Tag Archives: debt advice

I’m in debt and facing redundancy. What do I do next?

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Earlier this month Littlewoods’ owner, Shop Direct, announced plans to close multiple sites. We’ve also seen similar announcements from Debenhams, New Look, Homebase, Toys R Us and the ‘big four’ supermarkets – Tesco, Asda, Morrisons and Sainsbury’s, to name a few – in recent months.

The impact of Britain’s declining high street could see thousands of jobs and families affected.

For most people, the thought of redundancy and managing on a reduced income is a worrying one. But, if you’re already having money troubles and now you’re facing redundancy, you might see your self-esteem drop, feel isolated or struggle to keep a positive attitude.

We know it’s easy to say, but redundancy isn’t your fault, and you’re not alone. What should you do if you’re in debt and facing redundancy?

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Happy 25th anniversary StepChange

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We’re celebrating our 25th birthday today! To celebrate, we’ve put together a video with some of our colleagues about the work we do.

It’s only a couple of minutes long and will help you to see why we’re so proud of everything we’ve achieved over the last quarter of a century.

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Wannabe Debt Free? Join the club!

posted by in Living with debt Leave a comment

Dealing with debt can make you feel isolated. There may be a sense of shame that stops you from talking to people you trust, and keeping your worries to yourself can take a toll on your mental health.

If you’re struggling with debt-related worry, it’s worth paying a visit to the MoneySavingExpert.com forum. The forum has almost 1.7 million members. Most of them are looking to save money, improve their budget or tackle their debt problems.

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On their Debt-Free Wannabe (DFW) board you’ll find hundreds of people just like you who are dealing with – and overcoming – their debt problems.

You won’t find judgment there, but you will find support and inspiration to help you through your own journey out of debt.

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Overdraft debt: what to do if you’re constantly overdrawn

posted by in Living with debt 1 Comment

In 2016, we published research which shows that 2.1 million people were stuck in their overdraft for the whole year. Sound familiar? We should be able to help.

Our research about overdrafts revealed that many people are stuck in their overdrafts, locked in a cycle of borrowing that’s hard to break free from. Overdrafts are meant to be dipped into occasionally to help with a short-term problem, but millions are relying on them to cover basic living costs.

But what can you do to try and get ‘back in the black’? We investigate four steps you can take to help.

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10 myths about IVAs

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iva myths

Did you hear the one about ‘writing off up to 80% your debts’? We have too. Unfortunately some of the myths about Individual Voluntary Arrangements (IVAs) can have very little to do with the reality.

These myths can confuse people considering an IVA as a solution to their debt problems, and those living on one. We’re here to help.

Let’s look at the most common misconceptions about IVAs and the facts behind the myths:

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Our latest research: You’re not alone in debt

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StepChange Stats yearbook 2016As well as providing debt advice, we regularly produce research into personal debt trends in the UK.

The Statistics Yearbook, released twice a year, is one of the most important pieces of research our policy team produce, and the 2016 edition is released today.
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Maintaining your friendships when you’re in debt

posted by in Living with debt Leave a comment

When you’re trying to cut back on your spending, it’s almost inevitable that your social life might take a bit of a knock. You may be embarrassed about confiding in your friends about money worries, or even feel bad about turning down their invites to events.

We don’t want to see your friendships or relationships suffer while you’re dealing with debt, as having that support is really important to your wellbeing. The good news is it’s possible to keep your friendships strong, even if times are a little tougher than usual.

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