When you are struggling with debt, it can help to know that reliable advice and professional support is within easy reach. UK Debt provides practical assistance to help you deal with this very stressful situation, and here we look at some of the most common types of debt in the UK.
Bank overdrafts are a useful credit facility for the short-term, but they can cause serious financial issues. High levels of interest can make debt unmanageable, and the bank is able to call in the entire overdraft amount with no notice.
Credit card and store card debt is very common in the UK. If you miss a payment, additional interest and charges can mean even the minimum amount quickly becomes unaffordable.
Local councils have the power to recoup council tax arrears very quickly, and can use bailiff services to recover debts on their behalf.
Being in arrears with your mortgage or rent is a serious situation that could result in the loss of your home, so it is imperative to act quickly.
HMRC have strong powers to recover personal tax debts, and use a number of enforcement actions including debt collection agencies and court action.
Hire purchase agreements allow the lender to repossess your car if you fall into arrears, and in some circumstances they may be able to do so without a court order.
Failing to pay a County Court Judgment allows your creditor to take strong enforcement measures, potentially including an attachment of earnings or petitioning for your bankruptcy.
Other types of debt include those arising from divorce, gambling addiction, and arrears of child maintenance payments. We offer specialist advice on all forms of debt.
UK Debt provides unbiased reliable advice and will ensure you understand all your options in the face of debt. Call for a free same-day consultation to discuss your debt situation and the potential solutions.