Talking to creditors
Lesson 3 of 12 in our free Debt & Getting Help guide: a 5-minute money game with the key points below.
Reading is cool. Playing is cooler.
This lesson is a 5-minute game. Free, no sign-up needed.
The story so far
Mo: If I call them, won't they be angry?
Nana: Lenders have rules to treat you fairly when you're struggling. Most would rather agree a plan than chase you.
Chip: Calls feel scary? Email or webchat works too. Write down who you spoke to and when.
Questions you'll answer
On the phone, the card company asks Mo to pay £200 a month. He can afford £40. What does he say?
'I can afford £40 a month — here's my budget showing why'. Yes. An offer based on your real budget is more likely to stick, and creditors should consider it.
Quick facts
- Can you freeze interest and charges while I sort this? → Reasonable. A fair request — many will consider it when you're in difficulty.
- Can I pay a lower amount for a few months? → Reasonable. Reduced payment plans are common.
- Can you please send everything in writing? → Reasonable. Totally reasonable — and it helps you keep records.
- Can you delete all my debt because I asked nicely? → Not a thing. Write-offs do happen in some situations, but not just on request. A debt adviser can explain real options.
- Fact: “You can ask a debt adviser to deal with creditors for you.” — Free advisers can help you contact creditors and set up plans.
- Fact: “Lenders regulated by the FCA must treat customers in financial difficulty fairly.” — That includes considering affordable payments and not piling on unfair pressure.
- Myth: “You must agree to any payment amount a creditor demands.” — You can make a counter-offer based on what you can genuinely afford.