CM October 2023

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SEAN FEAST FCICM MANAGING EDITOR Editor’s column Working together will help more individuals become debt free STEPCHANGE has been through some difficult times in recent months. It had to manage its way through the disappointment of the Money and Pension Service’s decision not to go ahead with its bid for national debt advice and and Debt Relief Order delivery. It required a pivot, and a need to revisit its place in a constantly evolving debt landscape. That it is emerging from such disappointment is a credit to its Chief Executive, Vicki Brownridge, who I caught up with in our interview on page 12. What I particularly admire about Vicki is her candour, especially when it comes to the thorny issue of FairShare and future funding models. Our readers will remember that it has been a particular hobby horse of ours for some time, and our previous frustration in failing to receive a straight answer to what we always considered a comparatively straight question. Vicki is different. She acknowledges that all is not well and it needs fixing, and the extent to which StepChange will be able to continue to help clients at the current rate – c15,500 per month (as at July 2023) – will be a challenge. Pressure on household incomes means there are fewer people with any level of repayment potential coming for debt advice. Deposits are also reducing for those who are already on debt management plans because their budgets have been further impacted by the costof-living crisis. As the charity’s funding is linked to that one, single solution, its funding therefore tends to be squeezed. Help is at hand, however, from what in some ways is an unlikely source. Whereas in the past, the debt purchase industry and the charity sector have been obliged to rub along like untrusting siblings, I sense a new spirit of genuine collaboration. Vicki senses it too and says that the charity’s relationship with the debt purchase sector is probably the strongest it has ever been. She says she has seen a major improvement in collections practices over the last few years and many incidences of best practice in terms of treating customers fairly. Let us hope that is the case, because only by working together will the charities and creditors achieve their mutual declared ambitions of delivering better consumer outcomes. And if they can do that, then they will ultimately help more individuals to become debt free. Brave | Curious | Resilient / www.cicm.com / October 2023 / PAGE 3
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CM October 2023

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