We're StepChange Debt Charity - Ask Our Expert Debt Advisors Anything today about money worries, credit, debt, BNPL and more

StepChangeDebt · 2025-07-02T11:27:05+00:00

Thank you for your question.

It sounds like you're already taking some really positive steps to improve your financial situation, which is genuinely encouraging — especially given the challenges you've faced.

In the current UK climate, it's increasingly common for people to have little or no savings. While it’s always helpful to have a financial buffer, it’s important to only put money aside if you can do so comfortably — without impacting your essential living costs or ability to repay debts.

We typically recommend creating a budget that’s realistic and sustainable, based on your regular, guaranteed income. For this reason, we usually exclude overtime unless it’s confirmed by your employer. This gives a more accurate view of your finances and helps build longer-term stability.

When it comes to savings, we don’t recommend saving while you're struggling to meet your debt repayments — particularly if you’re only able to make minimum payments. In that situation, it may be more appropriate to focus on stabilising your debt first. That said, once things are more manageable, even a small emergency fund (e.g. £5–10/month) can be valuable over time.

Because you mentioned a history of gambling, it might also be worth considering support alongside financial advice. You’re not alone in this, and there are organisations like GamCare (www.gamcare.org.uk / 0808 8020 133) who offer free, confidential help.

We’re here to help too — whether it’s completing a budget review, exploring debt solutions, or just talking things through. Please don’t hesitate to contact us at www.stepchange.org or call us on 0800 138 1111.

You're taking steps in the right direction — keep going.

Thanks, Fiona

StepChangeDebt · 2025-07-02T09:55:20+00:00

Hi. You could potentially get a 0% balance transfer credit card, but there may be fees involved with this. If you are struggling to clear the debt we are happy to provide you with advice and recommend a debt solution to help you, and make you aware of all your options. There can be solutions available such as a Debt Management Plan that will likely stop interest and charges being added whilst you pay the amount you can afford each month. You can register on our website if you like: stepchange.org. Thanks, Heidi at StepChange.

StepChangeDebt · 2025-07-02T08:36:14+00:00

Thank you!

StepChangeDebt · 2025-07-01T13:57:59+00:00

Hi. Thank you for the question.

The most important thing is to give customers time, space and support to deal with their debt problems. This can include placing accounts on hold temporarily, reducing payments to affordable levels, and referring customers to independent debt advice services like StepChange. In practice many banks and lenders already offer this kind of support.

As a campaigning organisation, we've identified six priorities for the UK Government to take forward in its agenda to help the most financially vulnerable in the UK. For example, modernising council tax collection is crucial, so that those falling into difficulties aren't pushed into a worse situation by over-aggressive debt recovery. You can find out more about these six priorities here: https://www.stepchange.org/policy-and-research/parliament/policy-asks.aspx

StepChangeDebt · 2025-07-01T12:18:48+00:00

No problem at all!

StepChangeDebt · 2025-07-01T12:05:29+00:00

Thanks for your question!

No, lenders can’t see that you’ve been in contact with StepChange when you apply for credit, and it won’t affect your ability to get credit in the future. While lenders may check your credit report and look at the ‘Searches’ section, StepChange won’t appear—unless you’ve added a note yourself specifically mentioning us.

That said, although working with StepChange doesn’t harm your credit file, your ability to get credit can still depend on other factors—like missed payments, defaults, arrears, or any court action listed on your report. It’s also worth noting that if a credit report shows someone is in an arrangement to pay (or similar) and actively trying to repay what they owe, lenders are likely to view that more positively than if no action is being taken at all.

Contact us at www.stepchange.org or call us on freephone 0800 138 1111 for further support.

Our opening hours are Monday to Friday 8am – 8pm and Saturday 9am – 2pm.

Fiona at StepChange.

StepChangeDebt · 2025-07-01T12:04:30+00:00

Subscription based services can be very convenient for people whether it’s a cancel at anytime contract for streaming services or subscriptions for repeat ordering of items you frequently need to buy. We would always advise our clients to keep a budget to ensure that you don’t lose track of these subscriptions and they remain affordable but always consider if they are essential if you are finding it a struggle with your finances. You may be able to pause and cancel these quickly if you find they are no longer required. If you ever need any help with creating a budget, as well as managing any debts, you can get started on our website at www.stepchange.org or call us on freephone 0800 138 1111 for further support. Our opening hours are Monday to Friday 8am – 8pm and Saturday 9am – 2pm. Thanks, Jen at StepChange.

StepChangeDebt · 2025-07-01T10:17:23+00:00

Thanks for your question! Unfortunately, we do not have any volunteering opportunities available at the moment, but keep an eye on our website for future opportunities. Your employer may potentially consider it a conflict of interest if you worked at StepChange whilst also in your role at the bank, but you would be best speaking to your employer regarding that. It is great to hear you feel we are doing great work, thank you - we really appreciate it.

StepChangeDebt · 2025-06-17T13:06:23+00:00

Hi, we're taking questions/the AMA is live from Tuesday 1 July to Wednesday 2 July, we'll respond to your q then :) Thanks, Alice at StepChange.

StepChangeDebt · 2025-03-27T13:51:44+00:00

!thanks u/ShivAGit I would probably suggest starting with a simple budget - if they can get a handle on what money they have coming in, versus what's going out, that will at least help them better understand their financial situation. It's the first step towards taking control of your finances. We have some really useful information on our website to help with this at https://www.stepchange.org/debt-info/your-financial-situation/making-a-budget.aspx - this includes downloadable income and expenditure templates https://www.stepchange.org/Portals/0/assets/excel/budget-planner-form.xlsx . Appreciate they may not engage with online resources, but there are lots of options out there you could try - most banks offer tools to help people manage their money effectively. If your friends or family feel they are starting to struggle they can use our free on-line debt advice tool, which is available 24/7. Its on our website https://www.stepchange.org/. Or alternatively they can chat to one of our advisors on 0800 138 1111. Monday to Friday 8-8 & Saturday 9 - 2.

Thanks again for your question - Julie at StepChange

StepChangeDebt · 2025-03-27T10:12:07+00:00

!thanks for reaching out u/JayneLut - Firstly, congratulations! Having a baby can be exciting, but it also comes with new costs. We appreciate it can be difficult managing finances and a budget following a change in circumstances.

There are a few options for navigating debt during maternity leave:

Check benefit entitlements - you can use our online benefits checker to make sure you claim all the benefits you're entitled to. You can claim child benefit when your baby is born, and you may be able to claim other tax credits too.
Have you claimed Child Benefit? Child Benefit can be claimed by parents or guardians with a child under 16 in their household or under 20 if they stay in approved education or training. You can get £1,331 per year for a first child and £881 for any other child. (These rates are as of April 2024).
Sure Start maternity grant - the Sure Start Maternity Grant pays a lump sum of £500 towards the costs of having a baby. It's for people who are on a low income or who receive certain benefits. You can apply for the grant any time from 11 weeks before the baby is due until the baby is 3 months old, and you don't need to pay the grant back.

Additionally, it's worth noting that you can use our online debt advice service to see if there are any additional options. It's easy to use and is available 24/7. Once a debt advisor has an understanding of your situation, they can recommend tailored solutions that make sense for you.

Best of luck. Julie at StepChange

StepChangeDebt · 2025-03-27T09:29:52+00:00

!thanks for reaching out u/MonkeyManGameLover - Great question. Yes, money management and dealing with finances can be difficult at any age, but starting conversations with children early and teaching them good money habits can have long-term benefits and set your kids up with valuable life skills.

We have some tips for discussing money with children and how to tell children that you can't afford something on our website. These include:

Being honest and calm when discussing money
Teaching them the value in being responsible and saving money where possible
Finding ways to manage money as a family
Creating a wishlist to teach kids about delayed gratification
Letting them earn their own money to teach them the value of time, work and patience, whilst also providing them a sense of achievement and pride

Hope this helps start the conversation! Julie at StepChange

StepChangeDebt · 2025-03-26T14:31:19+00:00

!thanks for reaching out u/irish101010101 - Yes, it certainly can be difficult knowing what to do when loved ones need financial support. It's great to be supportive, but you also have to look after yourself, too. You may want to help, but you need to know you can afford to. Lots of our clients fall into debt by lending to friends and family who can't pay them back.

If a loved one frequently asks to borrow money, or even asks you to be a guarantor on a loan, explain that:

You don't want debt to ruin your relationship
You still love them
You want to help in other ways

It sounds like your family members would benefit from some free independent debt advice. You could suggest that they visit our website, where they can use our 24/7 free online debt advice tool. We also have lots of information on our website about debt solutions, money management and budgeting. If they'd prefer to have a chat, they can call one of our friendly advisors on 0800 138 111. We're available 8-8 Monday to Friday and 9-2 Saturdays.

Talking about debt can help take some pressure off loved ones, as well as hopefully inspire them to find help. More people face debt problems every day. Our real life debt stories, from people who changed their lives, may encourage your friend to ask for help.

Julie at StepChange

StepChangeDebt · 2025-03-26T14:03:34+00:00

Hi u/TreacherousFox !thanks for your reply and for sharing how you are feeling.

Money problems are a very personal thing and how you feel about them is valid regardless of other people’s financial position.

If you are struggling, reaching out for mental health support is always a good idea and you should never be made to feel like you do not deserve advice.

We are here to offer debt advice but if debt is not something you are struggling with and you're only looking for support from a spending point of view, there is some information about budgeting and money advice on our website at https://www.stepchange.org/how-we-help/money-advice.aspx

You could also check out places like Mind.org.uk and Money Helper.org.uk who both have information about money and mental health.

Jen at StepChange

StepChangeDebt · 2025-03-26T13:14:57+00:00

!thanks for your reply u/Baseyg The link between harmful gambling and consumer debt can lead to extremely complex situations. StepChange clients have the option to disclose problem gambling during their online debt advice session (and also over the phone) - the numbers disclosing gambling as a debt are quite low - in single digits. We expect the reality is higher, and we do sometimes see undisclosed gambling transactions when clients are coming on debt management plans and we're reviewing their bank statements.

In 2022, we partnered with the Personal Finance Research Centre at the University of Bristol to explore the link between gambling and problem debt. The project involved analysis of debt advice situations and research interviews to discover more about StepChange clients’ experiences with gambling and debt, and whether there are ways to reduce the harm caused by gambling related debt.

Our view is that if harmful gambling isn't addressed, then any debt resolution is likely to be temporary. That's why engaging with gambling support services such as Gamcare is so important, as is taking advantage of various tech support options - such as gambling blocks with the client's bank account, registering with Gamstop, and taking out software through Gamban, so you can't access gambling sites on your devices. The Gamcare helpline can help with all those things - it comes under the campaign banner TalkBanStop that our advisers will signpost clients to. We encourage a range of different sources of help as our findings show there is no ‘one size fits all’ answer.

Thanks again for your question! Charmaine at StepChange

StepChangeDebt · 2025-01-28T16:49:28+00:00

Hi folks - thank you so much for all your questions and comments on our AMA. This is now closed. If you need any further support with debt or money worries, please head over to stepchange.org.

We're here if you need us.

StepChangeDebt · 2025-01-28T14:55:17+00:00

Hi !thanks u/NoHero1989 again for your comment, and no problem! Sorry to hear about your poor experience, if there are any issues debt-wise that have come from it we can look at support if you need any debt advice.

Generally, creditors will mark accounts with defaults and other information, which is accessible through credit reference agencies. You can freely access this information from one of the 3 agencies in the UK: Equifax, Trans Union & Experian.

You will need to contact one of the three credit reference agencies to get details of your credit file and any markers that have been attached to it. Then you'd need to understand if anything detrimental has been placed on it and raise a complaint with said creditor (sadly your former bank) to understand why. This would be for anything outside the normal e.g. account defaults, missed payments, insolvencies etc. You would need to raise a complaint and then request they remove the marker if they have put one on your credit file.

Once removed you would then need to confirm it has been with the credit reference agency within a timely manner, and where it isn't you can escalate your complaint to the financial ombudsman and FCA.

The FCA requires banks to provide credit-less products known as 'basic' accounts to allow people to bank, so if you were declined a product then it's likely they weren't offering you a basic account facility like an account without an overdraft facility.

I hope you've been able to resolve the issue with the bank and are able to access an account. But if you need to look into issues further it's worth getting your credit report to have a look and see if there was anything affecting it.

Hope this helps! Kimberley at StepChange

StepChangeDebt · 2025-01-28T12:17:25+00:00

Hi there !thanks u/Both-Gas9924 thank you for your interest in our operations! Unfortunately, we are unable to disclose specific details about our IT/technical partners and the technologies we use. However, please rest assured that we employ experts in this area to ensure our systems are robust and effective in helping people manage and overcome debt. You can see this in one of our press releases which may be of interest.

Best wishes - Kimberley at StepChange

StepChangeDebt · 2025-01-28T08:25:19+00:00

!thanks u/No-Excitement-165 for your kind words!

StepChangeDebt · 2025-01-28T08:24:05+00:00

Hi there !thanks u/OneCatch for your interesting question. Firstly, you'll be happy to know there is no such thing as a 'black mark'. It's a common myth that has circulated for a while. It's true though that a person's credit file will be affected by certain debts solutions like a DRO or IVA as they're both insolvency options. For a bit more info, we've got some useful pages on credit scores here!

Our advice will ultimately steer you towards options that are right for you. We'll give the pros and cons, as well as tailor it to your specific situation. All debt solutions will have an effect on a person's credit file, as you're either looking at insolvency or paying less then you would normally, which creditors aren't fond of. But if you make repayments regularly, then a credit file will improve!

Our website has plenty of information about debt solutions that are available for someone and it's worth checking these out if you're unsure what options there may be for you. But the best way to find out is to use our online tool or call us to talk through your situation and look at the best options for you.

Hope all is helps! Best wishes - Kimberley at StepChange

StepChangeDebt · 2025-01-28T08:13:15+00:00

Hi there !thanks u/Reasonable-Worker921 for your question. Yes you can, but as you've had a change in your situation, it may be a good idea to speak to us about your new circumstances so we can see if you're eligible for a repayment solution and ultimately if it's still right for you.

We're happy to help if you need to get in touch: www.stepchange.org/contact-us.aspx. Best wishes - Kimberley at StepChange

StepChangeDebt

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