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For guidance only. Results are not definitive advice. Financial information entered must be accurate and would require verification. Other factors influence your most suitable debt solution.

 

Debt Management UK

Debt management is a way to get your debt under control through financial planning and budgeting.

If you’re worried about your finances, you don’t need to struggle alone. Speaking to a trained and experienced debt management adviser can help you see what the best decision for you might be based on your own personal circumstances.

A debt management adviser can:

  • > Give you advice on better ways of managing your finances
  • > Check to see if there are any benefits you might be able to claim
  • > Tell you about the debt management options open to you
  • > Help you find a solution to manage your debt
  • > Get you out of debt faster
  • > Be a friendly, confidential, and non-judgemental ear

Informal Debt Management Plan

If you’re struggling to keep up with debt payments on things like credit cards, loans and store cards, and are considering your debt management options then a Debt Management Plan (DMP) may be right for you.

A DMP is an informal agreement between you and your creditors (the people you owe money to) for paying back your non-priority debts. Non-priority debts are things like credit cards, loans and store cards.

You pay a single payment based on what you can afford, which is divided between your non-priority creditors.

Most DMPs are managed by a DMP provider who deals with your creditors for you. This means you don’t need to deal with your creditors yourself.

A DMP is not legally binding, meaning you’re not tied in for a minimum period and can cancel it at any time.

Formal Debt Management Solutions

For many people who are struggling to repay what they owe and are considering their debt management options then a formal debt management solution like a Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA), or Bankruptcy may be better.

Such solutions have many of the same advantages as an informal debt management plan, but also because they are a formal solution they are legally binding and so will give you legal protection from the people you owe money to, and typically will mean some or all of your unsecured non-priority debts are written off at the end of the formal debt managment solution, which could be as little as 12 months from entering into the solution.

Get Debt Management Advice

You have probably found or been referred to this website because you have taken the first important step towards resolving your debts, which for many people is the hardest part. No two people’s situations are the same and so it is important to get advice on how each debt management option relates to you and your circumstances. You can then make an informed decision as to which option is going to be best for you.

Complete the Solution Finder form on this website and we will guide you through your options.

Free Debt Management Information

Money Helper is an independent service set up to help people manage their money. You can find more free information on MoneyHelper.org.uk.

Breathing Space
Arrangement

Provides short term protection from your creditors (up to 60 days) whilst you get a longer-term solution in place.

Debt Management
Plan

An informal option between you and your creditors, which could reduce the amount you repay each month but extend the term you are repaying it for.

IVA

A formal arrangement providing legal protection. Make affordable payments for (normally) 60 months after which any remaining debt is written off.

Bankruptcy

A formal arrangement providing legal protection. You could be debt-free within 12 months, although you may have to make affordable payments into your bankruptcy for up to 3 years.

DRO

If you are on a low income and have very little leftover each month then a DRO could be the right option for you. You could be debt-free within 12 months without the high upfront costs of bankruptcy.

Debts We Can Help With

We've helped 1,000's of people resolve their debt problems

Credit Cards

Unsecured
Personal Care

Payday and
Doorstep Loans

CCJ Debts

Council Tax
Arrears

Gas, Electric &
Water Arrears

Get expert help to look at
all your debt management options.

Get expert help to look at
all your debt management
options.

Discover the pros and cons of each debt management option based on your personal circumstances.

Discover the pros and cons of each debt management option based on your personal circumstances.

Once you have all the information you are free to make an informed decision on which option is going to be best for you.

Once you have all the information
you are free to make an informed decision on which option is going
to be best for you.

Get help and advice at every step of the way, even if you choose not to enter into any of the solutions we look at.

Get help and advice at every step
of the way, even if you choose not
to enter into any of the solutions
we look at.

Our debt management
experts are here
to help.

Our debt management
experts are here
to help.