other savings. You should also make sure you have emergency savings of at least three months’ salary, in case you lose your job or become unwell.
3. Conquer credit ratings: You need to know what your rating is with all three Credit Reference Agencies in the UK – Equifax , Experian and Callcredit. You can access your scores for free using ClearScore, MSE’s Credit Club and Noddle. If your score is low, take steps to improve it, such as making sure you pay debts on time, paying off credit cards each month and registering on the electoral roll.
4. Deal with debts: Contact StepChange or the National Debtline for help managing your debts and take advantage of any financial education or debt management tools offered through your workplace.
5. Employee benefits: Check out what benefits your business offers, whether it’s a cost-effective way to save for a pension, better loan rates or ISA deals, or financial education.

Find out more here: https://www.mirror.co.uk/money/half-workers-forced-borrow-make-12895573 and download the report here: http://go.neyber.co.uk/dna-money-mindset-2018

The post Neyber publishes report on the DNA of financial wellbeing #DNAFinWell2018 appeared first on Money Advice Liaison Group.

The poll of more than 2,000 UK adults reveals that of those in debt, 57 per cent are experiencing debt problems and feel like they are ‘juggling’ their debts. The research was commissioned to encourage people in persistent or problematic debt to ask for help from their building society or bank as early as possible, rather than struggle alone.

Money worries can lead to emotional issues, with the research showing almost one in three (29%) feel stressed, anxious (28%), depressed (20%) and embarrassed (16%) when thinking about the debts they have. The survey also highlighted that more women experience negative feelings about their debts, with more than a third (36%) reporting feelings of stress, compared to a fifth of men (22%).

According to the survey, almost six in ten (58%) say they have never sought help with managing their debts. Among those who do seek help, just seven per cent approached their financial services provider, whereas more than a fifth asked for help from friends and family (21%).

While only a small number of Brits with debt have asked for support from their financial services provider, nearly half (45%) of all respondents stated that the responsibility for managing debt should be shared equally between lender and borrower. However, more than one in ten (12%) have used a debt counselling service in a bid to get out of the red.

Nationwide uses a variety of third parties to support members with debt issues including MALG members Payplan, IncomeMax, and Money Advice Service. Aspects of the service cover debt management, referrals to free advice and accessing income through charitable grants and welfare benefits. Support with improving and developing employment skills is also offered.

Jasper Davy, Nationwide’s Head of Collections and Recoveries, said: “Dealing with debt should be a shared responsibility. As a building society, we have a duty of care to support our members both in the good times and the difficult ones. We know that because of the debt support services we offer for free there are customers who were struggling, but who are now in work, have increased their income and are thriving.

“This research serves to highlight debt issues. It’s good to see many people are coping, but it also shows there are many people who need support. Our own experience tells us that it’s rare for someone to seek pre-emptive help. Because people can be embarrassed and anxious, they view seeking professional help as a last resort only to be used in a crisis, but there’s lots of support widely available and we’d encourage anyone who is struggling to ask for help as early as possible.”

Top tips for those in debt:

• Don’t ignore debt – make a list of all debts and don’t forget your overdraft and cards you don’t use
• Create a budget – cut back on non-essential spending and use savings to pay off expensive debts
• Shop around for cheaper deals and check if there are ways to increase your income
• Talk with your creditors or a debt advice service, many of which are free, to see how they can help

The post Nationwide Building Society poll finds independent Brits silently struggling with debt appeared first on Money Advice Liaison Group.