'Stepchange' as an option?

[Ripleykatz9999]

Has anyone used this company to try & manage their debts? Can anyone sincerely recommend it or does anyone have complaints? I'm particularly interested in a two year program to clear my debts instead of a trust deed or IVA. Not sure of all the details yet but wanted some opinions before I contact this company.

[enaid]

Re: 'Stepchange' as an option?

Hi, I haven't personally used them so am not the one to recommend in that respect
From their site a few of the comments https://www.stepchange.org/stepchange-reviews.aspx
Best advice I would give is to give them a call giving your full situation and see if what they offer is suitable for you and something you will feel totally comfortable with.
Enaid x

[Ripleykatz9999]

Re: 'Stepchange' as an option?

Thank you Enaid - I will let you know how I get on! :-)

[enaid]

Re: 'Stepchange' as an option?

Please do your input may well help others x

[Debt Camel]

Re: 'Stepchange' as an option?

I can definitely recommend them for people with problem debts.

However if you are hoping to have interest frozen whilst you repay all your debts in 2 years, there could be a big problem ... a two year program means quite high monthly payments. On one level that's obviously good - none of your creditors will think about a CCJ when you are paying them off that fast. But it may mean that for some of them, your monthly payment is more than their normal monthly minimum. And in that case many creditors will refuse to freeze interest.

This isn't under StepChange's control. No other debt management firm could do better and you couldn't do better in a "DIY DMP" either. It's the nature of the beast - creditors will only freeze interest if you seen to be in difficulty, not just because you want to clear your debts fast.

How large are your debts? What is your credit rating like?

[Ripleykatz9999]

Re: 'Stepchange' as an option?

Quick update as I have been ill & had some vet's bills to see to. Once insurance is sorted out & I can collate my info I will call stepchange. I can't say that my debts fall into 'MAP' limits & I have suffered low income since my long-term disability. My credit rating is fair but I am not entertaining the idea of bankruptcy, an idea that was v much pushed onto me by CAB at a time of vulnerability!!!! A friend who works for a bank also advised against this due to the situation & reprecussions. Most of my debt is due to a loan taken to complete a Diploma & had misold PPI which was returned. My debts not including student loans amount to around £20 000 & I have been paying these off interest-free with a mix of debt management & token payment. I should say that my debts were being cleared by 'Harrington Brookes' until a very unpleasant call from a woman screaming down the phone from Lloyds TSB that 'I had not paid', despite their being BACs evidence of the contrary. I had nothing but harrassment & rudeness from Lloyds TSB at the start of my abrupt debt when I was gravely unwell. It also seems that they have not taken anything off the hundreds that were paid to them. Vanquis seem similar with token payments. Once I have got over my cold & my dog has healed up I will be tackling my accounts, hopefully once & for all.

[charitynjw]

Re: 'Stepchange' as an option?

This may be of interest.
http://www.independent.co.uk/student...-a7410261.html

[Ripleykatz9999]

Re: 'Stepchange' as an option?

I am not sure how one uses the concept of 'caveat lector' to guard against sudden, rare & varied illness? That & the unwillingness of Creditors to take into account a valid change of circumstances when it affects how much they can get. It seems just as in the same manner of most debt-collection agencies, they are unable to gather accurate data & instead make assumptions to guilt & bully those on the edge of financial crisis to make payments that they cannot afford. I see the above article applies to students in England & Wales. In Scotland at any rate, student loans are not provided for a legal diploma and they must be financed if needed by private means.

- - - Updated - - -

BTW I believe in paying my debts - I just also believe in playing 'fair'.

[Ripleykatz9999]

Re: 'Stepchange' as an option?

alterum non laedere - see Justinian

[Ripleykatz9999]

Re: 'Stepchange' as an option?

Enaid - will hope to find a solution by calling Stepchange in the next fortnight. Unfortunately my situation is quite complex & has taken the better years of my life with a disability to manage. Hope they are MUCH better than CAB (who I used to volunteer for!) but who have rapidly gone downhill on the consumer side along with a government who has no concern for the welfare of it's public.

[charitynjw]

Re: 'Stepchange' as an option?

CONC 7.3?
https://www.handbook.fca.org.uk/handbook/CONC/7/3.html

[Ripleykatz9999]

Re: 'Stepchange' as an option?

Thanks charitynjw! This is helpful guideline, financial advice. I will take this into account. Thank you again & I think it will be interesting to see the solution advised when I call stepchange.

[Debt Camel]

Re: 'Stepchange' as an option?

I am not clear how with a low income you expect to be able to repay a large amount of debt in 2 years?

[Diana M]

Re: 'Stepchange' as an option?

In Scotland . . .

Do do you live in Scotland (you referred to a Tust Deed in an earlier post) where enforcement of debts is different from the rest of the UK?

How old are these debts - when did you open the accounts? If it was before April 2007 the creditor may struggle to enforce them if they can't provide the relevant paperwork.

Why have you set yourself a two year target for clearings these debts? Do you have a cut-off point for some reason?

Di

[charitynjw]

Re: 'Stepchange' as an option?

[MENTION=87380]Diana M[/MENTION]

I think so, Scotland that is.
(From post #8 info).