Stepchange says, 'Check it, trust it' to ensure you're getting trustworthy debt help

MSE_Laura_F

Stepchange is running a Check it, trust it campaign to highlight that not all debt advice is trustworthy, and helping those in debt to check they're seeking help from the right people.

Sadly, there are less-than-legit companies using names similar to real debt advice charities and organisations. Don't be caught out.

To make sure you're getting trustworthy help, Stepchange has outlined the steps you can take.

And remember, you can get help from Stepchange advisers on our dedicated MSE Forum thread:
Struggling with debt? Ask a stepchange debt adviser a question

fatbelly

I also recommend getting a second opinion if your adviser suggests an IVA, even if that adviser works for stepchange

RAS

I'll be a bit blunter.

Unless you've got assets to protect, an IVA is very unlikely to be a good idea.

If your debts are less than £30k, an IVA is very unlikely to be a good idea. I've seen suggestions today that they are suitable if you owe more than £5.2k.

Depending on your personal circumstances and income, a DRO, DMP (with later full and finals) or even bankruptcy will probably be a better idea. And sometimes write off are appropriate.

Although none of these really solve the long-term problem if your existing income doesn't cover essential expenditure.

sourcrates

Unfortunately most people who find themselves in debt, don`t have the 1st clue on how to deal with it.

Lets face it debt solutions are not what you normally talk about around the dinner table, so its off to good old Google.

Now, who pays the big bucks to come top of the search lists, yes, debt management companies of course, who generally just flog IVA`s.

Ask a fish monger what`s good for tea, there gonna say fish, in a similar vein, ask an IVA pusher, what`s the best debt solution for me, there going to say IVA.

More and more people do get second opinions, which is good, but lots go with the first choice on Google, which generally isn`t, that needs to change.

flipflopflo

I recently got into a huge argument on a Facebook group and just had to unfollow it and hope that the OP took my advice and posted on here or contacted one of the charities. She’d posted that she had £18k of debt and just couldn’t service it anymore. The amount of judgment she had was incredible and the number of posts that were just get an IVA, IVA is the best, phone this company they will help you with an IVA. It was madness. They just couldn’t accept it wasn’t suitable because they had had one and it went well and they had had it with less debt/more debt 🙄. It did my head in. 

sourcrates

flipflopflo said:

I recently got into a huge argument on a Facebook group and just had to unfollow it and hope that the OP took my advice and posted on here or contacted one of the charities. She’d posted that she had £18k of debt and just couldn’t service it anymore. The amount of judgment she had was incredible and the number of posts that were just get an IVA, IVA is the best, phone this company they will help you with an IVA. It was madness. They just couldn’t accept it wasn’t suitable because they had had one and it went well and they had had it with less debt/more debt 🙄. It did my head in. 

I have had more arguments, and lost more (so called) friends, posting on Facebook, than I care to remember.

I was trying to explain the truth about credit scores to someone the other week, they were having non of it, to them their credit score was extremely important, 999 on Experian, they were so proud of that.

When I mentioned that an undischarged bankrupt could very well have a similar score, they went nuts........told me I knew nothing and should not comment on things I did not understand, I posted them the link to the credit file and ratings board sticky, maybe they will believe Martin lol.

flipflopflo

sourcrates said:

flipflopflo said:

I recently got into a huge argument on a Facebook group and just had to unfollow it and hope that the OP took my advice and posted on here or contacted one of the charities. She’d posted that she had £18k of debt and just couldn’t service it anymore. The amount of judgment she had was incredible and the number of posts that were just get an IVA, IVA is the best, phone this company they will help you with an IVA. It was madness. They just couldn’t accept it wasn’t suitable because they had had one and it went well and they had had it with less debt/more debt 🙄. It did my head in. 

I have had more arguments, and lost more (so called) friends, posting on Facebook, than I care to remember.

I was trying to explain the truth about credit scores to someone the other week, they were having non of it, to them their credit score was extremely important, 999 on Experian, they were so proud of that.

When I mentioned that an undischarged bankrupt could very well have a similar score, they went nuts........told me I knew nothing and should not comment on things I did not understand, I posted them the link to the credit file and ratings board sticky, maybe they will believe Martin lol.

I despair with some people. Since being on MSE I have done so much reading and research and searching for information and taking on board what you and other long standing posters write. I’ve learned so much about what I need to avoid and how to reduce my debt and also on stuff that I won’t need in my life hopefully but it has come in so useful for commenting on other people’s circumstances and hopefully helping them and I’m learning all the time. I wish more people would try and learn about money matters and not just what they think is the right thing because of what some shark has said is right.