Managing Debt

Charges and interest may be payable if you don’t make any repayments, which means it could cost you more to repay the loan. It may result in you having to repay the loan in full early and legal action being taken to recover the debt.

If you feel you’re struggling with your finances, here are some steps you could take to save money or reduce your debt and help to get things back under more control.

Talk to us

If you have a Creation personal loan and you're concerned about your financial situation, call us on 0800 652 4320 as soon as possible. As a responsible lender we will work with you to try and make sure you can stay  in control of any money concerns you may have, whether they are short or long term.

Make savings

There are always monthly costs you have to budget for, like your mortgage, council tax or insurance. But you can save money by cutting back on non-essential items or switching to cheaper options. If you make a list of all your outgoings, including everything you buy, it's easier to see where savings could be made.


Prioritise your debts. If you find you’re struggling paying your debts each month, it’s a good idea to draft a list with the most important debts at the top and then work your way down. This can make sure that the main debts are getting paid each month.

Check your cover

For essential cover like car or home insurance, it's always worth shopping around for the best deals. If you have separate policies for things like your mobile phone or glasses, or you've taken out extended warranties, you could be duplicating your cover – and paying more than you need to.

Shop wisely

Even when your budget is tight, you still have to buy the essentials. To make your budget work harder, try writing out a shopping list before doing the weekly shop and avoid making impulse purchases.

Consolidate your debts

If you have any credit agreements with high interest rates, it may be beneficial to take out a loan to consolidate your debts. This will enable you to pay off your higher interest rate agreements and consolidate them all into one affordable lower monthly payment. Although debt consolidation could be an option for you, it may result in taking longer to pay off the debt and could cost you more.

Further information / Useful contacts

There are many organisations that could provide you with useful information, advice or support when dealing with debt. You can talk to them in complete confidence. There are also many commercial companies that may charge you for a similar service.

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