Live advice clinic with StepChange debt charity this week - post your questions here

[AnnaCMumsnet]

Hello,

Mumsnet and StepChange Debt Charity are teaming up once again to provide a free online debt help clinic. They’ll be offering information and advice on this thread about all aspects of personal debt.

StepChange is the largest debt charity in the UK, and over the last 26 years they’ve helped well over 5 million people with debt. They recently reported that 2018 was their busiest year ever, with over 650,000 new clients contacting them for help, and they’re even busier so far this year.

Do you find it difficult to talk about your debt problems?
StepChange want you to know that they have a free, online debt advice service that you can access 24 hours a day. You can put a budget together at your pace, and you can also talk it over with an adviser through online chat.

StepChange want to help Mumsnetters with anything they’re experiencing because of money or debt worries. So if you’re getting letters from the bank, struggling to afford to pay a debt, or you’ve been threatened with court action, or anything else around debt, post up a question.

The clinic will take place on this thread from Monday 4th November, all week. If you’re dealing with debt, post an outline of your experience here. Please don’t include identifying details: a specialist debt advisor will follow up with you via PM if they need to know more.

Answers from the specialist debt advisor will be posted up on this thread. The clinic will run for a week; we’ll do our best to provide all answers during the week but, at the latest, by the end of the following week. You can find information on where to go for more help once the clinic has ended here.

Unsure whether or not you need debt advice? Try the 60-second debt test on the StepChange website. By answering a few simple questions, you’ll quickly find out if you’d benefit from free and confidential debt advice.

Important: The advice provided to an individual poster is based only on the information provided by that poster. Advice on this thread is also particular to the individual who has asked for it and is likely to be specific to that person’s situation. A poster may have provided further relevant information by private message which will not appear on this thread.

Important: FCA regulations mean that StepChange is unable to give full debt advice or recommend any debt solutions through the Mumsnet forum. If they feel you’d help from getting a full debt advice session, they’ll mention that in the reply.

Additionally, StepChange can’t give advice on self-employed or business debts. For more help with these, you can talk to fellow charity Business Debtline.

Please feel free to post your questions for the advisor.

Thanks,

MNHQ

Hi everyone, Rachel here.

Our debt advisors are looking forward to answering your questions. It can be really difficult to talk about debt, but please know you’re not alone and we’ll do all we can to help!

In the meantime, you can quickly find out if it would be a good idea for you to get debt advice by using our 60 second debt test tool.

Best wishes

Rachel and the team at StepChange Debt Charity

Just wanting to chip in and take the opportunity to thank you guys for changing my life when I approached you this summer.

I was drowning and the support fro StepChange saved me. The support has been absolutely fantastic and will be ongoing for some time.

Thank You!

Hi WeKnowFrogsGoShaLaLaLaLa, thank you for posting

So glad to hear you're doing better since you got in touch with us. Please know that we're here to support you however we can!

Best wishes

Rachel

Ringing Stepchange was the best thing I have ever done. Nearly five years ago I was drowning in debt and making myself ill. I am now completely debt free!

Hi TigerCameForTea, thanks for posting

It's fantastic to hear that things have improved so much since when you first spoke to us. You're certainly not alone when it comes to debt making you feel ill. Our research has shown in the past that debt and mental health are closely linked. Great to hear you're now debt free as well!

Best wishes

Rachel

Two years into my DMP and also so grateful for StepChange. That phone call changed my life! Three years left until my debt free date

Can I just add my thanks for all the help you have given myself, I am just starting out on my journey but the gnawing in my stomachwhen I though of my debt has gone.

sorry not the question you were looking for

I’m going to increase payments towards my debt after Christmas, in the meantime I’m cutting back on what I spend. I don’t have a vast amount of debt but your debt test showed me that I need to make serious changes, so thank you for that.

So you endorse or agree with requesting debts being wiped due to irresponsible lending? Do you assist people with that?

Hi there SD1978, thanks for posting

Every client who gets in touch with us has a unique set of circumstances, and we need to understand those circumstances in order to know if a person has been a victim of irresponsible lending. If you believe you’ve been lent to irresponsibly, there is a complaints process you can follow with your lender, and we can support you with this if you need additional help.

Before a creditor can lend you money they must take steps to ensure you can afford to pay it back. If you take out a loan or other credit agreement you’ll usually be asked some questions about your income and your regular household expenses. Responsible lenders can use this information, plus details about your other debts from your credit file, to assess whether the agreement is manageable. Creditors should also take steps to check affordability if they’re extending or refinancing a credit agreement.

If a creditor hasn’t done proper affordability checks, they may give you a loan that you’re unable to make the agreed payments on each month. This could force you into cutting back on your essential living costs to keep up with the payments, or missing payments to the debt which could lead to your account defaulting.

If this has happened to you, you could make a complaint to the creditor. Some payday loan companies have been made to refund interest or write off debts which were lent irresponsibly without affordability checks. Please be aware that if you make a complaint, there’s no guarantee that your creditor will agree to this, but you may agree to other concessions, for example allowing you to pay the debt back at a reduced amount.

Best wishes

Rachel

Hi Nobhobs, thanks for posting

Brilliant to hear of your progress, and that we were able to help!

As a few of our lovely clients have posted here about their experiences, I just wanted to mention that we're currently on the lookout for media volunteers. Sharing your story is a hugely effective way to reach other people who need our help.

Please visit our website to find out more!

Best wishes

Rachel

I’m so glad I’ve found this thread, lost half my job 4 years ago and although I’m working again salary is reduced. Debt has built up, partner doesn’t contribute (although he has finally woken up - so that will change)
One final attempt to review mortgage and consolidate debts, but if that doesn’t help.
Feeling ashamed and I’ve let my family down, oh and guess what I’m an Accountant!!!

Hi @Evilspiritgin, thanks for posting.

You're certainly not alone in how you felt. It can take people a year on average to get in touch with us once they realise they have a debt problem, and much of this is due to worry over what will happen once they talk to us.

One of the benefits of our online debt advice service is that it helps you put together a personal action plan at your own pace. This might make getting debt advice easier for people who feel anxious when having to use the telephone (which is very common!)

I'm so glad to hear you're no longer feeling those anxious symptoms since getting in touch with us.

Best wishes

Rachel

Hi Rachel,

I'm a debt advisor too, working in NE Scotland. I don't have a debt question, but I would like to know (because I'm interested), what training your advisors have in Scottish debt legislation as my understanding is that it is very different here from England. I am proficient in Scottish debt legislation. My frustration very much comes from creditors seemingly completely oblivious to the marked differences and will threaten CCJs (don't exist) and talk about DMPs or bankruptcy processes that don't happen here - even creditors you would think were based in Scotland (Bank of Scotland etc). I cannot tell you how many times I've explained DAS to a creditor!

Keep up the good work!

Just wanted to say a big thank you. We set up a DMP earlier this year. It's been like a weight lifted off our shoulders.

I'm self employed but don't have any business debt. It's all personal debt. Can you help me?

Can I ask, I'm in an Iva with PayPlan, can I talk to step change and maybe go with you instead? Thanks

Can I ask is there anything can be done about huge negative equity £70,000 in an investment property.
I know it's our own fault I really am not in a mental position to take any negative comments.
We made a huge error. We invested at height of property boom .....it was to be our pension.
Crash happened and now we have this noose around our necks ...I really am at my wit's end.

Hi @debtadviceflowerofscotland, thanks so much for posting

Scottish debt advice is indeed very different to advice in England and Wales. We also see some of the same issues with creditors not being fully aware to the differences between Scottish and English procedure.

We have advisors who are specifically trained in Scottish debt advice. Our centre in Glasgow has advisors who assist with debt solutions unique to Scotland such as debt payment programmes, sequestration, and Minimal Asset Process. We also work closely with policymakers in the Scottish Government and Scottish Parliament to improve the landscape for people in debt in Scotland.

Last year we released our Scotland in the Red report, which focused specifically on the debt and money issues that many people in Scotland are facing. We believe there are nearly 700,000 people in Scotland in, or at risk of, problem debt. It's primarily a symptom of poverty, poor housing conditions, welfare cuts, ill-health, and insecure work. By raising these issues, it’s our hope that people across Scotland will have an easier time getting access to the free and confidential debt advice and solutions that we provide.

Best wishes

Rachel

Hi @AdoraBell thanks so much for posting

Great to hear that you found the test useful. With cutting back on certain costs, do make sure that you always have enough to cover your daily living expenses. Your wellbeing always comes first!

Best wishes

Rachel

Hi @KnifeAngel, thanks so much for posting.

Really glad to hear you're feeling less stressed since you started your debt solution. Please know we're here to support you however we can!

Best wishes

Rachel

Hi there @DragonmotherKhaleesi, thanks for posting.

If you're self-employed and live in England, Scotland or Wales, Business Debtline can help you with your business and personal debts. They're completely free, confidential and independent.

If you're self-employed and living in Northern Ireland, you can get in touch with Advice NI who offer free, independent and impartial advice on how to deal with your debts.

Hope this helps

Best wishes

Rachel

Re credit cards is it better to completely clear them or pay off regularly ? My DP had an accident last year and I could only pay the minimum. There is just 800 pound left to pay on my card and I have 950 on a loan which should I concentrate on ?