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 consolidating debt?

Consolidating debt is a tactic used by many to get their finances under control and rebuild their credit rating. The idea is that you take out a loan to repay all others outright and are left with one large debt but only one interest rate which is usually lower and more manageable.

For example: Many people take advantage of 0% interest rate deals for transferred debts on credit cards. These deals allow them to put a stop to run away interest rates which only serve to get them deeper and deeper into debt. Others re-mortgage to repay their debts, as a mortgage allows them to repay the loan over a greater period of time for a much lower rate of interest. Re-mortgaging is risky because it carries the risk of losing your house if you fail to keep up with repayments.