11 super websites for free financial advice

Banking and Borrowing

Updated on 14 March 2011 | 7 Comments

Unregulated firms are cashing in on vulnerable consumers by charging up to £1.50 per minute for financial advice - information available elsewhere for free. Don't stand for it - find impartial help for nothing with our guide to the best consumer advice websites...

Unscrupulous firms are using premium rate phone lines to fleece vulnerable consumers. A major investigation has this week found that commercial websites are charging as much as £1.50 a minute to access financial guidance and information readily available for free elsewhere.

The investigation - conducted by BBC Radio 4’s Money Box show - uncovered one telephone service that charged premium rates to offer advice on claiming child benefit. The cost of listening to the entire call would come to a whopping £30 - yet the same information is available for free from the HMRC website.

The firms in question aren’t doing anything illegal - but you don’t have to fall for their tricks either. Many official organisations charge subsidised call rates through 0845 and 0870 numbers: in contrast, these independent outfits are using numbers with 070, 087 and 09 suffixes to charge commercial rates that could leave you severely out of pocket.

Yet you can still say no to 0870 and 0845 numbers - the same information is provided from official sources online for free. Get the help you need with these 11 essential websites to bookmark in your browser.

Consumer information  

1: DirectGov

The Government’s official portal for information on all public services is DirectGov - and in addition to everyday essentials such as travel information, local services, jobs and information videos, the service provides essential information on state benefits and tax credits. The website also boasts comprehensive information on UK pension entitlements.  

Recent question on this topic

2: Money Made Clear

The Money Made Clear website is the online information portal set up by FSA-offshoot the Consumer Financial Education Body (CFEB). The site offers clear, impartial information on all aspects of everyday finance, from banking to tax and benefits, and has separate in-depth sections for young adults, parents and couples facing divorce.

3: Consumer Direct

If your consumer rights have been breached in any way you need to head to the Consumer Direct website, where you’ll find detailed information on your rights when it comes to paying for goods and services. The site also has a detailed section covering various scams and frauds in operation.

4: The Financial Ombudsman Service

The UK Financial Ombudsman Service (FOS) is your one-stop shop for most complaints about banks, building societies and financial products. You can find out if you have a case against financial institution or, if any organisation has failed to resolve a valid complaint to your satisfaction, you can ask the FOS to intervene. The service is free to consumers, although each case brought to the FOS costs the institution in question £500.

Help with debt

5:  Citizens Advice

The UK’s network of Citizens Advice bureaux has helped people resolve their legal, money and housing problems by providing free, independent and confidential advice for more than 70 years. The website offers a number of factsheets on all kinds of financial and consumer issues and you can also search the organisation’s network of 438 branches in England, Wales and Northern Ireland to find local face-to-face help. In Scotland, a separate service is available.

6: The Consumer Credit Counselling Service

If you’re struggling to make ends meet, you don’t have to head to a commercial claims management firm that could ruin your credit line and profit from your misery - head to the website of the Consumer Credit Counselling Service (CCCS) instead. The independent charity works with banks and lenders to help consumers draw up debt management plans and clear any mortgage arrears.

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7: National Debtline

If you’d prefer to discuss your financial situation with a human being, you don’t have to pay premium rate phone charges for the privilege - head to the National Debtline website instead. The free 0808 telephone service provides free confidential and independent debt advice to anyone living in the nations of Great Britain and the website boasts a number of factsheets users can download.

Financial guidance

8: Unbiased

The Unbiased website operated by industry body IFA Promotion is a free service that helps consumers find a local independent financial advisor (IFA) appropriate to their needs. Consumers usually need the services of an IFA when they’re consider a major financial commitment such as organising a pension or setting up an investment portfolio. The site holds a database of the UK’s 16,000 registered IFAs.

9: The Energy Saving Trust

Before winter takes hold, now is the time to make plans to bring down your gas and electricity bills. The Energy Saving Trust website offers a host of calculators that will help you cut your energy consumption - and your bills - as well as information on grants and money-off offers for home improvements and energy-efficient appliances.

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10: Pensions Advisory Service

Planning for retirement is the biggest financial dilemma most of us will face - fortunately free information is available from the Pensions Advisory Service. The independent, non-profit organisation provides free information, advice and guidance on the whole spectrum of pensions, including state, company, personal and stakeholder schemes. Elsewhere, it’s also worth getting an official State Pension forecast.

And, finally...

11: lovemoney.com

We shouldn't boast - but you can also find a whole host of exclusive services and sources of advice right here on lovemoney.com. You can get practical, step-by-step financial plans on a host of issues within our goals section: take charge of your daily expenditure with our exclusive online banking service: and find free independent help through our mortgage search service. 

More: Easy ways to borrow thousands of pounds | Why you should use online banking at lovemoney.com

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