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Best Debt Management Companies: 20 Services to Help You Overcome Debt

Best Debt Management Companies: 20 Services to Help You Overcome Debt

It's no understatement to say that finding yourself in debt can be extremely overwhelming; not only is there a social stigma attached to facing solvency issues, but it can put roadblocks in the way of your ability to comfortably go about your daily life.

When debts become unmanageable, such as a situation where you fall into mortgage arrears, it can negatively impact your mental health and prevent you from making financial decisions with a sense of confidence. As a result, it can make you feel less secure. This is where the best debt management companies can often provide critical help.

However, with so many options out there, we've created this guide to help you understand more about what exactly these companies offer so that you can choose the best one for your needs.

What Are Debt Management Companies?

The best debt management companies provide services that supply financial advice for debt relief and credit counselling, as well as help to negotiate repayment plans for people struggling with debt. If you’re struggling to keep up with your mortgage payments, they often work directly with creditors on the client's behalf to consolidate debts into one monthly payment that is more affordable.

The kind of issues most people in the UK face include mortgage arrears, credit card repayments, payday loans and other unsecured debts. Having a debt management plan can help you to reduce or even eliminate interest rates and fees, so although the best debt management companies can offer financial advice for debt relief free of charge, they do typically charge a monthly fee for their assistance.

Why Do People Use Debt Management Services In The UK?

There are many reasons people seek assistance from debt management services. The first is to avoid being declared bankrupt or having their homes repossessed, particularly as UK debt management companies can help you find actionable solutions to your money worries. After all, the prospect of bankruptcy or losing your home can severely damage your credit rating and have a ruinous impact on your life and finances, so seeking help is nothing you should be ashamed of.

A debt management service can also help you gain more control over your finances. Through the services they provide, which often range from one-to-one advice to budgeting help, you may find that better repayment terms can be agreed upon so that you can clear a way out of debt and get yourself back on track.

By negotiating down credit card and loan interest rates, for example, the best debt management companies can help lower the amount you currently have to pay so that it no longer feels like you're drowning in a sea of financial commitments that jeopardise your ability to pay for your mortgage. For this reason, it can provide you with a lifeline and steer you into potentially calmer waters.

If you have a variety of unsecured debts that leave you juggling more payments each month than you can handle, the role debt management services play in consolidating multiple debts into one lower monthly payment can streamline the repayment process so that you feel more in control.

Whether you are getting harassed by creditor calls regularly or even facing the risk of lawsuits, a debt management service can also take this burden off your shoulders. They often deal with creditors directly to put a stop to collection calls and reduce the stress this can put you through.

Additionally, signing up to a debt management plan can ensure payments are made on time, eliminating late fees, and putting you in a better position to resolve issues such as mortgage arrears. In the end, this can help get you out of debt faster. By lowering rates and fees, debt management services can create a pathway to pay off what is owed not only more effectively, but also potentially more quickly too.

The benefit of using a debt management company is that it can help restore your credit reputation. If you’ve fallen behind on mortgage payments, for example, taking steps to regain control of your personal finances and ensure you make timely payments each month can contribute to improving your credit score in the long run.

If you are feeling overwhelmed by problems such as mortgage arrears or high-interest credit card repayments, the 20 best debt management companies offer the most reputable services in the UK:

1: Civil Legal Advice (CLA):

Provides free and confidential legal advice, including help with debt and housing issues. They assist people in England and Wales if they pass their eligibility criteria for legal aid. The CLA's advisors will assess your situation and determine what advice you can receive when you call their helpline.


Phone: 0345 345 4 345

2: Money Helper

Offers free money and pension guidance to help you make more informed financial decisions. Their trained staff provide impartial support on any money-related query and will refer you to trusted experts depending on your needs. You can contact them online or call their helpline.


Phone: 0800 138 7777

3: StepChange

Is a charity that provides comprehensive debt advice and long-term support to help people deal with debt. Their experienced team will assess your situation and tailor practical advice to you, as well as suggest debt consolidation solutions based on your needs. You can contact them from Monday to Saturday on their free helpline.


Contact: 0800 138 1111

4: National Debtline

Is a charity that has over 30 years of experience providing free, impartial debt advice to people across the UK. Their expert advisors will help you budget and find workable solutions to sort out your debt problems through their confidential helpline.


Contact: 0808 808 4000

5: PayPlan

Offers free debt advice from knowledgeable specialists who help thousands of people across the UK on a weekly basis to develop plans tailored to their situation so that they can become debt-free. You can call their helpline on weekdays and on Saturdays.


Contact: 0800 316 1833

6: Debt Advice Foundation

Is a charity providing free, confidential debt advice and support allowing people to access appropriate solutions. Their helpline is available for anyone struggling with unaffordable debts and offers many resources to educate you about pitfalls to avoid.


Contact: 0800 043 40 50

7: MoneyPlus Advice

Simplifies dealing with debt through expert support. After assessing your situation, they can recommend debt consolidation solutions, contact creditors on your behalf, and guide you through potential next steps. You can call their helpline on weekdays.


Contact: 0161 837 4754

8: Creditfix

Offers tailored support and guidance to help get people to get out of debt. Working alongside their sister company Carrington Dean, Creditfix offers debt consolidation solutions and a personalised approach to help you achieve financial freedom. Call their helpline for a free consultation.


Contact: 0800 0431 431

9: The Debt Advisor

Provides personalised debt help for both individuals and business owners. Their experienced team offers financial advice for debt relief and practical solutions with a patient and understanding approach. You can call their helpline on weekdays and Saturdays.


Contact: 0333 9999 600

10: MoneyNerd

Offers thousands of free debt guides and resources online. Their website provides information to help people manage money better and stop debt collectors from constantly chasing them. Since their team has recovered from debt themselves, their advice is often from personal experience and can be hugely beneficial.


Contact: 0800 404 5050

11: Debt Advisory Centre

Provides initial free debt advice with no obligation on your part. They assess your situation and outline various debt consolidation solutions so that you can make informed decisions regarding what steps to take. You can call their helpline for a free consultation.


Contact: 0161 532 4691

12: Debt Free Advice

Provides financial advice for debt relief through a coalition of charities they work with. They help prioritise bills and debts with personalised support via their free helpline, as well as advocating and lobbying on behalf of debtors through various PR initiatives.


Contact: 0800 808 5700

13: Fresh Start UK

Aims to empower people struggling with debt to rediscover their financial autonomy. Their advisors listen, outline options based on your circumstances, and can assist with applications for debt solution plans.


Contact: 01482 247 999

14: Advice Debt

Helps protect assets from debt through Individual Voluntary Arrangements (IVAs) tailored to your situation. If this is a course of action you wish to take, their licensed specialists can guide you through the IVA process to help you achieve sustainable financial wellness.


Contact: 0800 470 3448

15: Refresh Debt Advice

Provides trustworthy and straightforward expert debt advice. Their friendly team gathers all the information you provide to help find the right debt solution for your circumstances. You can call their confidential helpline on weekdays.


Contact: 0800 121 48 63

16: Debt Movement

Provides professional guidance and solutions to help move people out of debt. Their friendly experts create tailored plans to give you more control of your finances so that you can work toward improving your financial standing.


Contact: 0333 987 0001

17: NDH Financial

Assists with personal debt solutions like Individual Voluntary Arrangements (IVAs). Beginning with a free consultation, their consultants provide information geared towards helping you take control of your debts.


Contact: 0800 002 9051

18: Angel Advance

Offers no-obligation debt advice on all solutions so that you can fully understand the options available to you. Their advisors have a longstanding reputation for helping people in England, Scotland, and Wales to better manage their debts.


Contact: 01925 599 400

19: UK Debt Service

Works with a team of specialists to help you find debt management solutions tailored to your own needs. Their advisors listen to any issues you may be facing and help you understand all the options you could take to find your way out of debt.


Contact: 0161 823 4974

20: Your Expert Group

Connects you with experts who can provide advice on mortgages, loans, and managing debt. Whatever your financial needs, they can put you in touch with somebody who can help, so it's worth calling their helpline to explore all the possibilities.


Contact: 0141 471 4545

How Do Debt Management Companies Work?

As previously stated, the best debt management companies not only offer support and counselling to ease your concerns if you are worried about losing your home, but they can also help negotiate lower interest rates, waive fees, and consolidate your monthly payments to creditors on your behalf.

Often working directly with the creditors to create a debt management plan that better fits your budget, a debt management company collects one monthly payment from you and then distributes it among your creditors. This can help you feel more in control and give you peace of mind.

How Much Are Debt Management Company Fees?

Fees vary by company but often include an initial setup fee of around £50-100 and then a monthly fee based on the amount of debt enrolled, usually between £20-70 per month.

Most of the reputable companies on our list (see above) offer free initial consultations with no obligation to sign up for their services. This allows you to get professional advice on various debt consolidation solutions tailored to your needs before having to commit to any further costs.

Free vs Paid Debt Management Services

Some non-profit credit counselling agencies like StepChange offer debt management plans for free. Others like PayPlan are for-profit companies that charge fees but provide access to a wider variety of debt solutions and services.

Bear in mind that free services may have longer wait times. Paid services often provide more personal support and faster debt relief, but costs should be carefully compared so that you choose a company that is right for you.

Does Using a Debt Management Company Damage Your Credit?

Enrolling in a debt management plan can initially lower your credit score as your accounts get closed. However, if, for example, you’ve already been falling into mortgage arrears, your credit score will likely already have been impacted, so timely payments each month can only help to improve your credit reputation over time.

Relying solely on a debt management company without also learning better money habits could also risk financial problems reoccurring, so self-education is key in this regard.

Is a Debt Management Plan Worth It?

Debt management provides an effective solution for many people struggling with mortgage arrears or high-interest credit debt. By reducing interest rates and consolidating balances, a debt management plan can help you pay off debt much faster and reduce the total amount owed over time.

For people with poor budgeting skills or those facing financial hardship, particularly people who have fallen behind on their mortgage payments, the structured plans and creditor negotiation assistance that the best debt management companies offer can be invaluable.

Choosing the Right Debt Management Company

Look for an established company with a strong TrustPilot rating that offers a free initial consultation, has reasonable monthly fees, and employs certified credit counsellors.

Comparing multiple debt management services allows you to find the best fit for your unique financial situation. The UK debt management companies listed above are all highly reputable providers that are worth considering.

The Impact of Debt on Individuals

Carrying excessive debt takes a major toll both financially and mentally, particularly if missed payments on your mortgage place you at risk of losing your home. It can increase stress, anxiety, depression, and other health impacts as people struggle to keep up with payments.

Uncontrolled debt prevents you from funding for your retirement, reduces your ability to save for emergencies, reduces the likelihood of you building personal wealth, and worst of all, puts your housing status under threat.

By working with a reputable debt management company, you can take back control of your finances, restore your credit reputation, and improve your overall sense of well-being. If you’re a mortgage owner worried about losing your home, having the right debt management plan in place means you can start looking forward to a happier, healthier life and free yourself from the stress of being in debt.

How Upstix Can Help

If you are struggling with mortgage arrears, Upstix offers a fast and convenient way to sell your property and release equity to pay off your outstanding mortgage balance. As direct cash buyers, Upstix can purchase your home in as little as 7 days, halting any repossession action by your lender.

Our cash offer is based on a transparent valuation of your property's current market value, less an 11% discount to cover fees and associated costs. You can sell your home in any condition, without repairs or redecorating. Upstix takes on all the risk and hassle of purchasing, holding, and reselling the property.

With our institutional backing, Upstix has funds readily available for quick transactions. Selling to Upstix allows you to avoid repossession, settle your mortgage arrears, and move forward debt-free. Our streamlined process delivers your payment quickly so you can regain financial stability.

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