If you are dealing with multiple debts, or your overall financial position has become hard to manage, it is often worth getting independent advice rather than trying to work each creditor’s process out one at a time. In the UK, the leading providers of this advice are all free and confidential — you do not need to pay to get help.
Who to consider
- StepChange Debt Charity — the largest debt-advice charity in the UK, with a full online debt-help tool as well as phone advice (stepchange.org).
- Citizens Advice — face-to-face, phone and online advice through local Citizens Advice offices across England, Wales, Scotland and Northern Ireland (citizensadvice.org.uk).
- National Debtline — a long-established free helpline run by the Money Advice Trust, with a useful digital advice tool (nationaldebtline.org).
- PayPlan — free debt-management and advice services (payplan.com).
- MoneyHelper — the government-backed money guidance service combining the old Money Advice Service, Pensions Wise and Pension Advisory Service (moneyhelper.org.uk).
What “free” really means
The five providers above are funded so the advice is genuinely free to you — they do not take a slice of your payments. There are paid-for debt-management firms in the market too, but a paid service will never give you a better outcome than what a free provider can arrange. If anyone asks for an upfront fee to set up a debt plan, please consider that a strong reason to switch to a free provider instead.
What to expect
A first conversation will usually involve looking at your income, your essential outgoings, and the full list of who you owe — not just us. The adviser will set out the realistic options open to you, which may be a Debt Management Plan, an Individual Voluntary Arrangement, a Debt Relief Order, the Breathing Space scheme, bankruptcy in serious cases, or simply a re-budget. The right option depends on your specific circumstances.
What we do at our end
Once you have spoken to an adviser, we will work with whichever provider you choose. You do not need to ask our permission first. If you would like to give us a heads-up so we hold collection contact while a plan is being agreed, the Hardship Variation Request form on our Forms & Requests page is the quickest way. The dedicated article on DMPs and your Credicorp loan covers what happens after that.
Still need help with this?
If this article has not answered your question, you can send us a request using one of our online forms, visit the Support page, or email us at support@credicorp.co.uk.