Have you ever had to use the services of a debt help organisation?
Financial hurdles can be a common experience these days, especially with rises in the current cost of living and inflation. Whether it’s grappling with debt, managing mortgage arrears, or seeking advice on financial planning, the right guidance is so important!
Thankfully, there is help out there from institutions who offer comprehensive support and services tailored to individuals facing financial distress. Three of these “pillars of financial assistance” are StepChange, National Debtline, and MoneyHelper.
I have been looking into their history and this is I found:
Established in 1993, StepChange (formerly known as The Consumer Credit Counselling Service) has grown into one of the UK’s most respected debt advice organisations. Their mission is rooted in providing free, holistic debt advice and solutions tailored to individual circumstances, emphasising the importance of accessible financial education and support.
StepChange offers a wide range of services, from free debt advice to personalised debt management plans (DMPs), Individual Voluntary Arrangements (IVAs), and bankruptcy support. Their approach begins with a comprehensive assessment of an individual’s financial situation, followed by recommendations for the most appropriate path to financial stability. The charity also offers online tools like the Debt Remedy tool, which provides users with tailored advice within 20 minutes.
National Debtline has been helping those in financial distress since its inception in 1987. Operated by the Money Advice Trust, its mission is to provide free, confidential, and independent advice on how to deal with debt problems. National Debtline prides itself on empowering individuals with the knowledge and tools to address their financial issues head-on.
National Debtline offers a range of services, including telephone advice, online webchat, and a comprehensive website full of resources. Their services encompass guidance on dealing with creditors, budgeting advice and creating personalised action plans. They also provide specific guides on dealing with various types of debt, from credit card and loan arrears to mortgage and rent issues.
Launched by the Money and Pensions Service, an arm of the UK Government, MoneyHelper (formerly known as Money Advice Service, Pension Wise, and The Pensions Advisory Service) aims to improve the public’s financial wellbeing. MoneyHelper provides free and impartial money and pension advice, with a focus on empowering individuals to make informed financial decisions.
MoneyHelper’s offerings span a broad spectrum, including tools and calculators for budgeting, saving, and retirement planning. Their services also cover advice on mortgages, insurance, savings and investments. Additionally, they provide guidance on how to avoid and deal with debt and financial scams.
It is great to know that these institutes exist and I am wondering if anyone has used any of their services and if so, what was the experience like? Did they sort out your problems or make them worse?
Leave me a comment below if you have something to share with regards to your experiences with any of these institutes.