Find out more about debt, ways to avoid getting into debt and the various options you might have when dealing with debt, including Debt consolidation, Debt Management Plan, Individual Voluntary Arrangements (IVA) and Bankruptcy
Debt is a word that encompasses a wide spectrum of circumstances – and not all of them are bad. For example, you might have bought a house using a mortgage with a cracking low rate or have a balance sitting on a 0% purchase credit card.
It’s when you are unable to service your debt and it starts to spiral out of control that problems start. But even at this point one thing is for sure – panicking or sticking your head in the sand won’t make it better.
You should consider contacting any creditors you are unable to pay and explain your situation. You shouldn’t worry about this as all financial providers must abide by