Debt management
Pay less each month and repay your debts
Debt management reduces the amount you pay to your unsecured debts each month, making your other costs easier to manage. It simplifies your finances and gives you all the help you need to take control of your debts.
- We negotiate new, lower repayments
- We handle all contact with your lenders
- We try to get interest and charges stopped
- You pay one new lower, affordable amount
- We help you throughout your time with us
- A clear route out of debt
- Pay less each monthOur debt management customers' monthly debt repayment reduced by an average of £400 per month, but every case is different. We'll be able to figure out your monthly repayments by looking at your monthly commitments and working out what you have left to put towards your debts.
- Pay less in chargesOn a debt management plan you'll be paying a repayment amount you can afford to stick to so you shouldn't incur any default charges. We may also be able to negotiate a freeze in interest and charges that have already been applied.
- Get the help you needThroughout your time on debt management your Personal Finance Manager (PFM) will be looking after all the paperwork and making sure your payments are distributed to your lenders. You shouldn't receive any further contact and if you do, simply redirect it to your PFM.
- Have a flexible solutionBecause a debt management plan is an informal agreement it can change whenever your circumstances do. We can renegotiate a further reduction in your payments should you need it or offer a larger monthly amount if you are in a position to repay your debts more quickly.
- Repay your debtsWith Gregory Pennington debt management you'll get all the help you need as you work towards paying off your debt. Your Personal Finance Manager will review your debt management plan on a regular basis to make sure everything's going smoothly and give you help with any financial problems or questions along the way.
Debt management case study
Here is an example of how a debt management plan could make your unsecured debt repayments more manageable.
| Personal loans: | £9,500 | Customer's total debt £18,000 |
| Credit cards: | £6,500 | |
| Store cards: | £2,000 |
| Before Debt Management | |
| Existing monthly repayment: | £700 |
| After Debt Management | |
| New monthly repayment: | £250 |
Can debt management help everyone?
If you're struggling with payments to unsecured debts, debt management could help make them more affordable. However debt management can't help if:
- Your debts are all 'secured' on your home, such as a mortgage or loan
- Your situation means that you cannot commit to regular (albeit smaller) payments or the monthly amount is so small the repayment time is unreasonable
- You can afford the original repayment amount
The best way to find out whether debt management is right for you is by discussing your situation with our expert advisers. Based on your information, they'll be able to tell you whether a debt management plan would help you or whether there are other solutions that are more suitable.
You can use our debt solution finder for an instant overview of your options, or call 0800 161 3516 for advice that's tailored to your situation.
- 0800 161 3516
- 0161 605 4824