Stepchange have a new debt plan for me ...worried

marilyn_51

Hello, can anyone please help ? I have been with stepchange for 4 years now with a plan to pay off my debts of £40.000. having yearly reviews. When I had my last review in May this year I was told by them that next year I would have to come off the plan due to the fact that I am 66 and husband 61 and would not be able to pay off the outstanding debt. They told me to consider equity release . My husband and I were both very worried about this but thought we have to May 18 when next review due to deal with it, I have recently had a letter in the post from stepchange asking us to contact them saying they want to discuss an alternative debt soloution with them. I am very worried . My husband and myself have long term anxiety and depression and wondering what this might be ? Stepchange have been a great help but they do not seem to understand people with long term health conditions . I am so worried I cannot face phoning them at the moment . What do you think they will advise me to do.

fatbelly

You don't say exactly how long your debt management plan will take but I'm guessing it is a long time and you are already 61/66.

They are having pressure put on them by the FCA not to set people up on plans that take more than 5-7 years to complete. The FCA in their simple minds think that people facing plans longer than that should go into an insolvency solution.

There is no harm in talking to SC and considering the options (IVA or equity release most probably) - maybe post again here after you've spoken - but you should not be pressured into anything you do not want or do not understand.

Sometimes a DMP is the least-worst option and if SC will not continue with it then you could consider running it yourself.

There is support here

https://forums.moneysavingexpert.com/discussion/5623951

and useful tools here

https://nedcab.cabmoney.org.uk/dmp.asp

HairyHandofDartmoor

Great advice from fatbelly.

Step Change are great, but sometimes only you know what is best for your individual situation. Listen to what Step Change have to say, and then come back on here so you can discuss your options with the clever people here.

Former_StepChange_Linsi

Hi

I'm sorry to hear you’re feeling so worried about getting in touch with us.

We understand that long term health conditions can have a big impact on people’s abilities to deal with their debts. We try to identify these conditions/vulnerabilities so that we can tailor our advice and provide the right level of support. I'm sorry if you don't feel we've been able to do this for you and your husband.

I’ve sent you a private message so we can talk about your situation in a bit more detail. Alternatively you can call us, here are our contact details.

All the best,

Linsi

marilyn_51 wrote: »

Hello, can anyone please help ? I have been with stepchange for 4 years now with a plan to pay off my debts of £40.000. having yearly reviews. When I had my last review in May this year I was told by them that next year I would have to come off the plan due to the fact that I am 66 and husband 61 and would not be able to pay off the outstanding debt. They told me to consider equity release . My husband and I were both very worried about this but thought we have to May 18 when next review due to deal with it, I have recently had a letter in the post from stepchange asking us to contact them saying they want to discuss an alternative debt soloution with them. I am very worried . My husband and myself have long term anxiety and depression and wondering what this might be ? Stepchange have been a great help but they do not seem to understand people with long term health conditions . I am so worried I cannot face phoning them at the moment . What do you think they will advise me to do.

Money_maker

#5 is spam, you want to go to a debt charity such as stepchange or national debtline, not some fee charging company looking to leech off the desperate.


Do not come on MSE self-promoting your website, reported and you will soon be gone.