Debt can sometimes negatively affect personal life. As well as it can affect mental health conditions such as anxiety and depression. Increasing the debt can decrease the export of an economy and results increase in imports. With the help of Stepchange people can easily sort out the difficulties they are facing now.
For this reason, one should know the different types of debts and some important facts about it. So, if you are looking for free advice regarding debt then Stepchange is the perfect platform for you.
Brief Explanation of StepChange
Stepchange is a debt charity that is operating over the UK. This organization basically offers debt advice without claiming the money. This charity campaigns for change to decrease the difficulties regarding debt. This organization has been helping people in financial problems become debt-free for 25 years.
How Stepchange help People?
Stepchange is one of the most renowned debt counseling organizations based in the UK. The main motto of this organization is to help people for overcoming headaches related to debts. As well as they assist people in managing the financial situation for a long time period.
Likewise, Stepchange has already helped more than 650,000 people until recent times. They help people with debt problems take back control of their lives and as well as finances. All the staffs have dept-in-knowledge in debt-related matters. The advisors offer debt management plans, debt help and debt consolidation to their valuable clients. Their aim is to build a society free from debt difficulties.
Description of Debts- Some Facts About Debt
Debt is the amount of money that is owed by one party to another. But however, depending on the amount of money, it can get complicated fast. The debtor is the person who owes the money.
Debt consolidation or Debt Management- The term debt consolidation is used for describing different approaches to help consumers with their debt. Debt consolidation loans are not right for everyone. You should check all the options and then decide what is right for you.
Country Court Judgement- A CCJ is a court order that orders you to pay a certain amount of money you owe to a debt. This is one of the actions of the debt collection process.
Payday loans- Payday loans are short term loan that basically requires high interest. As it has a high amount of interest it can make your financial condition worsen.
How You Can Manage Debt?
Everybody with even they carry a bit amount of debt should tackle the debt as well. If it’s a small amount then you should keep up your payments and be sure that it does not get out of control. Likewise, if it’s a large amount then you should pay more attention while paying off the debts. Some important facts you should know to manage the debts of any amount.
- First of all, know who and how much amount you owe
- Pay bills on the proper time in each month
- Create a monthly bill payment calendar
- Use an emergency fund if needed
- Identify the signs you need help
- Make at least the minimum payment
- Get help from your close one including family, friends
- Seek advice from Stepchange and clear out your doubts without any delay
Their Vision and Strategy
For 25 years, the advisors of Stepchange have been assisting people to overcome financial difficulties become debt-free. The debt problem is not just an individuals issue, but in recent ages, it goes much further and damages communities and families.
With 1500 advisors in office they are at the forefront of offering advice related to debt. Have a look at some of the core objectives that Stepchange maintains.
- Always strive to provide greater awareness regarding free debt solutions.
- Embellish people’s capability and understanding so that they can handle the debts and money and also overcome the issue.
- The advisors always try to inform and educate people to manage debt and money.
- Develop and engage their clients in meeting their potential.
How Stepchange Assist you with your Debts?
The team of debt experts is carrying experience for more than 25 years this you can be confident enough that you will get the best of best solutions from Stepchange. At the same time, they will provide you debt relief plans that will further assist you to overcome difficulties regarding debt. Take a glance at some of the debt management plans that are offered by Stepchange.
- Individual Voluntary Arrangement
- Bankruptcy advice
- Debt Arrangement Scheme
- Debt Relief Order
- Mortgage Advice
- Protected Trust Deed
- Personalized Debt Management Plan
- Minimal Asset Process
The advisor of Stepchange will not charge any amount of money for guiding you and giving you debt help. As a result, you can easily know how to manage your debts without any hassle.
Services Offered by Stepchange for You
Stepchange provides various range of services depending upon the clients. Amongst the multiple one’s debt counseling and debt management plans are the most required services.
The skilled professionals are always ready to give you free solutions at the earliest possible. The team members will first analyze the situation you are facing now and then provide you effective solutions to manage your debts. DMP and IVA are the most popular service that Stepchange provides to its clients.
Short Description of DMP
The term DMP stands for a debt management plan that assists you to manage debts and pay them off at an affordable rate by making monthly payments. As a result, you have to pay only that much amount you can afford. The professionals of Stepchange will evaluate the requirements with the help of a Debt advice tool. There are several advantages of DMP stated here.
- It will allow you better control of your finances by making regular payments.
- You will be no longer to get in touch with the creditors and as well as the debt collectors.
- Once you have cleared the plans your unsecured debts will get cleared.
Know About What is an IVA?
The term IVA stands for an individual voluntary arrangement that allows you for making economical payments to your debts usually for five to six years. Additionally, IVA is recorded in the public register and shown in your credit file. If you opt for Stepchange the experts will check your finances and recommend the IVA proposal to the creditors.
There are several terms and conditions that are related to this agreement. For this reason, you should contact Stepchange and know about IVA in detail.
Become Exhausted With Debt? Engage With Us For Free Debt Assistance
Stepchange offers debt management advice and does not charge any money. So, if you ever face any problems regarding debt you can directly come to us. We have three different communication medium for you. You can call us by dialing the stepchange contact number 0800 046 5868. In case if you are getting a busy tone then feel free to drop an email addressing your difficulties. With the help of Stepchange login, you can log in by putting credentials and chat live with our advisors. Be stress-free with us.
Frequently Asked Questions
Does a DMP affect my credit file?
Yes, a DMP always affects your credit scores and as well as credit files. It occurs while you pay the less amount of the repayment amount while you initiate the debts.
How does IVA affect my credit file?
The credit rating of IVA will be affected for almost six years beginning from the date of the agreement. For this reason, you should keep a budget for your IVA for up to seventy-two months.
Will my creditors still contact me?
After 3 to 6 months of your IVA contact, the creditors will still contact you. But in case if you receive any threats such as CCJ, bailiffs then get in touch with Stepchange advisors for instant help.
What happens if you did not pay the debt collection agency?
In case you default on loan, credit card or utility payments, then there is a chance of having your account sent to a collection agency.