Debt management help
- Have one, single monthly payment tailored to you
- Repay your unsecured debts without any loans
- Potentially freeze interest and charges
- We'll deal with your creditors for you
Repay your debts with one, tailored monthly payment
At Debt Reducers, we understand debt. More to the point, we know how to put that understanding to work - on your behalf.
Our Debt Management Programme can provide you with a realistic path to a future without debts. Talk to us and we'll negotiate with your lenders for you, aiming to:
- Reduce your payments. You only pay what you can realistically afford.
- Reduce your charges. We ask your creditors to freeze or reduce interest and charges.
- Reduce your stress. By handling letters, phonecalls and negotiations with your lenders.
At Debt Reducers, we have built strong working relationships with the credit industry, and whilst they are not obliged to, we will negotiate with your creditors to freeze or reduce the interest and charges on your accounts wherever possible.
If you're struggling to stay on top of your payments, we can make sure you have the funds you need for your priority debts (your rent / mortgage, utility bills, etc.) by reducing the cost of your unsecured debts - e.g. credit cards, personal loans & overdrafts.
Subject to eligibility and acceptance. Calls may be recorded for training and monitoring purposes.
The personal approach to customer service
Imagine a company where you could speak to the same person every time you call.
At Debt Reducers, that's what you get. As soon as your Programme starts, you'll have access to your Personal Finance Manager - your own financial expert, ready to share their expertise, offer advice, and help solve any financial problems that come up while you're with us.
We pride ourselves on providing a service, not a 'product'. That's why your Personal Finance Manager will play such an important role in your Programme. Keeping a constant eye on your progress, they'll provide all the confidential, personalised support you need.
Debt management FAQs:
- What is debt management?
A debt management plan is an arrangement between you and your creditors which allows you to repay your unsecured debts with manageable monthly payments, tailored to your circumstances.
- How can you help to deal with my creditors?
When you enter into a debt management plan with us, we will negotiate for reduced monthly payments on your behalf. We may also be able to negotiate a freeze or reduction in interest and other charges, meaning more of your lower payment goes towards reducing your balance.
Once your debt management plan begins, we will also aim to handle all future correspondence between you and your creditors.
Remember, making reduced payments could increase the total amount you repay unless interest and charges are frozen.
- How does the process work?
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It starts when you go through your income and expenditure with us, so we can calculate how much you can actually afford to put towards your debts each month, after you've allowed for your essential expenses (mortgage/rent, food, utility bills, etc.). Once agreed we'll negotiate with your lenders to try to agree on a repayment plan, you simply make a single monthly payment to us and we'll distribute it as agreed.
We'll aim to take care of all paperwork and phone calls - and you'll receive a regular statement, showing you where you stand with your unsecured debts included in your plan. We'll also go back to your lenders to renegotiate your repayment plan as and when any change in your circumstances makes this necessary.
- Will my credit rating be affected?
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Entering a debt solution will affect your credit rating in the short term and might affect it in the medium-to-long term. In the case of an IVA or Trust Deed, your credit rating will be affected for 6 years.
- Will I have someone to help me all the way?
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On our debt management plan, you will have your own Personal Finance Manager (PFM), who will act as a point of contact between you and your creditors, as well as answering any questions you may have throughout the duration of your debt management plan. Whether it's regarding your repayments or any other financial concerns you may have, your PFM is there to help.
- How long will it take to pay off my debts?
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This can vary, based on how much you owe and how much you can afford to pay each month once your essential costs (e.g. mortgage/rent, food and utility bills) have been covered.
It will take longer to repay your debts if you reduce the amount you pay each month, but your debts can be much easier to manage on a month-to-month basis.
We'll aim to keep your payments realistic whilst helping you repay your debts as fast as you can afford on the programme.
- What will I get with my debt management plan?
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As well as your own dedicated expert taking care of your debt repayments, we can offer the following benefits:
- A scheduled repayment plan
- Communications with your creditors handled by us
- Regular updates and ongoing communication regarding your repayment programme
- 12 monthly review of your situation
- What if I get paid weekly, four-weekly, fortnightly?
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You can make your payments in line with how frequently you get paid, if you like. Your programme will be tailored to your individual circumstances.
- Is debt management right for me?
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A debt management plan might not be the best solution for everyone. In certain situations, some people may decide to go bankrupt or enter an IVA. We always advise that you speak to an expert, who will be happy to go through the available options.
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Expert advice from Debt Reducers
We are members of DEMSA whose code of conduct is approved by the Office of Fair Trading. Our advice is completely confidential.
Key information & fees
For more information on the fees involved with each debt solution, please click here.