Struggling to stay on top of what you owe? You’re not alone and there is a way forward.
If you’re juggling different bills, credit cards or loans, it can feel like there’s no breathing room. But the truth is, help is out there, and understanding your options is the first step to taking back control.
At Northern Community Bank, we know money worries can feel overwhelming, but we also know things can get better. And you don’t have to face it on your own.
What Is Debt Management?
Debt management is all about creating a clear, affordable plan to help you repay what you owe at a pace that works for you.
This might involve:
- Working out exactly what you owe and to who
- Creating a realistic budget based on your income and spending
- Talking to your lenders to see if they can reduce payments or freeze interest
- Getting support from a free debt advice charity, who can help set up a formal plan
It’s not about quick fixes, it’s about steady progress and feeling more in control of your finances again.
What Is a Debt Management Plan (DMP)?
A Debt Management Plan (DMP) is an informal agreement between you and the people you owe money to. It helps you repay your debts in full, but with one simple monthly payment you can afford.
A debt advice organisation usually helps you set it up. They’ll deal with your creditors, so you don’t have to. In many cases, interest and charges can be frozen too.
Could It Work for Me?
A DMP could be a good option if:
- You have unsecured debts (like credit cards, personal loans or overdrafts)
- You can’t manage the current payments, but can afford to pay something regularly
- You need help speaking to your lenders and putting a plan in place
A DMP is not suitable for things like mortgage arrears, Council Tax debts or court fines, but there are other options available for those too.
Where Can I Get Help?
If you think a DMP might be right for you or you’re just not sure where to start, speak to a free, trusted debt advice service:
- StepChange – www.stepchange.org | 0800 138 1111
- National Debtline – www.nationaldebtline.org | 0808 808 4000
- Citizens Advice – www.citizensadvice.org.uk
They’ll talk you through all your options and help you choose what’s best for your situation without judgement.
How We Can Help at Northern Community Bank
If you’re already an account holder and worried about repaying your loan, please get in touch with us early. The sooner we know there’s a problem, the more we can do to help.
We may be able to:
- Adjust your repayment plan
- Pause or reduce payments temporarily
- Signpost you to trusted, independent support
We’re here to support you – not pressure you.
You’re Not Alone
Debt can happen to anyone and it doesn’t define who you are. Whether it’s from job loss, illness, rising costs or just life getting in the way, you deserve support that’s fair, respectful and tailored to your needs.
At Northern Community Bank, you can always talk money with us.
