Debt Management Help

A debt management plan could help you to repay your debts in full

Under debt management you could:

  • Pay less each month
  • Slow down or stop interest and charges
  • Stop lender contact

Have any questions?

Call 0800 970 7673 or fill in our simple form to recieve a no obligation call back from a friendly, experienced adviser.

Fees & Key information

Find out more about the fees involved with each debt solution.

Find out if you qualify for Debt Management

Tell us about your situation

Tell us about you

Useful free guides

Download the Insolvency Service guide to dealing with lenders.

Download the information package from Scotland’s Insolvency Service.

Debt Management: how it could help

Here is an example of how a Debt Management Plan could make your debts more manageable.

Credit card £7,000
Personal loan £6,000
Store card A £3,000
Store card B £2,000
Total owed £18,000
Current monthly repayment £700
With a Debt Management plan:
New repayments £250

Repayments are based on affordability and vary from case to case.

Debt Management: how it could help

Here is an example of how a Debt Management Plan could make your debts more manageable.

Credit card £7,000
Personal loan £6,000
Store card A £3,000
Store card B £2,000
Total owed £18,000
Current monthly repayment £700
With a Debt Management plan:
New repayments £250

Repayments are based on affordability and vary from case to case.

Need debt advice?

Call 0800 970 7673or fill in our simple form to receive a free no obligation call back from a friendly, experienced adviser.

How debt management could help you

These days, it's easy to end up in debt. As long as you can afford the repayments, it's not necessarily a serious problem.

But that can change:

  • It could be because your debts have grown and grown until you realise you can't keep up with them anymore.
  • Or because you've had a sudden change in circumstances: a pay-cut, for example, or an unexpected increase in your expenditure.

Whatever the reason, if you start to experience difficulties, addressing your debt problems should be one of your top priorities. Unless you can bring your payments down to an affordable level, things can get out of hand very fast, with late-payment and non-payment charges adding to your debt faster than you can pay it off. Before you know it, you're in a 'debt spiral', with your debt growing all the time - and damage to your credit rating and threats of legal action only making it worse.

How a debt management plan works

By reducing your unsecured debt monthly payments into one monthly payment, a debt management plan could bring your debt back under control.

It works like this:

You call an expert debt adviser. They'll go through your financial situation with you (your debts, your income, your expenditure, etc.) to find out if debt management is the best way for you to repay your debts.

  • If debt management isn't right for you, they'll help you explore your other options, whether that means consolidating your debts, entering an IVA (Individual Voluntary Arrangement) or simply improving your money management skills.
  • If debt management is right for you, they'll help you figure out how much you can afford to put towards each debt on a monthly basis, whilst maintaining your essential expenditure. If you agree, they'll contact your lenders and ask them to consider changing the way you repay your debts.

The art of negotiating

Lenders aren't obliged to agree to any changes to your repayment plans. That's one reason it makes sense to work with professionals who've spent years working with creditors.

Our partners enjoy good working relationships with the major lenders in the UK, so there's a good chance that your creditors will work with them to agree on a realistic repayment plan.

After all, it's in everyone's interests to find a way for you to repay your debt as quickly as you can afford - without taking up the money you need for essential expenses like mortgage/rent, utility bills, food and so on.

As well as asking your lenders to accept lower payments, our partners will also ask them to freeze or reduce interest and charges wherever possible, so you can focus on repaying the debt itself.

Once they've reached an agreement, you'll just make one (reduced) payment per month, which will be distributed amongst your lenders.

Our partners will also handle all the ongoing correspondence, asking your lenders to contact them instead of you.

Debt management - an ongoing process

Nothing in life is certain, and your creditors know this. Once you're on a debt management plan, your circumstances could change again - for the better or for the worse.

Again, it's good to have professionals on your side, ready to go back to your lenders as many times as necessary, renegotiating to keep your monthly payments at a level you can afford.

All the way through your debt management plan, you'll have your own dedicated professional, there to answer your questions, handle all correspondence with your lenders, and help you deal with any money problems you come up against.