Your home could be the most expensive purchase you make in your lifetime. Most people take out a mortgage debt from a mortgage lender or bank and agree to pay back the money borrowed over several years. However, what happens when life takes a turn for the worst, and you are left struggling to pay your monthly mortgage payments? If you find yourself in this situation, then it is essential to act swiftly. Failure to do so could result in your home being repossessed. In this guide, we will talk you through all you need to know about mortgage debt,…
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A leaking roof or a car that needs repairing. These are some of the emergencies that don’t often get calculated into your monthly expenditure. Having a rainy-day fund helps but what happens if you don’t have that contingency and need financial help quickly? Payday loans are often the answer to those problems. Payday loans offer a fast cash solution to help you get out of those financial troubles in the short term. However, in the longer term, they might not be as forgiving. What are payday loans? What are the problems with being too dependent on a payday lender? What…
Playing the lottery or betting on the horses can be a fun experience, especially when you get to take some winnings home. However, just like anything gambling should be done in moderation. Quite often gambling can become a problem and what is meant to be recreational can turn into a habit. Finances start to take a hit which as a result leads to worrying debt problems. So, what is gambling debt? How does gambling debt affect your work, health, and family? What debt help and support is available if you have money worries due to gambling debt? These are some…
Income tax is the tax you owe to the HMRC on your income. If you fall into arrears on your income tax, then it is important to pay it back as soon as you can. Quite often, many of us push this type of debt aside and focus on other debts, however, did you know that income tax arrears are classed as a priority debt? Failure to do so can result in serious repercussions such as court action, a visit from the bailiffs and in some cases prison. What is income tax? What should you do if you fall into…
A logbook loan is a way to borrow money using the value of your car as a guarantee that you will pay your loan back to your creditors. One of the main benefits is that you can continue to use your vehicle during the loan agreement, under the condition that you continue to make the agreed monthly payments. However, like anything, a logbook loan debt does come with considerable risks. In this guide, we will explore the risks and benefits of taking out this loan and what support is available if you find yourself taking out a loan against the…
When running a business, your goal is for it to thrive and prosper. Taking out loans and other types of credit can be a risky strategy but in the long term could effectively allow your business to grow. However, sometimes in business there are things that happen that are beyond your control. Changes in the economic environment can negatively impact your business and as your costs start to outweigh your profits, you are left with a mountain of business debts to pay off. Business tax, utility bills and rent arrears can be just some of the types of business debts…
For many of us a student loan is the first taster into the world of financial debt. Being offered thousands of pounds is often seen as a gateway to helping you achieve your career goals and aspirations for the future. The notion that you pay your student loan back when your wages hit a certain threshold, may seem great at first. However, it isn’t a loan that is ‘forgotten’ like many might often say. If you do not keep up with your loan payments when you are eligible to do so, then this can create some very worrying money issues.…
Our debit card is meant to be our trusty friend when it comes to money matters. When we need to make a purchase for goods or services, we know this reliable piece of plastic won’t let us down. You feel secure knowing that whatever you spend on your debit card is your money coming directly out of your bank account. However, even friends can let us down. This supply of money isn’t endless and sometimes we can get a little carried away with our spending, especially with money we don’t have in our bank account. Careless use of our debit…
Paying your council tax falls into the top priority list of debts, so when you fall into council tax arrears, it is important to take steps to pay it back as soon as you can. Failure to do so could result in severe consequences as the council can apply to take unpaid council tax from you through your wages or salary, or you could even go to prison if you do not pay. Read this guide as we explain to you what council tax arrears is, what happens when you don’t pay your council tax and how you can get…
No one wants to be in debt. One missed payment leads to another, and the struggle for money becomes more real before you realise it. Did you know that almost 25% of Brits are losing sleep over their financial situation? Not all of us are programmed to be frugal with our money, and some of us get more tempted to buy what we really can’t afford. A luxury holiday would be lovely, or a shiny new gadget may seem enticing, but the question is, will this also lead to a rocky road to debt? So, how can we avoid getting…