Understanding free debt advice with StepChange

Life can throw a few unexpected twists and turns at us all, and we know emergencies and sudden expenses can creep up on you, especially during the summer holidays when kids are home from school and require more time, energy, and financial support.

For many individuals, a certain ‘tipping point’, like an emergency expense or sudden change in circumstances, is often the time when the financial reality hits home. For example, you may have had your hours reduced at work, stopped working due to illness, taken time off to care for a loved one or been made redundant. These sudden changes to your life can cause a lot of anxiety and have a significant financial impact, especially if you’ve never had to deal with them previously.

Rest assured that whatever your situation, there are steps you can take to help ease some of that pressure.

The most important thing to remember is that the sooner you ask for help, the better.

What does free debt help look like?

You can access free debt advice via the StepChange website, an online service that allows you to start or pause the process whenever it suits you.

It helps if you can gather details about:

• The money you have coming in, for example your wages, benefits, pension payments or tax credits
• Your regular living costs, such as your rent or mortgage, what you need to spend on food, travel, and insurance, among other things
• How much money you owe and who you owe money to, including any interest, fees, and charges

If you don’t have everything to hand, don’t worry. You can pause your session and come back to it later, or switch between online and telephone advice to suit your needs.

To ensure the advice and solutions offered are correct and tailored to your situation, StepChange will need to know about your financial situation:

• They’ll ask for information about your finances to get a full picture of your situation, helping you create a realistic monthly budget to see what you can afford to pay towards your debts, if anything.
• You’ll receive tailored advice contained in a personal action plan, along with their recommendation for how to deal with the debt. They offer the widest range of solutions of any debt advice organisation in the UK, including debt management plans and Individual Voluntary Arrangements (IVA). They also offer a range of debt solutions if you live in Scotland.
• You’ll have all the information you need to make an informed decision on what to do next, and StepChange can help you set up your solution or give you further support.

Where can I access free debt support?

Ultimately, if you’re not sure what to do or how to move forward, then it might be time to access the free debt help available.

Organisations like StepChange exist to help you navigate any debt concerns you may have. They can help you out with your budget, advise you about different solutions available to you. Their free debt advice service is online and at your fingertips 24/7. It allows you to start, pause, and pick back up again, taking debt advice at your speed.

Additionally, if you’re eligible, you should consider Breathing Space. This means your creditors won't be able to add interest or fees to your debts, or take enforcement action, for up to 60 days. In Scotland you may be able to apply for a 'debt moratorium period' while you set up certain debt solutions. It’s similar to Breathing Space but has different risks and benefits.

Debt often gets treated like a dirty word, and StepChange want to help clear up the stigma. Their aim is to shine a light on what debt really looks like and bring some clarity to a subject that can sometimes be a confusing and overwhelming experience.

Debt happens, let’s deal with it – together.