Dealing with debt can be extremely stressful. And it can be expensive if you're falling behind with your payments. So if you're experiencing debt problems, let us help you. Debt management is just one of the ways we could help - there are other options you could look into as well
With one of our debt management plans, we could:
- Arrange lower monthly repayments...it may take longer and cost more to repay your debt in the long run, but you'd be able to afford your payments.
- Stop creditor demands...and if they do still get in contact with you, just ask them to talk to us.
- Give you help and support
- Negotiate frozen interest and charges... your lenders don't have to agree to this, but we'll try to show them why they should say 'yes'
- Leave you with one monthly or weekly payment for all your unsecured debts...secured debts, like your mortgage, can't be included in a plan, so you'll have to keep making these payments yourself.
What is Debt Management?
Debt management creates a new repayment plan. We help you make an agreement with your unsecured lenders to repay what you owe in full, but with smaller repayments over a longer repayment period.
Secured loans, such as your mortgage, aren't included - so you need to keep making these payments separately. And because you're paying less a month, obviously it may take longer to repay your debt - and there's a chance it could cost you more by the time you've finished.
Lenders often agree to add no more interest too, and won't take any more action against you, as long as you stick to the agreement. Sometimes they don't agree (they aren't legally obliged to) but we'll do all we can to show them it's best all round for everyone if they do.
Lowering your repayments is recorded on your credit record for six years, which means your credit rating will change and during that time you could find it more difficult or more expensive to obtain credit. But, if you simply cannot afford your existing repayments, debt management does have its advantages.
How do I apply?
We are one of the largest providers of debt management in the UK, so if you need debt help, speak to us first.
It's really simple to apply for debt management. Speak to one of our friendly and helpful advisors, who will tell you how to apply.
Do I qualify?
If you can't afford your unsecured debt repayments anymore and you have more than one lender, you might qualify, but you should only apply if you really need debt help. Any secured debt you have (for example, your mortgage) won't be included in your plan - you'd need to make those payments yourself.
You'll need a regular income so you can offer an alternative repayment amount to your lenders. They may not accept this new, lower amount, but we will negotiate with them for you. And as one of the largest providers of debt management plans in the UK, we will do everything we can to make sure your repayment propsal is a success.
Lowering your repayments does take longer to repay the full amount, and it could cost more in the long run, but it's at a rate that is more affordable.
Find out how our Debt Management Plan works
Managing repayments to lots of different lenders can be difficult. A debt management plan combines all of these repayments into one single smaller monthly repayment, helping to make your finances simpler.
As part of this new repayment agreement with your lenders, your debt management plan could also freeze interest and charges. Although lenders don't have to agree to do this, we will negotiate with them on your behalf.
As long as they can see your plan is working out, your lenders are likely to stop all debt recovery action against you - although again, they don't have to.
At every stage, you don't deal with your lenders directly when you're with us - you talk to us instead.
You will get a dedicated Personal Finance Team – a team you can talk to about anything to do with your Debt Management Plan.
You make one payment every month to us and we distribute the correct amounts to each of your lenders. We also take our management fee from that one payment, keeping things simpler for you. Paying our fees will increase the overall amount that you pay. You can find out more about our fees on here.
Also, starting a debt management plan mean's your not sticking to the terms you first agreed when you first borrowed money, so your credit rating will suffer and borrowing may become harder or cost you more.
Read our How debt management works guide here
How we set up your Plan
We speak to you honestly and in confidence about your situation and explain all your options.
If we both agree that debt management is a suitable option, we create a repayment plan based on what you can afford and what your lenders are likely to accept. Lenders are not legally obliged to accept lower repayments, so we will talk to them for you to negotiate a deal.
Assuming everyone agrees with the repayment proposal, your debt management plan can begin.
When you're on the plan, we handle all correspondence with your lenders, so you don't have to deal with them anymore - and if they do still get in-touch with you, simply forward everything on to us.
Gregory Pennington Online - Monitor your Plan online
Our debt management customers are given exclusive access to GP Online. This is our helpful online service that lets you securely and privately check how your plan is progressing.
- log on and see what's happening with each of your lenders
- read correspondences from your Personal Finance Team
- order envelopes so that you can send lender correspondence to us for free
- check up on the balance of your accounts
- see a projection of how long you have left on the plan and
- see how changing your repayments could affect your repayment term
Debt help in Scotland
We can help Scottish residents with problems repaying debt. We have a Scottish debt management team who can tell you about the debt help that's only available in Scotland because different rules apply.
If you live in Scotland, speak to our team and find out if you qualify for Scottish debt management.
Reasons to choose Gregory Pennington
We are one of the largest providers of debt management plans in the UK. We were established in 1993 and since then we have been helping thousands of people, just like you, to successfully deal with debt problems.
Not all debt management companies are the same. Our financial experts can review your gas, electricity, internet, TV and mobile contracts to help you find the best deal and maybe cut your other monthly bills too.
Debt Management Help Centre
Visit our Help Centre for in-depth debt management guides and advice written by debt experts at Gregory Pennington, with all the information you need to find out more about debt management plans and the other options you could think about.
- 0161 669 8925
- 0161 669 8925