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Debt management

Worried about money?

If you’re concerned about making loan repayments on time, or if you’re struggling financially, we’re here to support you.

Struggling with debt

Managing debt can seem overwhelming. If you’re starting to struggle, take action quickly – the sooner you start to deal with the problem, the easier it’ll be to manage.

Don’t ignore the problem

If you’re getting into financial difficulty, it’s best to address the problem as soon as possible. Failing to make loan repayments can affect your ability to get credit in future – such as a loan or a mortgage. We’re here to help you tackle the problem now.

Talk to us and your other creditors

If you’re worried about missing repayments, get in touch with the company you owe money to as soon as possible – whether that’s your bank, mortgage provider or a utility company. They are likely to be understanding of your situation and may be able to offer a solution such as a new payment schedule, a payment holiday or a deadline change.

Be careful with quick-fix finance

Easy to access, short-term fixes such as payday loans often have extremely high interest rates and can negatively impact your credit score. If you’re considering one, it’s best to assess your financial situation in more detail using our budget planner . That way, you can work out if you can afford the repayments. As an alternative, you should look into your bank’s overdraft options, speak to an advisor or get in touch with your local credit union.

Mortgage worries and repossession

A mortgage is a ‘priority debt’. This is because if you miss repayments, your home may be repossessed. If you are having trouble making repayments, we’ll try to help. We’ll contact you at an early stage and may try to arrange a new mortgage plan with you. We’ll give you a reasonable amount of time to pay back any missing payments, and will only start proceeds to repossess your home as a last resort.

Dealing with multiple debt

You could take out a debt consolidation loan to pay off multiple loans. The purpose of this is that various payments will be rolled into a single monthly payment that is more manageable. You’ll still need to pay off all of your debts, but the repayments may become lower. This is because interest rates will now only be applied to one payment, so may be lower, and you may be able to spread the repayments over a longer time.

You should assess your situation before considering a debt consolidation loan, and if you’re unsure, seek independent advice.

Free independent advice

If you’ve followed the other steps and still find yourself in financial difficulty, try contacting a not-for-profit debt-counselling organisation. They offer free, confidential support and may be able to help you prioritise your debts or negotiate with creditors.