The Financial Inclusion Scheme, a debt advise services funded by the government has been granted stay of execution for at least 1 year. The business secretary Vince Cable has just announced that he has found £27 million pounds to the hundreds of debt advisers that run the scheme in work for the next one year.
Earlier this year, the government announced that it will not longer fund the scheme so the scheme was set to close with hundreds of debt advisers made redundant. Many consumer organisation and some MPs has been calling on the government to continue funding the FIS. They are said to provide vital help and advise to families struggling with debt ranging from over stretched flexible friend, loan sharks, catalogue and other small debts.
With the new cash injection from the government, the scheme is set to continue for another year.