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.

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

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

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

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

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

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

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

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

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

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

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