Testimonials

"My debts had me worried and I had trouble sleeping,The Insolvency Network helped me get my life back on track..."

-Mr Q. from Bradford (UK)

"I owed thousands on credit cards, I kept transferring my balance but IVA was the solution I needed..."

-Miss F from Peterborough (UK)

"My rent was arrears and I was scared I was going to be evicted, I must have run up every kind of debt there was..."

-Mr P from Portsmouth (UK)

"My debt was causing my marriage to fall apart. IVA was the best..."

-Mr & Mrs A from Portsmouth (UK)

"I could not believe my gambling had left me owing so much on credit cards, I just could not afford to pay..."

-Mrs P from Newcastle (UK)

"I was embarrassed by my situation but the Insolvency Network provided a discrete service in our home..."

-Mr & Mrs M from Sheffield (UK)

In partnership with the Insolvency Network

D3b7 > Types of debt

Types of debt

Debt is not a bad thing, for many people it is a way of life. Debt becomes a problem when it gets out of control and you cannot afford to make the payments you owe on time, or in some cases at all.

Debt can basically be divided into two groups:

Unsecured debt is credit given to you without securing it against an asset, whereas secured is backed by an asset which, if you continually fail to make payments, could be repossessed by the lender.

For more information on some of the more common causes of debt click check the links below, remeber these are amongst the most common reasons people have financial problems but we can advise you and show you how to write off your debt no matter how you found yourself in your current situation, you are not alone and help is available:

Mortgage arrears

Hire purchase

D3b7 > Types of debt

Types of debt

Rent arrears

Credit card debt and Overdrafts

Household bills