Stepchange Q&A

Hi everyone! :wave:

As you may know, we work closely with StepChange to help our customers receive debt advice and solutions for their debts with Monzo.

As this week is Debt Awareness Week, StepChange have kindly volunteered to be on hand to answer any questions you have around managing debt.

So please, drop your questions below, and someone from @StepChange will get back to you shortly.

They’ll be on hand all week :slightly_smiling_face:


Hey everyone, hope you’re well. Thank you @cookywook for the lovely introduction! :smile:

As mentioned, we’re here to help with any debt or financial worries you may have. Understandably, many of you will have questions around coronavirus/COVID-19 and how that may affect your financial situation.

We have a coronavirus information hub that we’re updating daily, and you can find lots of information there on:

What creditors are doing to help

What benefits you may be entitled to

What to do if coronavirus is already affecting your finances

The situation is constantly evolving, so we’ll regularly update this info hub with any information that you may find useful.

Don’t forget, our online debt advice service is available 24 hours a day, 7 days a week.

Best wishes



Hi :wave:

Since the schools are closed my childcare costs have increased. I’m already claiming working tax credit with the childcare element but is there a qualification time before I can claim extra childcare money eg do I have to have had x weeks of an increase before I should contact them?

Can you claim a mortgage holiday if your income hasn’t changed, and you’re 95% sure your job is stable + safe?

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Hi there, thanks for posting :wave: :slightly_smiling_face:

With regards to claiming extra childcare money, it may be best to talk to the Department of Work and Pensions on where you stand with this. We primarily give advice on how to deal with unsecured debt such as loans, credit cards, catalogues, store cards etc. Many parents will be in a similar position to you however, so it’s very likely that the DWP will have some information on your options.

We do have some information around what to do if coronavirus is affecting your finances on our website.

Best wishes


Hi @michaelw90, thanks for posting. :wave: :slightly_smiling_face:

Some mortgage providers are offering payment holidays for two or three months for people who are impacted by the virus and currently up-to-date with their payments. However, this is at their discretion and we’re unable to guarantee what the outcome of a payment holiday application would be. You can find more information on what creditors are doing to support customers on our website.

While you should explore all support options available, please bear in mind that taking a payment holiday will show as arrears on your credit file and could have a negative impact on your credit score. Also, interest will still be accrued and added to your mortgage balance.

With that said, the most important thing is to focus on your living expenses and priority bills. If you worry that you might struggle with your overall finances, you can always contact us for free and confidential debt advice.

Best wishes


@simonb why are the posts being flagged?

1 Like

Probably as it’s a new account posting links.

Fixed, thanks for flagging!

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Good morning everyone,

Unsurprisingly, coronavirus is dominating the news at the moment, and I’m sad to say that there are COVID-19 related scams already doing the rounds.

We’ve updated the coronavirus hub on our website with some warning signs to look out for. In the meantime, if you do hear about anything dodgy, coronavirus related or otherwise, please email us. The more we know, the more people we can help keep safe and informed during this crisis.

Best wishes