Bank Debt Help & Advice
Need support with bank debt? PennyPlan is here to explain your choices and find a bank debt solution that works for you.
- Write off 75%* of unaffordable debt
- One lower monthly payment
- Stop creditor hassle and bailiffs
- Access mental well-being services
Your credit rating may be affected if you opt for a debt solution.
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Get information today on your available options
Finding It Hard To Manage Bank Debt? You’re Not Alone
Owing money to your bank can feel especially overwhelming. Whether it’s unpaid fees, arrears on your account, or other balances you’re struggling to clear, the stress can quickly build.
Bank debt often comes from products like loans or overdrafts. With interest, charges, and the weight of dealing with your bank directly, it’s easy to feel trapped. But you don’t have to face it alone, we’re here to guide you through your next steps with free, confidential support tailored to your situation.
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We Help With Most Debts - Not Just Bank Debt!
*Mortgage debt can be included if you no longer own the property in question.
Example Of An IVA
UNSECURED DEBTS
Your Monthly Repayments:
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Subject to creditor acceptance. Payment subject to individual circumstances.
Credit Rating may be affected. Fees apply, subject to individuals circumstances.
Reasons To Choose PennyPlan
- Stop all interest & charges
- Write off debt
- Access well-being services
- Reduce monthly payments
How Bank Debt Becomes Persistent
For many people, bank debt isn’t about one big mistake, it builds gradually. An unexpected bill, reduced income, or missed repayment can be enough to tip things off balance. Then the fees and charges start stacking up.
Before long, what felt manageable can become a cycle that’s hard to escape. You might be making regular payments but never seeing the balance fall. Or maybe your bank has reduced your available credit, leaving you short for essentials.
If you’ve tried to keep on top of things and it’s still not improving, structured support could help break the cycle.
Debt solutions like a Debt Management Plan (DMP), Individual Voluntary Arrangement (IVA), or Debt Relief Order (DRO) can include some unsecured bank debt, helping to reduce what you owe, freeze interest, and give you a clear way forward.
Bank Debt Repayment Plan Options
Tackling bank debt can feel daunting, but there are proven ways to make it more manageable. Which approach works best depends on your circumstances, but the aim is always the same: to reduce the pressure and give you a clear path forward.
IVA
Individual Voluntary Arrangement
An Individual Voluntary Arrangement pulls multiple debts into one affordable payment. Depending on your circumstances, some bank debt may even be written off at the end of the plan.
DMP
Debt Management Plan
A Debt Management Plan combines your debts into one monthly payment. Interest and charges can often be reduced or frozen, making it easier to pay back what you owe.
DRO
Debt Relief Order
A Debt Relief Order is designed for those on a low income with minimal assets. Certain debts can be cleared completely, with no ongoing payments required during the Debt Relief Order.
Find Out For FREE What Debt Help Is Available To You
Get Help With Bank Debt Today!
We’ve helped people across the UK take control of their debts and get their lives back on track. Our trained advisers will assess your individual situation and guide you towards the best way to manage and resolve your finances.
Do I Qualify
For an IVA?
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Get information today on your available options
Get Help With Bank Debt Today
If your bank debt is weighing on you, you’re not alone and it doesn’t have to stay this way. At PennyPlan, we’ll take time to understand your situation, explain the solutions available, and support you every step of the way.
You don’t have to carry the pressure on your own. Take the first step towards a clearer financial future and speak to our team today.
- One lower monthly payment
- Write off 75%* of unaffordable debt
- Freeze interest & charges
- Stop legal action including bailiffs
- Receive FREE well-being sessions
What Happens If You Can’t Pay Back Bank Debt?
If bank debt isn’t dealt with, it can quickly escalate. Missed payments, charges, and interest may increase your balance, even if you’re trying to pay it down.
Banks may reduce or remove access to credit, recall lending, or pass your debt to a collection agency. In some cases, your account could be restricted or closed. These steps can leave you unable to pay bills, access wages, or use your account normally.
Unpaid bank debt can also appear on your credit file, which may affect your ability to borrow or pass future credit checks. The sooner you get advice, the more options you’ll have to manage things before they escalate further.
Tackle Your Debt And Your Mental Health In One Place
Our team are committed to getting your finances and well-being back in top condition
Apply for our eligibility check
Find out if you match the minimum criteria we require to enter you into one of our IVA plans
Speak to our debt specialists
Speak to our friendly debt specialists, who will explain all the options available to you.
Choose your debt solution
Now you have all the options available, you can make an informed decision that is right for you and your family.
Do I Qualify
For an IVA?
What Our Customers Say About Us
Maria
3 days ago
PennyPlan were extremely professional and genuinely caring, I am very happy that I made the call and now have a plan in place and peace of mind. From the first contact to the signing of the agreement it was straight forward and simple plus the staff really are exceptional in the way they listen and understand’ I couldn’t have asked for a better company.
Emily
4 days ago
For over a decade I have kept my money worries to my self away from friends and family one phone call with Leah and I had laid it all bare without a second thought nothing shocked her and nothing wasn’t sortable I’m forever grateful I stumbled across this company and no longer have to worry about money on my own. Highly recommend!!
Daniel
4 days ago
PennyPlan offered insightful, professional and empathetic support throughout my insolvency. Declan in particular was friendly, personable and knowledgeable, and a massive help throughout the process. They offer a no pressure service and allow you to make the best decision for yourself. I highly recommend these guys for anyone struggling with debt.
Mark
1 week ago
I was hesitant in applying for an IVA, But my mind was put at ease on the first call. The whole process was explained to me with complete care and understanding and I didn’t feel judged at all. Since being accepted for the IVA my mental health has improved so much and I now don’t worry about how I am going to put food on the table each week.
Bank Debt FAQs
Bank debt refers to money you owe directly to your bank. This can include overdrafts, loans, unpaid fees, or arrears on your account.
Yes. Bank debt is usually eligible to be included in solutions like an IVA, DMP, or DRO. These can help reduce pressure, stop interest, and provide a clearer repayment plan.
Your debt doesn’t disappear, it simply means a third party will now handle collection. This can add stress, but it also means you may have more room to set up affordable repayments with support.
Yes. Missed or late payments are often reported to credit reference agencies, which can lower your credit score and make it harder to borrow in the future.
Yes. Banks have what’s called the “right of set-off.” This means they can use money from one of your accounts with them to cover arrears on another. If this is happening to you, we can explain your options and help you protect your income.