Types of debt

Most people incur debt throughout their lifetime. Lending and borrowing are part and parcel of the modern economy – it’s only when you can’t pay back your debts that they become a problem.

There are many different types of debt, and listed here are some of the most common.

Loans, mortgages and credit cards

Loans, mortgages and credit cards are regarded as necessities but issues arise when repayments become problematic. More…

Home debts

Council tax and utility bills are compulsory debts for every homeowner – which is why setting up a payment plan is essential. More…

Income tax and VAT

Income tax and VAT are government debts – failing to pay can have serious consequences with HM Revenue & Customs. More…

Income tax and VAT

Income tax and VAT are government debts – failing to pay can have serious consequences with HM Revenue & Customs. More…

Debt collection

When your creditors send a debt collector to your property in an attempt to claim the money they’re entitled to. More…

Business debts

Cash flow is key when running a company. When expenses start to outweigh revenue, it’s vital to take fast action as business debts mount. More…

Family and joint debt

Joint and family debt agreements can be beneficial and can increase the likelihood of you being able to afford something important in the future. More…

Unlicenced street lenders

Loanshark borrowing is dangerous due to the harassment methods these people often use to chase debts. Interest rates are also sky-high.

Credit score

It’s hard to borrow without a good credit score. Your score is checked every time you apply for a loan. Access your credit report for free. More…

Manageable debts that can comfortably pay back over an agreed period are often a necessary part of life. But when debts become unmanageable, they becomes a problem. There are many ways debts can suddenly become unmanageable:-

  • Redundancy
  • Cut in hours
  • Unemployment
  • Illness, especially for the self-employed
  • Unexpected costs such as unexpected home repairs

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Why choose Bennett Jones?

Bennett Jones has helped thousands of people solve their debt problems. We understand how stressful and difficult life is when you can’t pay your debts and your bills.

You can trust Bennett Jones to help you if you are struggling to pay your debts. We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end.

An Individual Voluntary Arrangement (IVA) is not suitable for everyone who needs help with their debts. If an IVA is not right for you we will give you free no obligation help so you can decide on the solution you need.