Monzo Debt Advice & Support
Struggling to deal with Monzo debt? Don’t panic, PennyPlan offers free advice and support and can help you to explore your options and find a suitable debt solution suited to your situation.
- 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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I’m Struggling With My Monzo Debt – What Should I Do?
When your Monzo loan, credit card, or overdraft start to feel unmanageable, it can be hard to know where to turn. As interest builds and balances grow, the pressure can quickly become overwhelming. But you don’t have to face it alone.
At PennyPlan, we help people across the UK find practical ways to deal with Monzo debt. Our advice is free, confidential, and focused on helping you understand your options. We’ll explain which debt solutions could make repayments more affordable and guide you towards getting your finances back on track.
You’re not on your own in this, we’re here to help you make sense of your situation and take the next step with confidence.
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Monzo Loan Debt
If you’ve missed repayments for your Monzo loan, you could be receiving letters or be facing extra fees. Whilst a Monzo personal loan can feel straightforward initially, if your circumstances have changed like a drop in income or added financial pressure elsewhere, repayments can quickly become unmanageable. As a result, late fees, added interest and letters all increase financial pressure.
To get your finances back on track, it’s important that you act early, by getting advice from a specialist like PennyPlan. We can help you review your situation and explain practical options like a Debt Management Plan (DMP), Individual Voluntary Arrangement (IVA), or Debt Relief Order (DRO).
Our advisors will detail how each option works, what impact it could have on your credit file, and whether you’re eligible. With the right solution in place, you can regain control of your finances and manage your Monzo loan debt calmly.
We Help With Most Debts - Not Just Monzo!
*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
Monzo Credit Card Debt
Monzo credit cards are designed to give flexibility, but when payments are missed, interest and fees can build up fast. Before long, the balance can start growing faster than you can pay it down, leaving you unsure what to do next.
At PennyPlan, we provide clear, confidential advice for anyone struggling with Monzo debt. Our team will help you understand what solutions are available and how they could make your repayments more manageable. Everything is explained simply, so you can make confident, informed decisions about your next step.
Finding the right debt solution can help you regain control, stop your balance from increasing, and give you a clear timeline toward becoming debt-free.
How A Monzo Debt Repayment Plan Could Work
Our aim is to help you regain control of your finances and deal with Monzo debt in a way that feels manageable. We’ll explain your options clearly, helping you find a repayment plan that fits your situation and gives you a realistic path forward.
IVA
Individual Voluntary Arrangement
An IVA consolidates your debts into one affordable payment plan, with some Monzo debts potentially written off.
DMP
Debt Management Plan
A repayment plan that combines debts into one monthly payment. Interest can be reduced or frozen, helping ease financial pressure
DRO
Debt Relief Order
A debt reduction programme for those on low income. Certain debts can be cleared, with no ongoing payments required during the DRO.
Find Out For FREE What Debt Help Is Available To You
Get Help With Monzo 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 Monzo Debt Help Today & Talk To An Advisor
Are you finding it hard to cope with Monzo debt? You’re not alone. PennyPlan provides free and confidential advice to help you get back on track. Our advisors will listen to your situation to understand what is the best path forward.
Find the best debt solution for you and chat to a member of 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
Can Monzo Debt Be Included In an IVA or DMP?
Yes, Monzo loans can be included in both an IVA and a DMP, as they are classed as unsecured debts. If you choose a DMP, your payments are combined into one affordable monthly amount that is shared between your credits, including Monzo. Interest and charges can’t be guaranteed to stop, but many lenders will agree to reduce or pause changes once they see you are making a fair and realistic offer through a repayment plan.
If you qualify for an IVA, your Monzo loan can also be included as part of the formal agreement. An IVA is legally binding and can potentially write off a portion of what you owe, once you complete the arrangement. This makes it more suitable for people with higher debt levels and those who need a clear route to becoming debt free. The best option depends on your situation.
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.
Monzo Debt FAQs
In some situations Monzo debt can be written off through a formal debt solution, such as an IVA. If you qualify, a portion of your unsecured debt could be cleared once you complete the arrangement. Not everyone will be eligible, but it is an option for people who can no longer afford their repayments.
If you miss a payment, Monzo may apply extra interest or charges, and your arrears will show on your credit file. They will normally contact you through the app or by email to discuss a solution. Speaking to them early or getting debt support can stop the situation from escalating.
Monzo can instruct a debt collection agency if payments are missed and arrears continue to grow. This does not mean bailiffs and you still have rights. Debt collectors are there to discuss repayment, not to take goods from your home.
Monzo may limit or close your account if there are ongoing arrears or if you enter a repayment plan. It can help to open a basic bank account elsewhere so your income is protected while you deal with your Monzo loan.
Monzo may agree to freeze or reduce interest if you show that your current payments are unaffordable. This is more likely if you enter a plan such as a DMP or IVA where your budget has been professionally reviewed.