We could write off up to 85% of your unaffordable debt
What is Unsecured Debt?
Unsecured debt refers to any borrowing where the consumer hasn’t been required to add any assets as collateral. This means that should the borrower not be able to continue paying the loan, the lender would need to pursue the debt.
Takes a look through our unsecured debt articles to find out more.
Unsecured Debt Examples?
Council Tax is a yearly fee paid to your local authority, used to pay for all the public services that are in your local area. These include refuse collection, police and fire services, leisure facilities, educational facilities etc. Council tax can either be paid in twelve or ten monthly instalments: the latter giving you two months of payment holiday.
A credit card is a convenient way to borrow money from a bank or lender via the use of a plastic card. You can make purchases in much the same way as when using a debit card. This spending accrues a debt which will have to be paid back at a later date.
In simple terms, gambling debt is when a person owes money to a bookmaker or casino. However, things can often become more serious than that, where an individual uses other means of credit to cover their gambling losses.
HMRC arrears is any debt amount that relates to Income Tax, National Insurance, VAT or Tax Credit Overpayments. These are ‘High-Priority’ debts and since the consequences can be severe, should be dealt with as soon as possible.
An overdraft is an agreed amount of credit attached to a bank account. It allows your account to fall into a negative balance, where you have spent more than you had in the account. Provided you stay within the agreed limit, this facility should always be available. However, the bank does have the right to withdraw it at any time.
A Payday Loan allows you to borrow a small amount of money and pay it back once you have received your next wage. This helps you to cover a shortfall in money that may have occurred due to an emergency. They usually carry a high interest rate but can be applied for very quickly in comparison to other types of credit.
A personal loan is when you borrow an amount of money from a bank, building society or other creditor, agreeing to pay it back over a set repayment term. You will be expected to make equal monthly repayments.
With ever increasing tuition fees, rental prices and living costs, going to university is more expensive than ever. Due to these prohibitive costs, it is incredibly typical for a person to take out student loans and they should, by no means, be considered a bad thing. Unfortunately, for many, they are simply the price of a good education.
Credit through store cards works in a very similar way to a credit card, however it only authorises you to purchase goods from the store that issued the card. This facility allows you to buy now and pay later or to pay for your goods in instalments if you choose to.
Few things in life are more essential than your utilities and it’s not an overstatement to say that water, electricity and gas are three things few people can live without. Whether that’s for hydration and sanitation, heating or cooking, or even access to the internet and television, having any of these utilities taken away is unthinkable.