Debt can feel isolating but you don’t have to face it alone. This Talk Money Week, we’re encouraging everyone to take the first step toward financial stability by starting a conversation with their creditors.

Whether you’ve missed a payment or are worried about upcoming bills, reaching out early can unlock support and reduce stress. Many creditors have hardship policies that offer real help such as freezing interest, lowering payments, or giving you some time to sort out further help. But knowing how to approach the conversation makes all the difference.

Why Start the Conversation?

Ignoring debt won’t make it disappear. In fact, silence can lead to escalation, like court action. But when you speak up, you show goodwill and open the door to solutions that work for you.

Starting the conversation can lead to:

• Reduced or paused payments
• Interest freezes
• Less stress and more control

Before You Reach Out

Preparation is key. Gather details of your debts, income, and essential expenses. Prioritise things like rent or mortgage. And remember, you’re not obligated to agree to anything on the spot. If you feel pressured, it’s okay to say, “I’ll think it over.”

Also, check if your debt is time-barred. In Scotland, many unsecured debts become unenforceable after five years if you haven’t paid or acknowledged them in writing. This is a complex area, so it’s worth getting free advice before admitting liability. You can use our find an advice agency tool to find a service in your local area.

What to Say

Be honest and calm. A simple explanation like “I’m struggling due to job loss and need help with repayments” is enough to start. Ask about options like reduced payments or pauses and always request confirmation in writing.

If the offer doesn’t work for your budget, don’t be afraid to push back:

“That doesn’t fit my budget, what else can you do?”

You can also mention if you’re getting support from a free money advice service.

Need Help Speaking Up?

If anxiety, language barriers, or disabilities make communication difficult, creditors must make reasonable adjustments, like offering written communication or allowing someone to speak on your behalf.

You’re Not Alone

Free, impartial help is available. Organisations like your local Citizens Advice Bureau, StepChange, or your local authority can guide you through the process, check time-barring, and even negotiate with creditors for you. Find your local service here.

Ready to Start?

This Talk Money Week, take that first step. Start a conversation with your creditors and take back control.

Read our dealing with your creditors guide for further guidance on how to speak with your creditors.

You can also check out our resources on the Consumer Duty. The Consumer Duty was introduced by the Financial Conduct Authority (FCA) to bring in higher standards of consumer protection. Use our resources to make sure your creditors are adhering to the consumer duty and offering you all the support they should be.

Remember to check out our TikTok all this week for our Talk Money Week videos.

Share this post if you know someone who might benefit. Let’s break the silence around debt, one conversation at a time.