We know debt can be an overpowering factor, especially in today's financial climate and that everyone needs a tailored approach to managing their debt. Whatever the change in circumstances may be, we help you become informed of the best course of action to get your debt under control.
CCJ
A County Court Judgement (CCJ) is a judgement issued by the court when you have failed to meet the payments as part of a credit agreement, such as a personal loan, utility bill or credit card.
A CCJ is recorded on a national register and can affect your ability to obtain credit in the future.
Read on for more information on CCJs:
- How does a CCJ work?
- Will a CCJ affect my ability to get credit in the future?
- How can I avoid a CCJ?
Bankruptcy
Bankruptcy is a financial resolution that may be considered by someone who can no longer afford to pay their debts. It is usually considered the last resort for people who have accrued a large amount of debt which they cannot afford to repay.
Bankruptcy is a serious step with severe financial implications, making it cruical that you seek professional advice before taking this step.
- What types of bankruptcy are there?
- What are the implications of bankruptcy?
- What are the advantages of bankruptcy?
Interest
Interest is effectively the charge that lenders apply to any form of credit facility, such as a loan, credit or store card.
However, if you are struggling with your current debts, it is highly likely that interest is further compounding those problems, making it increasingly difficult to repay your debts
Read on to find out more about interest:
- Benefits of an IVA
- Disadvantages of an IVA
Problems with Repayments
If you are struggling with debt, it is highly likely that trouble making the required repayments is what has made you aware of your financial situation.
There are various reasons why you may be struggling with debt repayments. A sudden drop in income due to illness or redundancy are common causes, but there are options available to you which can help ease siome of the pressure.
- What are the implications of missed payments?
- What can be done?