Biting the bullet - talk to me about Stepchange please!

[FacingUpToItFinally]

I’ve name changed for this simply because I’m embarrassed and that’s been a huge part of why it’s taken me so long to face this. No judgement please, I’m being hard enough on myself. So, the facts. I was in a toxic situation for a number of years, my marriage has ended legally now but I’ve been left with legacy debts in my name. My take home pay is £2200 monthly and as of this month I’m paying £915 to creditors (cards and a loan). I also pay £200 on my car which has been a worry - I need my car for work, without it I can’t do my job and I’m worried that any debt management will take my car from me.

I know something needs to change. I’ve been looking at Stepchange, I’ve done a budget. The debt totals just under £30k and after payments and then rent & bills each month I have around £420 for food/fuel/anything else. Which is daft because my wage is decent and I’m so ashamed that I have all this hanging above me. It’s starting to have an impact on my mental health but I am feeling motivated to do something proactive rather than just paying interest and never seeing an end point.

I can’t find any recent posts regarding Stepchange. What is out there seems positive but are people finding it helpful? Can you still live reasonably - like will I be able to do this and no one else know? Has it impacted you long term - I’d like a mortgage in the future but that’s going to be way off. I guess I’m looking at a debt management plan - what are people’s experiences of this please? Everything online says they’re a nice charity and I feel like I just need some kindness but some direction too, which is why I don’t want to go it alone. I am scared, but nothing changes if nothing changes, right?

Thank you for any advice!

Hi we had a debt management plan through step change that ended 2 years ago. I would say give them a call. We had about £25k of debt. They were so nice I cried with relief on the phone. They aren't there to judge you, they're there to help. They helped with the budget and they are on your side!
We had total control over our monthly payment and could adjust it to our changing situation over the years. At one point we were paying about £400 a month and at another point closer to £200. The only pain in the arse was having to have a basic bank account and having a crap credit score because of the DMP. To be honest though, we couldn't have survived if we had carried on with the debt payments we had. Time passes either way so you might as well put a plan in place and get on the road to a better life. There is light at the end of the tunnel!
They don't just offer a debt management plan, there are several options and they will talk you through them.
Please don't feel ashamed, the world is set up to encourage you in to debt. Don't feel bad. You are trying to take action!

Definitely give them a call. They'll go through a budget with you and take details of all your debts. They'll then explain what debt solutions are an option for you and also which one they recommend.

They take into account your personal circumstances too so if keeping your car is important to you they'll look at solutions where you can do that if at all possible (which it sounds like it would be).

They will also explain the potential impact of any debt solutions to you i.e. on your credit, etc.

You are not obliged to take up any of their suggested solutions so you have nothing to lose by getting in touch. Go for it!

They are also a lovely bunch of people, very friendly, non judgemental and understanding. Best of luck to you x

Defintely a fab step - the relief when you get a grip on the situation is wonderful.
You could also look at CAP (christians against Poverty) who offer a similar service/support (god is never mentioned, it is not a sneak way to convert people). Whichever charity you use will change your life for the better - do it! :)

Oh goodness, thank you. I really appreciate you taking the time to reply to me!

Yes, definitely get in touch with then OP and very well done on overcoming a major hurdle of acknowledgement of your position, & the need for a route out of it! Seriously, it sounds so insignificant written down but that is half the battle done.
Get a plan in place, stick to it, try to visualise where you will end up & no doubt you will succeed :)

Worth a chat with them, any debt management plan will impact on your ability to get a mortgage though. When I did my debt plan, one creditor refused to join the deal so I still had to pay their money off with full interest.