One of the questions we are often asked as a not-for-profit organisation is how we make money so that we can stay in existence to help people. In our desire to be as open and transparent as possible we wanted to take this opportunity to answer the funding question openly.
Myvesta primarily receives funding from the fees that we charge our insolvency practitioner partners for the outsourced customer service and payment processing facility that we provide to them. This arrangement allows us to remain firmly on the side of the consumer and enables our services to be completly free of charge to people that turn to us for help. We also receive donations by caring organisations and individuals that respect what we do on a daily basis and choose to support the work that we do.
Importantly, the way in which we are funded means we are not dependent on collection performance analysis or subject to any form of control by creditors. This is a very different, ethical approach to those organisations that are funded by creditors for debt management programmes and use the word 'free' purely as a marketing tool. These organisations are actually commercial entities that are under the direct influence of the credit providing organisations that charge excessive fees to consumers and in turn fund the flawed debt management service that such organisations have been chosen to provide.
Our goal is to always provide our services for free, wherever possible, to consumers as long as there exists funding mechanisms that allow us to not compromise our goals, beliefs and the independent advice we proudly offer.
