Debt Management

Regain control of your finances

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Find peace of mind and manage your debt, your way.

It can be hard to know where to turn when your finances start to spiral out of control, especially if you have already fallen behind on repayments. A debt management plan can help you get back on track to repaying what you owe.

Designed for people who may be struggling with repaying loans or are seeking help to stay financially afloat, debt management plan is an agreement between you and your creditors or banks, to help you clear your debt as quickly and affordably as possible.

Advantages of a debt management plan

Calls and letters

Being chased for money is not a nice experience, once a debt management plan is put in place the calls and letters from your creditors will stop.

Interest payments

It’s possible that the interest charges on your debts can be frozen, letting you concentrate on repaying your debts without the threat of mounting interest.

Credit score

Once you start a debt management plan, and as long as you keep the monthly repayments up, you should also see your credit score start to improve.

A few things to know about debt management

  1. Consider moving high interest credit card balances to lower rate ones if you can
  2. Speak with your creditors, you may be able to negotiate lower repayments or longer terms
  3. You can’t use a debt plan to pay off priority debts like court fines, rent, council tax or child support
  4. Joint debts can be managed and included as part of either a single or joint debt management plan

Your common debt management questions, answered

How does a debt management plan work?

You will make one monthly payment to your plan provider, who then divide the money between your creditors. This way you get peace of mind knowing that your debts are being cleared in an organised way, it also shows your creditors that you are committed to repaying what you owe them.

Will a debt management plan affect the people I live with?

Generally no, your debt management plan won’t affect the people you live with unless you have joint financial products or joint debts with them. This could be something like a loan, a bank account or any household bills that are in both of your names.

Is a debt management plan the same as a debt consolidation loan?

No, a debt management plan is an arrangement based on what you can afford to repay each month. A debt consolidation loan is a separate form of credit you can apply for and take out to pay off debts you already have.

How long does a debt management plan last?

This will depend on how much you owe and to how many creditors, as well as how much you can afford to regularly repay. The more you are able to set aside for your debts, the quicker you’ll repay them - you should only ever repay at a rate you can afford.

Finding the right support is quick and easy with QuoteSearch

Our cutting-edge technology compares plans and features directly from leading providers. We also have experts just on the other side of the phone to discuss your individual needs.

Our service is completely free and there’s no pressure to take out a plan. We’re 100% independent and FCA regulated, meaning you can proceed with confidence.

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