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Debt advice

Managing your money as a musician can be a challenge. Different sources of income and streams of work can be difficult to keep track off, but there are steps you can take if you hit a rough patch or get into debt. Our charity partner StepChange, a leading debt advice charity, can offer you free and impartial debt advice. Find out more about how they can help you if you're struggling with your finances or are in debt.

Below are some common queries and areas where they can offer support, or you can contact them via livechat, phone or online depending on your circumstances.

How StepChange can help

What if I don’t know who to pay first?

Priority debts are the ones you should pay first, because the consequences of not paying them are more serious. Priority debts include rent, mortgages, utilities and council tax.

What if I can’t pay my credit cards?

If you can’t afford the minimum payments on your credit cards, or it feels like the balance on your cards are rising every month, this could be an early sign that you’re in financial difficulty.

What if I can’t pay my rent or mortgage?

If you don’t deal with your arrears, your lender, landlord or letting agency could take steps to evict you or repossess your home – but you do have the chance to avoid this happening.

What if I'm made redundant?

Being made redundant can have a big impact on your finances. If you’re worried about not being able to keep up-to-date with important payments, or if you’ve already missed some payments, follow these three steps to get the help you need. Remember, as an ISM member you can also get legal support with your redundancy from the ISM legal team.

What if I’m being chased for money?

If you’re being chased for money, the first step is to know your rights.

What if I don’t know how to deal with my debts?

It’s important to get free and impartial debt advice before going ahead with a solution to make sure it’s the right one for your circumstances.

It’s likely you’re not aware of all the different options. Maybe you’ve seen adverts about writing off debts with an individual voluntary arrangement (IVA), or heard about debt relief orders, but these are not right for everyone. There are also repayment solutions that are less well known to take into consideration.

The first step is always to look at your income, spending and debts using an income and expenditure form. Then you can see how much money you have left over each month after your ‘priority bills’ (housing, utilities, council tax etc.) have been paid.

The next step is to consider your options and the repayment solutions that are open to you; here we list some of these options.

StepChange Debt Charity Logo

Face-to-face counselling

Based on your feedback, we have launched a new counselling service, which includes face-to-face counselling and Cognitive Behavioural Therapy (CBT).