Scalable, flexible debt advice and solutions

At StepChange, we've been providing expert debt advice over the phone since 1993. We saw the potential for online debt advice early on and developed the first fully-online debt advice service over 15 years ago. Since then, it's helped over 1.6 million people clear their debts.

But what's next? Well, we know that the pandemic has supercharged digital adoption and that your customers expect responsive, professional, and caring support. So, let us introduce StepChange Your Way. StepChange Your Way is flexible, free debt advice that allows your customers to seamlessly switch between our online and telephone advice channels while only having to provide their information once.

So, how does it work? We'll start by asking your customers some quick questions to understand how best we can support them. If debt advice is right for them, we'll capture the details of their debts and help them create a realistic, sustainable budget by understanding how much they may be able to afford to repay towards their debts.

At any time during the debt advice journey, customers can easily switch between channels, take a break, and continue once they're ready. And our online service is available 24/7 too, so they can use it at a time that suits them. When the debt advice process is complete, we'll give them an advice recommendation, tailored to their personal needs.

We'll guide them through the solution setup process. Whether it's a supported solution, such as a Debt management plan, or an insolvency option, such as a Debt relief order, we're here to meet the needs of your customers. And during peak times, our systems can flex to cope with increased demand.

So, start referring today. StepChange, Your Way.

On a DMP, your customer makes one affordable monthly payment to the charity which we disburse fairly across their creditors.

Once it’s set up, we work with them to help them stay on track, and conduct reviews at least annually to ensure their DMP is still affordable and the most appropriate solution for them.  

Every penny your customer pays to us goes towards repaying their debts included in the plan.

In some cases, your customer may come to us when they can’t realistically afford to make repayments, but it’s very likely that their situation will improve in the near future.

In this situation we’ll work with them and their creditors to manage a token payment plan (TPP). Each creditor receives £1 a month until your customer’s situation improves enough to increase their monthly repayment amount.

An individual voluntary arrangement (IVA) is a formal agreement allowing your customer to make affordable payments towards their  debts, usually over five or six years. At the end of the IVA any unsecured debt left is written off. Your customers can also make a one-off payment known as a lump-sum IVA.

A debt relief order (DRO) is a way for clients’ debts to be written off if they have a relatively low level of debt and have few assets. A DRO freezes their debt repayments and interest for 12 months. 

If your customer’s financial situation hasn’t changed at the end of this period, all the debts included will be written off. As we're an approved organisation for the official receiver, we can help your customers apply for a DRO if they’re eligible. If your customer qualifies, our specialist DRO team can apply to the Insolvency Service for them. 

Bankruptcy is a legal procedure mainly suited for customers whose circumstances are unlikely to change and who are unable to pay back their debts in a reasonable time.

Assets such as a home or vehicle may be included in the bankruptcy to help pay off the debts owed. After being declared bankrupt, creditors will write off unsecured debts, allowing customers to make a fresh start.

Our expert team* offers free residential and retirement mortgage advice. They’ll take time to understand your customer’s situation and guide them through the process and provide answers and advice in clear, simple terms.

Equity release can allow customers to access the money tied up in their home if they’re aged 55+. If they’re eligible, they can take a tax-free cash lump sum, or access flexible borrowing whether they’re managing debt or supplementing their retirement income. 

There are three types of equity release available. How much your customer can release varies between providers, but usually depends on their age, health, and value of their home.

An interest-only lifetime mortgage allows your customer to release a cash lump sum via a mortgage secured on their home. They also retain full ownership of their property. 

This can be the most cost-effective method of equity release, as it allows customers to manage the associated interest charges by making monthly repayments. If they keep up with the interest payments, the amount they owe never increases.

To qualify, customers must meet the provider’s affordability criteria. If your customer can’t afford or chooses not to make full repayments, they can elect to make partial payments to help reduce the long-term cost.

A lifetime mortgage allows your customer to release a cash lump sum or gives them access to a flexible borrowing facility if they need to borrow more money in the future. 

They won’t have to make any monthly payments on their mortgage, and they’ll keep 100% ownership of their property. They can also customise the plan to suit their needs.

A home reversion plan allows your customer to sell all or part of their home in exchange for a cash lump sum and rent-free lifetime tenure in their home.

Releasing equity this way allows customers to access the money tied up in their home with no need to make repayments. When the property is eventually sold, the provider will retain their percentage of the sale proceeds.

Your customers will benefit from any increase in the value of the property and share any decreases in value. The amount they receive is discounted in exchange for rent-free lifetime tenure.