Additional £38 million for debt advice funding in England goes into action

Industry News | 04/09/20

The first tranche of an additional £37.8 million to fund extra debt advice and other money support for people affected by Covid-19 has been allocated by the Money and Pensions Service (MaPS).

Up to £7.5 million is being allocated to three debt advice providers – Christians Against Poverty (CAP), PayPlan and StepChange – to cover lost income from a key voluntary funding stream known as ‘Fair Share’. The scheme links directly to how much debt customers repay and has seen a significant reduction since the pandemic took hold.1 MaPS has taken this action to ensure these providers can maintain much of their pre-pandemic capacity for customers who need debt advice.