Latest news with #StepChange
Daily Record
7 days ago
- Business
- Daily Record
Debt charity shares essential tips for parents worried about money during summer holidays
StepChange offers help and advice to people struggling with debt, so don't put off seeking support this summer. How to apply for Tax-Free Childcare and 30 hours childcare A New YouGov poll has revealed the financial pressures facing parents over the school holidays this summer. According to the research commissioned by StepChange Debt Charity, one in three (33%) parents with at least one child under 18 have no savings for a rainy day, this compares to under one in four (23%) UK adults. The study found that one in six (16%) parents with at least one child under 18 have used a credit card to pay for essential household bills in the last three months, compared to one in ten (10%) UK adults. It also indicated that one in four (23%) of parents with at least one child under 18 have used credit, loans or an overdraft to make it through to payday, almost double compared to all UK adults (12%). Almost half of StepChange's clients are parents with dependent children, and the charity knows first-hand how cost of living and debt pressures can be felt by parents more acutely. Tips to help manage your money this summer StepChange has shared its top tips for parents worried about their finances this summer, on how to avoid debt problems and have fun with family over summer with a tight budget. Plan your summer budget: It might sound simple but having a detailed budget can help to keep track of your finances and how much disposable income you have to go toward activities, food, any planned holidays and other costs. StepChange has some useful budget templates on its website. If your child is eligible for free-school meals, you should check what your local council has on offer as part of the holiday activities and food programme, which provides healthy meals, enriching activities, and free childcare places to children from low-income families. Many large supermarkets offer 'kids eat free' or for £1 deals, which is worth checking out at your local supermarket. Check out what's on offer from your local library: There are often lots of free or cheap activities on offer - including the Summer Reading Challenge, which launched on the 5th of July and encourages kids to keep reading (for free!) over the summer. Be mindful when relying on credit cards: Buy Now, Pay Later (BNPL), or other forms of credit. Before borrowing, ask: 'Do I need it? Can I afford it? Can I pay it off soon?' Avoid extra charges and build trust by staying in control. Check if your local council offers any grants for school uniforms: It may feel early to be thinking about this, but it's worth factoring it into your summer budget before August rolls around. If you are struggling with financial commitments or credit repayments, speak to your creditors who will have support in place. Don't hesitate to get in touch with a free debt advice organisation like StepChange if you're worried about debt. Simon Trevethick, Head of Communications at StepChange Debt Charity, said: 'Rainy day savings can be a lifeline for dealing with unexpected costs, but the rising cost of living has made it harder and harder to save - something which is felt particularly by parents with school age children. 'The summer holidays can bring a lot of excitement for families, but with that can be money worries of how to keep the kids entertained, cover any childcare costs and put food on the table.' He added: 'While it can be tricky, it's important to not pressure yourself into spending more than you can afford and risk triggering debt problems - it's definitely possible to have fun and make memories on a budget. If you are relying on credit to cover costs during summer while finances are tight, always be mindful of repayments in a month or two and whether those will be affordable. 'Remember, if you are struggling with debt, you're not alone - at StepChange we can offer free and impartial advice that will help you get back on track.'
The Sun
06-07-2025
- Business
- The Sun
Struggling with bills? Mortgage expert reveals whether you should take a payment break
MORTGAGE experts have weighed in on whether you should take a mortgage break if you're struggling to pay your bills. This is a type of agreement between you and your lender where you temporarily pause or reduce your payments. 1 If you are struggling with your monthly payments, it may seem like a tempting option and can help if you are facing a temporary drop in income. But it is worth thinking about the pros and cons before you make any hasty decisions. Who can apply for a mortgage holiday? Banks have different criteria that you may need to meet to be eligible for the help. For example, Nationwide rejects claims from customers who have been declined for a payment holiday in the last six months. Sometimes to qualify for a payment holiday, you'll need to have previously overpaid your mortgage. That means paying more than your agreed monthly payments until you've built up enough credit to take a break. If you are thinking of applying for a mortgage holiday, you will need to get in contact with your lender. Simon Trevethick, head of communications at StepChange Debt Charity, said: 'If you are struggling to keep up with your mortgage payments, before taking any action, it's always worth getting advice from your lender and exploring all options. "Mortgage lenders have a legal responsibility to treat borrowers who may be experiencing financial difficulty fairly and they can talk you through your options." 5 things to check before applying for a mortgage What to consider before opting for a mortgage holiday Your payments could increase long-term Pausing payments on your mortgage does not stop interest from accruing. Interest is the money you pay a lender in return for borrowing the costs to buy a home. Nicholas Mendes, mortgage technical manager at John Charcol, said: "Interest continues to accrue during the payment holiday, which means that when your payments resume, they are likely to increase." To help with this, you can choose to extend the term of your mortgage to spread the cost of the missed payments and interest. This means that you will be paying off the cost of your home for longer. It could impact future lending options One of the main concerns homeowners have is whether a mortgage agreement will affect their credit score. Creditors and lenders consider your credit scores as one factor when deciding to approve you for a new bank account or mortgage. Nicholas said taking a break from your mortgage generally does not "directly" harm your credit score. However, he said lenders "may still be able to see that you have taken one, which could influence future lending decisions". That is because the payment holiday will still show up on your credit report, which may suggest to future lenders that you have faced financial difficulty recently. But if you continue to keep up with your payments once the break ends, you should be able to cancel out any of the negative impact this has. What other options are available? A mortgage holiday is not the only option available to homeowners in difficulty. Nicholas said that depending on the situation, lenders may agree to a temporary switch to interest-only payments. This will allow you to make lower monthly payments, as you're only paying off the interest on the loan, not the principal. Nicholas added: "Another possibility is extending the term of the mortgage. "This spreads payments over a longer period and lowers monthly payments, although it does mean paying more interest over the life of the loan." For those who are not yet in arrears, remortgaging to a more affordable deal with another lender could also be an option worth considering. How to cut the cost of your debt IF you're in large amounts of debt it can be really worrying. Here are some tips from Citizens Advice on how you can take action. Check your bank balance on a regular basis - knowing your spending patterns is the first step to managing your money Work out your budget - by writing down your income and taking away your essential bills such as food and transport If you have money left over, plan in advance what else you'll spend or save. If you don't, look at ways to cut your costs Pay off more than the minimum - If you've got credit card debts aim to pay off more than the minimum amount on your credit card each month to bring down your bill quicker Pay your most expensive credit card sooner - If you have more than one credit card and can't pay them off in full each month, prioritise the most expensive card (the one with the highest interest rate) Prioritise your debts - If you've got several debts and you can't afford to pay them all it's important to prioritise them Your rent, mortgage, council tax and energy bills should be paid first because the consequences can be more serious if you don't pay Get advice - If you're struggling to pay your debts month after month it's important you get advice as soon as possible, before they build up even further Groups like Citizens Advice and National Debtline can help you prioritise and negotiate with your creditors to offer you more affordable repayment plans.
BBC News
05-07-2025
- Business
- BBC News
Durham County Council proposes capping council tax support
A local authority's plan to overhaul its Council Tax Reduction Scheme (CTRS) could lead to its poorest residents being required to pay more towards their County Council plans to make changes to its Local Council Tax Reduction Scheme (CTRS), which currently allows low-earners to apply for a discount of up to 100% off their councillor Nicola Lyons said the current scheme was one of the "most generous in the country" and the council was considering capping discounts as part of cost-saving efforts. Debt charity StepChange said it could not comment on specific policies, but it did not believe "reducing support for the poorest is the answer" to council funding pressures. Richard Lane, the charity's chief client office, said: "StepChange has called for the government to increase funding for council tax support to ensure councils can continue to offer residents with the lowest incomes 100% reductions. "Ultimately, unaffordable council tax bills lead to counter-productive debt collection and enforcement that harms the worst off and leads to higher health and social costs linked to problem debt." Council tax options The council said it was considering holding a consultation on four possible options for the CTRS first would allow residents to apply for a discount of up to 100% off their bills, depending on their remaining options would require residents to pay a minimum of 10%, 20% or 25% of their full county council said it was required to save £45m by 2028-29 to balance its books and CTRS currently costs more than £60m a year. It estimated the proposed change would save between £3.8m and £10.35m each year. The current system also requires residents' bills to be recalculated every time a change is made to their Universal Credit (UC) council said last year the average UC claimant received 11 council tax bills, which cost the council £175,000 in printing and postage. Reform UK recently took control of the authority and promised to carry out a Elon Musk-style review into "wasteful spending".Lyons said the county has "one of the most generous council tax support schemes in the country"."The changes to CTRS we are looking to consult on, would ensure we can continue to provide this much-need support, while taking into account the increasing financial pressure local councils are under," she said. "None of the potential changes would impact on pension-age households."If the council's cabinet approves the consultation, it will be carried out between 16 July and 23 September. Follow BBC North East on X, Facebook, Nextdoor and Instagram.
BBC News
13-06-2025
- Business
- BBC News
Money Help
1. StepChange Debt CharityOffers confidential debt advice and free, personalised plans to manage repayments or even pause payments if external or call 0800 138 1111They can help with things like credit card debt, missed rent, or loan stress — especially if it's keeping you up at night.2. Citizens AdviceYour local Citizens Advice Bureau can help with a wide range of issues — from benefit checks and energy bill support to housing and legal also offer face-to-face appointments or web chat at example, many people don't realise they could be eligible for Universal Credit top-ups even if they're working.3. Turn2usA brilliant website where you can:Check if you're eligible for for grants — from charities that help with everything from school uniforms to utility to external and try their grants finder or benefits calculator.4. MoneyHelper (by the UK Government)Free advice on budgeting, pensions, credit scores, and coping with money budget planners, bill prioritisation tools, and support for major life changes (like job loss or separation).Visit external.
Indian Express
05-06-2025
- Business
- Indian Express
India Inc falling short on net-zero targets, warns BRSR 2025 report
On World Environment Day, the latest edition of the BRSR Barometer has sounded an alarm on the state of corporate sustainability in India. Despite modest progress, the report reveals that Indian companies are falling short on critical sustainability metrics, particularly in renewable energy adoption and value chain emissions reporting. Jointly released by ECube, StepChange, and EarthInherited, the BRSR Barometer 2025 analyses data from over 800 listed Indian companies across 12 sectors, collectively generating over ₹8 trillion in annual revenue. The findings are expected to influence regulatory development and the report has been presented to SEBI Executive Director Pramod Rao. According to Ankit Jain, Co-founder and CEO of StepChange, the Barometer 'highlights critical data and performance gaps that are vital if we are to mobilise the trillions of rupees needed for the nation's net-zero transition'. Harish HV, Founder and MD of ECube, added that the report serves as a 'mirror' for India Inc's evolving ESG (Environmental, Social, and Governance) disclosures, enabling firms to benchmark themselves against peers. 📌 Scope 3 emissions largely undisclosed: Fewer than 25% of companies, on a median sector basis, quantify their indirect emissions (Scope 3), despite upcoming mandates on value-chain reporting. 📌 Limited renewable energy uptake: Median renewable energy use across sectors remains below 10%, indicating slow progress on green energy transition. The pharmaceutical sector stands out with 92% renewable adoption. 📌 Growing water and waste pressures: High-risk sectors such as Textiles (407 kilolitres per crore revenue) and Chemicals face increasing stress from water usage and hazardous waste generation. 📌 Inadequate social reporting: While female workforce participation has edged up in sectors such as light manufacturing (23%), broader social indicators such as health and safety reporting, training, and grievance redressal remain insufficiently covered. The BRSR Barometer is positioned as a strategic tool for companies, investors, and policymakers. By benchmarking ESG performance and identifying disclosure gaps, it enables Indian businesses to move beyond compliance and towards a competitive sustainability advantage. The full BRSR Barometer report is available for download via the StepChange and EarthInherited websites.
