Understanding The Different Types of Debt and Borrowing

There are different types of debts and borrowing, if you have all sorts of it, it is important that you know which debts to pay first. Debt problems can’t be resolved overnight. It is complicated especially when you are dealing with several creditors. You need to work on managing your debt despite your circumstances. 

In this article, you’ll find out the different means of borrowing and debts. It will give you a guide on where to get help and support for each. These will give you an idea and a clear understanding of how you can deal with your debts. You can also check our guide on Priority Debt: What Debts Should I Pay First?

Below are the different types of debts and borrowing

Business and Tax Debts 

Advice and help if you are self-employed or managing your own business » Advice when Starting a Business and the Self-employed and How to Deal with Business and Tax Debts

Contract Debts

Help and Support when considering a fixed contract » Contract Debt: What Happens If I Don’t Pay My Contract?

Joint Debts

Useful advice on how you can deal with debts that are taken in joint names » Joint Debts: How Can It Affects Me? and Joint Debts: Dealing with an Agreement Over Joint Debts

Payday Loan Debt

Important details that you must know before taking our a payday loan » Payday Loans: How I Can Deal with My Payday Loan Debt and Payday Loan Calculations and Risks

Student Loan Debt

Details on how you can pay off your student loan debt » Available Help and Useful Advice on Student Debt

Utility Bill

Useful tips or advice in dealing with your utility bills and ways on how you can same money » Switching Utility Suppliers to Save Money

Consumer Credit

Debts that are regulated by the Consumer Credit Act » Consumer Credit Debt and Borrowing

Court Fines and Debts

Court action towards criminal offences and the priority debts that you need to pay first » Advice in Dealing with Court Debts and Fines

Debts to Other People

Help and support when you owe money to friends or family or to a loan shark »  Owing Money and Dealing with Debts to Other People

Government Debts

Support and advice on how you can deal with HMRC, CSA and Council Tax Debts » Government Debts and Debts to Local Authorities

Housing Debts

Advice on how to manage your arrears on rent and mortgage to avoid eviction and repossession »  Housing Debts: Avoiding Eviction or Repossession

Debt Help and Advice

Whatever your current circumstances are, we can help you gain control over the situation. We’ll determine the best solution for you to get rid of your debt and eventually become debt-free. Do not hesitate to contact us or use our debt advice tool for free.

The Different Debt Management Solutions