Find out if you qualify for debt management

Request a callback and find out if debt management is the right option for you, out of all the different choices available.

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

How do I qualify?

If you have unsecured debts like credit cards, personal loans, store credit, overdrafts, catalogue debts or utility arrears - and you're struggling to repay them, or you have fallen behind with your repayments - debt management could be suitable. Other debts, like a mortgage or loans secured against your home, won't be covered in any debt managment plan. You'd have to make sure you make these payments yourself.

You do not require a minimum or maximum amount of unsecured debt to qualify for debt management. We do not put a limit on the level of unsecured debt we will accept onto a debt management plan, because the right debt solution really depends on your ability to repay your debts.

We try to help everyone who comes to us with the most suitable debt solution, so we might recommend a different debt solution if we think it would help you more.

We do not place a threshold on income either. We can help people who are employed, unemployed or retired, as well as people in receipt of benefits. What we do ask is that you have a regular and reliable income so that we can negotiate a repayment plan with your lenders that you could stick to.

Your lenders don't legally have to accept your repayment plan, but we will negotiate on your behalf, trying to find a solution that's fair and that everyone can accept.

We could also help if any of your unsecured debts are in arrears, or have gone to debt collectors or bailiffs, or if you are party to a County Court Judgment (CCJ).

What if I don't qualify?

If your debt is very large and you can't repay it within a reasonable amount of time with a debt management plan, then insolvency could be an alternative. We can provide formal insolvency arrangements if that's what you need. This could lead to some (or even all) of your debt being written off. But, you may also have to use any equity in your home to help repay the amount you owe - or you could actually lose your home.

If you can comfortably afford your repayments at the moment, then you wouldn't qualify for debt management, although a debt consolidation loan could be an option. With debt consolidation, all your debt payments are combined into one payment per month… from one lender… which is often lower than all your separate monthly debt payments added together. This may cost more in the long run, because you are paying more slowly with interest building – and your home could be at risk if your loan is secured against it.

We wouldn't recommend debt management if you're not struggling, because lenders won't accept lower payments unless you actually can't afford your original payments. Plus, lowering your repayments does affect your credit record for up to six years - which can make it difficult or more expensive to obtain credit. So, we only recommend debt management for people who really need debt help. Lowering your repayments will also take you longer to repay the full amount.

More information and reading

The debt experts at Gregory Pennington have written guides to do with everything that happens on a debt management plan, so you know what to expect.

Visit our Help Centre to find out more about debt management plans, the other debt solutions available to you, and what you could expect, or take a look at our Frequently Asked Questions page.

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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