Debt management

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:

What solutions are available?
£2,000
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Please remember, this is just an information toolWe would always recommend you speak to a debt advisor – they can talk you through your options and help you decide which is the most appropriate way to resolve your debt problems

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.

Apply for our debt management plan here

Find out what you need to apply for debt management

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 if you qualify for debt management

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.

Find out how Gregory Pennington sets up a debt management plan here

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.

You can:

Find out about our helpful online debt management service, Gregory Pennington Online

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.

Find more reasons to choose Gregory Pennington

Read what our customers say about us

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.

Need expert help with your debts? Complete our form to request a callbackRequest a callback
  • 0161 669 8925
  • 0161 669 8925

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About us

We've been helping people get out of debt for almost 20 years. Read more about what we do and the charities we support.

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Fees & key info

Read more about the fees involved with each of the solutions we provide.

Download the Insolvency Service guide to dealing with creditors.

Read here for information about our Complaints Procedure and referring a complaint to the Financial Ombudsman Service.

Conditions Apply. Repaying your debt over a longer period of time can increase the total amount to be repaid. Your ability to obtain credit will be affected in the short term and may also be affected in the medium to long term. Fees are payable when continuing service is provided.
Our awards

Every month we help 1000s of people to get out of debt. We are proud of the service we provide and of the awards we've received.

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Customers' stories
Mr M.D.Somerset

"Everyone I've dealt with has been practical, helpful, calm, non-judgemental and efficient. I'd recommend this service to anyone."

Ms C.I.London

"They took all the worries of dealing with phone calls and letters away from me and kept me informed of what was going where."

Mrs K.H.Norfolk

"From start to finish I felt as though I mattered. My case was dealt with care. I would definitely recommend your services."

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