RIGHT HELP, RIGHT TIME
CONNECTING YOUR CUSTOMERS WITH DEBT ADVICE

StepChange

Whether it is having that difficult conversation you have been dreading or visiting the dentist the first time you get a tooth ache, addressing a problem earlier tends to lead to a better outcome with most things in life. We feel better once we have just done it, and invariably the outcome is better than our worst fears. The same is true when dealing with our finances, and more importantly our debts.

At StepChange, we provide support to people who are in financial difficulty and struggling with debt. Unfortunately, our recent research demonstrated that over 50% of our clients delayed seeking debt advice for over twelve months. This can have devastating consequences, and it is not surprising to see that the same research showed 92% of our clients wished they had sought help sooner.

Heading into winter amidst a cost-of-living crisis, more and more people are at risk of falling into debt. Compounding this, many of those who are finding it tough have no experience of financial difficulties, and therefore don’t know where to turn. This is obviously concerning, and it is important that as an industry we continue to address the stigma of money worries and talking about debt.

That’s why this autumn, StepChange are working with our partners to encourage anyone who is struggling financially to reach out for help as early as possible. Our ‘Don’t Wait to Get Help’ campaign speaks directly to consumers, encouraging them to ask for help, to get a holistic and objective view of their financial situation, and to access the support they need before their situation and the consequences escalate.

It is crucial to recognise the role that creditors can play in identifying customers who are at risk of financial difficulty. As we approach a winter where energy prices and inflation will create significant challenges for millions of households, creditors need to identify and support those customers who might be in danger of falling into debt and direct them to the help they need before their situation gets significantly worse.

We are working closely with our partners, including the UK’s largest banks and lenders, to do exactly that, building new tools which enable them to refer their customers more effectively to debt advice across our omni-channel services.

These tools include e-learning modules for customer-facing colleagues at creditor firms, and our new digital referral tool, StepChange Direct.

StepChange Direct was developed in partnership with a major UK lender to address the issue of consumer disengagement when they were advised by the lender to seek debt advice. It is a digital tool that can be embedded on creditors’ websites, mobile apps, and digital collections journeys for consumers to use.

By embedding this in the existing service, StepChange Direct significantly reduces dropouts by keeping the consumer in the native page or app. The tool asks a short series of questions before directing them to the most appropriate solution based on their individual circumstances.

The lender observed an eight-fold increase in the number of customers completing debt advice and is a game-changer for businesses looking to support their customers who are having financial issues.

Find out more about partnering with StepChange and our Don’t Wait to Get Help campaign to see how we can help more of your customers get the support they need.