Below we have outlined the most common questions asked about debt.
Please click on a question to get the relevant answer.

Is my credit rating going to be affected?
I am being threatened with court action, what can I do?
Can I go to prison for debt?
Will I lose my house?
What is consolidating debt?
What is an IVA?
What are debt management services?
What is bankruptcy and when should I declare it?
Will I be able to get a mortgage or credit in the future?

What is bankruptcy and when should I declare it?

Bankruptcy is the final extreme of debt. If you have no way of making repayments with what income you receive then declaring bankruptcy may be your only option. It should only be done as a last resort as there are consequences that come with it.

Once bankruptcy has been declared the courts decide how much you can and will repay. All of your possessions can be sold to cover the debts and any businesses you own will be shut down and the employees dismissed.

If you have declared bankruptcy you will be barred from certain professions and will find it very difficult to obtain credit in the future.

Debt Solutions