Debt problems can happen to anyone, at any time.
How would you cope if you lost your job or had to deal with the increased costs and loss of income associated with suffering from an illness? To help IET members deal with money problems, IET Connect has formed a partnership with StepChange Debt Charity. This partnership means we are able to offer a more complete service to members like David, who are struggling with their finances.
In August, David gave us a call. He and his wife are both engineers and they have two young children. At the beginning of the year David was made redundant and was struggling to find work. His wife worked part-time and her salary covered their mortgage payments, but left little for any other costs. Their savings soon decreased and they started paying for food, utilities, their cars and other costs on their credit cards and were only able to make the minimum payments each month and the amounts owed quickly increased. The stress of David being out of work, their money problems, and hiding them from family and friends, was causing arguments at home and having an impact on David’s mental health.
David saw a Tweet that the IET sent out about helping its members who were struggling financially. Rather apprehensively he gave us a call. It was the first time that he had spoken to anyone except his wife about their financial problems and he found it hard to talk about it. As the conversation with one of our caseworkers progressed he opened up more about his circumstances and as a result we were able to get him help with his debts through StepChange who gave him advice on how to manage his money, negotiate with creditors and helped him set up a manageable repayment plan. However, he didn’t just get help with his debt, the IET was also able to provide him with unemployment support to help him with his job search together with some short-term financial support to help relieve some of the immediate pressure.
He said he was embarrassed that he had let things get this bad, but nearly three months after he first contacted us, as a result of the outplacement he has now been successful in finding a job. He is sticking to the plan set up by StepChange and he and his wife are starting to pay off the debts and life at home is now a lot happier.
If you reside in the UK and need debt advice, unemployment support, legal advice or help for any issue no matter how big or small get in contact with us and we will do all we can to help you.
Call us on 0845 685 0685 or +44 (0)20 7344 5498 or email firstname.lastname@example.org
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