Gutted lender has to have debts reduced (5)
I believe the answer is:
lower
'reduced' is the definition.
(thesaurus)
'gutted lender has to have debts' is the wordplay.
'gutted' means to remove the middle letters (to gut something is to remove its insides).
'has' is an insertion indicator.
'to have debts' becomes 'owe' (owe money).
'lender' with its centre removed is 'lr'.
'lr' placed around 'owe' is 'LOWER'.
(Other definitions for lower that I've seen before include "Jersey perhaps" , "Hereford, say" , "subordinate" , "Let down using rowel" , "where are trousers in relation?" .)