To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money.
To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money.
There are many types of debts that people may have. To find out more about different types of debt and what they all mean, click any of the options below.
Council tax debt is the unpaid amount owed to local authorities for essential services. It’s a priority debt which can lead to serious legal consequences.
Business debt refers to financial obligations incurred by a company. These can become unmanageable and lead to liquidation or bankruptcy if not addressed.
Festive debt builds up when you’re pressured to spend over the holiday season. If not controlled, festive debt can lead to longer-term financial problems.
Gambling debts occur when a person borrows money to fund their gambling habit. Problem gambling can kickstart a cycle of borrowing that leads to serious debt.
Income tax debt is the unpaid amount owed to tax authorities, such as HMRC, for taxes on earnings, and may result in enforcement action if not resolved.
Logbook loan debt is money owed on loans secured against a vehicle. Failure to repay the loan can lead to repossession of the vehicle by the logbook lender.
Payday loans are a form of short-term borrowing with extremely high-interest rates. Failing to repay on time can lead to a cycle of debt and financial stress.
Secured loans are loans backed by collateral like a home or car. Non-payment of secured loan can lead to repossession of the asset securing the loan.
Student loans are funds borrowed to finance education, with repayment typically starting after graduation. Expensive student loans can become a long-term financial burden.
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To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money.
Talk About Debt is a trading style of Creditfix.
Registered in Dublin, Republic of Ireland, Registered Number 432293, Registered Address: Avonlea, Demesne, Lucan, Co Dublin, Republic of Ireland
David Rankin and Tracy Whittaker are authorised in the UK to act as Insolvency Practitioners by the Insolvency Practitioners Association.
* A debt write off amount of between 25% and 70% is realistic, however, the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors. In the last 12 months (accurate as of 2021) a debt write off of percentage of 81% has been achieved by 10% of individuals the least 12 months.
The product (IVA) which we administer and process with our in house Insolvency practitioner is covered under the following legislation: The Insolvency Act of 1986 (amended by the Insolvency Act 2000 and the Enterprise Act 2002) introduced a new procedure whereby a debtor could come to an arrangement with his/her creditors to pay his/her debts in full or in part over time as an alternative to bankruptcy.
Your debt help application will be processed by one of our expert debt advisors working on a model of non advice. These in-house advisors will be able to go through all your debt options including IVA (Individual Voluntary Arrangement) opportunities which are available for people living in England, Wales and Northern Ireland. Help can only be offered following an initial fact-finding process. If an individual meets the required criteria for an IVA, advice can then be provided.