Where to get advice and more information, plus a helpful glossary of terms
Glossary of terms
- Advice Quality Standard: The Advice Quality Standard is the quality mark for organisations that provide advice to the public on social welfare issues. Organisations that hold the standard have demonstrated that they are easily accessible, effectively managed, and employ staff with the skills and knowledge to meet the needs of their clients.
- Appointee: When someone is incapable of managing their own financial affairs, it is possible to apply to the Department of Works and Pensions (DWP) to act as appointee for them. Money Advice Plus is approved as a corporate appointee by the DWP. State benefits will then be paid to the appointee, who then has a duty to ensure the monies are dealt with in a proper manner. An appointee is personally liable for money received. For more information on appointeeship and benefits, visit the website of the Department for Works and Pensions.
- Budget: A written estimate of income and expenditure which helps with planning.
- Creditor: A person or organisation to whom money is owed.
- Debtor: A person who owes money.
- Deputy: Deputies are appointed by the Court of Protection to manage the property, affairs and/or personal welfare of those lacking capacity to make decisions for themselves. Money Advice Plus can apply to the Court of Protection on behalf of clients. This is appropriate when someone hasn’t previously appointed an attorney or a Lasting Power of Attorney and doesn’t have the mental capacity to take that step. For more information on the Court of Protection and LPAs, visit the website of HM Courts & Tribunal Service.
- Expenditure: Money spent.
- Financial advice: Advice on annuities, investments, mortgages, tax structuring and financial planning. Financial Advisers must be registered with and are regulated by the Financial Conduct Authority. Money Advice Plus does not provide this type of advice.
- Financial Statement (see also Standard Financial Statement) this is like a budget, setting out what money you have coming in, and what you have to pay out, but it also contains information about your assets and your debts, to provide a full picture of your financial situation.
- Income: Money received.
- Negotiate: To reach an agreement.
- Personal Independence Payment (PIP): This is the benefit replacing DLA for people with long-term health conditions or disabilities. More information is here.
- Service user: A term used for a client or customer by some voluntary and statutory services.
- Standard Financial Statement: The Standard Financial Statement (SFS) is a financial statement in a format as agreed by the debt advice sector together with the credit sector (i.e. lenders, banks, etc) used to summarise a person’s income and outgoings, along with any debts they owe. Primarily for people seeking debt advice, it provides a single format for financial statements, allowing the debt advice sector and creditors to work together to achieve the right outcomes for people struggling with their finances. The SFS is used and recognised by all types of creditors including FCA regulated consumer credit lenders but also, central and local government creditors, utilities, and debt collection agencies.
- Statutory services: The services local authorities are required by law to provide, e.g. care for someone with a severe disability.
