Welcome to First Step Finance

We pride ourselves in helping thousands of customers tackle their debt problems by offering an alternative approach through our debt-adjustment plan. Make your first step and get in touch today for a no-obligation chat to understand how we can help you with your financial position.


Who regulates debt-adjustment plans

Any company which provides a debt-adjustment service has to be licensed under the Consumer Credit Act 1974. The licence is issued by the Office of Fair Trading and means we need to keep to guidance and the regulatory framework. The Ministry of Justice decide whether to authorise a company to provide a claims service.


Find out about our debt-adjustment plan

How quickly we can help you deal with your debts

At First Step Finance we aim to help you with your debt situation as quickly as possible through our straightforward approach. Each case is unique and decided on its merits, so it can be difficult to say precisely how long the process will take. However, as an example, on average our clients take from between one and three years to sort out their debts.


See all our frequently asked questions

Call us on 0161 442 6344 or send a message

Our latest news

View the latest news about First Step Finance. You can also browse our archive of press releases and events.


The latest news from First Step Finance

Useful links

You may find the links below useful. If you need more information why not visit our FAQs or contact us.

- Our complaints procedure.
- The privacy policy for our website.
- If you want to cancel your debt plan.


Important information


As with all financial decisions it is important you understand all the facts and risks associated with our debt-adjustment plan. You need to fully consider the risks so you can make a balanced decision on the best way to deal with your debts.

This is not a traditional debt-management plan.

Risks:

  • By not making your contractual payments and running up arrears, your creditors may add interest and default charges.
  • They could lengthen the contractual term of your debt.
  • Your creditors can also take legal steps to recover their claims. This may further increase the amount you owe, as you may be legally responsible for these costs.
  • If you make payments lower than your contractual amounts, your creditor can also continue to add interest and administrative charges to that account. They can also choose to reduce these. Not paying your contractual amount will also increase the balance of your debts. If any creditor issues legal action against you, this will involve further legal costs.
  • They are also entitled to tell credit-reference agencies about factual information such as payment delays, defaults, court judgements and so on. As a result, this could have a negative effect on your ability to borrow money. Your creditor may also add this information to your credit report. If you have not already received defaults, your creditor may issue default notices against any debt while you are still in arrears. This can happen when you enter into any debt-solution service, including this plan.

You must read the following information about our plan.

  • We will pay any creditors you have told us about a token payment of £1 each month. This will begin when we receive your first full monthly payment and will continue each month after this. If you do not pay your creditor your normal contractual payments, you will be extending the repayment term. If you are not already behind with your accounts (in arrears), they will fall into arrears if you do not make a payment or make smaller payments.
  • We pay your monthly payment into a 'pot' until we have received some proof of your debt from the creditor. We will then offer them a reasonable proposed payment. Your creditor might not agree to this proposal. If this happens, we will let you know what your options are. If the creditor does not agree to this proposal, it may increase the time it takes to reduce your debt.
  • We will continue to make the token payment until we receive evidence or information about your credit agreement. We will then use the money in your pot, and your monthly payments, to pay your creditors an agreed fee, to pay our fees (see our fee structure) and to build up funds in the pot.
  • There may be other times when we will not make payments. If this happens, we will let you know.
  • Throughout the plan we will keep you updated with what is going on and ask you what you want us to do.

Our key facts (pdf, 53 KB) document gives you more details and you should read it alongside our terms and conditions (pdf, 2.6 MB).

Please click the link for more advice and warnings