Types of debt and borrowing


There are many types of debt and if you are trying to pay different creditors it is important to understand the priority of each. This can make it harder to figure out what is the best method of dealing with your situation.

In this section we talk through the debts we hear about from our clients every day.

 Business debts:  Advice and support if you are self-employed or own a small business

 Consumer credit:  The most common debts have been covered by the Consumer Credit Act

 Contract debt:  Help and advice if you have entered into a fixed contract

 Court debts and fines:  Court fines for criminal offences are one of the most important debts to pay off.

 Debts to other people:  Advice if you have borrowed from family, friends or a loan shark.

 Government debts:  How to deal with council tax debts, CSA and HMRC.

 Housing debts:  Practical advice on handling rent or mortgage arrears and avoiding repossession

 Joint debts:  Taking out debts in joint name will affect both of you

  Payday loan debt:  These short-term loans are expensive and can get out of control quickly.

  Student loan debt:  Repaying your student finance can be a burden financially.

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