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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 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.

Prioritise your debts

If you have multiple debts, it can be difficult to know which to pay off first – especially if you are receiving letters or calls, which can make things seem even more urgent. Some debts are more important than others because the consequence of not paying them can be more serious. Priority debts include:

  • Your rent or mortgage
  • Gas and electricity
  • Council tax
  • Court fines
  • TV licence

The law allows the creditors of priority debts to take various measures in order to get their money back. So, for example, if you fail to pay your mortgage, your home may be repossessed or, if you don’t pay your TV licence, you could be fined. If the situation is getting serious, the creditor will warn you. It’s important not to ignore these warnings and to take action quickly. We’re here to help you tackle these problems, so get in touch if you’re worried.

Mortgage worries

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 proceedings to repossess your home as a last resort.

Borrowing sensibly

You should always be clear on exactly how much you need to borrow and how much it will cost you to pay back. 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 . There are long and short-term options out there, so shop around and find out what best suits your needs – then make sure you’re comfortable with the payments, now and in the future.

Independent advice

If you’ve followed the other steps and still find yourself in financial difficulty, or if you have multiple debts, 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.

Contact us

If you’ve got a question about managing your finances, choose how you’d like to get in touch.

Call Us

0345 734 5345[1]

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Important information

  1. Lines are open 7am-11pm every day. To maintain a quality service, we may monitor or record phone calls. Call charges