Loan debt and Bankruptcy

If you have loan debt and you cannot meet the basic monthly payment, then you need to consider how you deal with your debt problem. As well as a personal debt problem, you may also have credit card debt, and also store card debt. If you have a lot of different types of debt, you can deal with all of these at the same time within one simple debt solution.

Many people call the Help With Debt helpline. These people all have something in common. They owe people money that they cannot repay on agreed terms. That is not uncommon. It is ok to be in this situation. This year over a third of a million people with enter a debt management programme. These are people just like you who are looking for a solution to their debt problem.

For many people, there is a problem with loan debt. This loan debt can be built up in a number or ways for instance, by personal loans taken out to but a car, or sometimes a holiday. Many young people take out personal loans to pay for a honeymoon and then find a few years later that they have taken out too much  credit for instance to set up their first home that they cannot service all their debt.

If you have debt from a personal loan, that you cannot service or pay off each month  because you have taken on other credit, then you need to consider the solutions available.

Firstly, consider if the debt that you have taken on is in your own name or the debt of you’re and your partner. This is known as joint and several liability. If it is in just one name, only the named person is liable. If it is in both names, then the likelihood is that both of the couple are responsible. If you are still together, this will have an effect on the solution we may advise. If you have now separated , we may advise an alternative solution.

Whatever your situation, if you have debt from a loan that you cannot pay, it makes no sense to ignore it when you can get a debt solution for free from the Help With Debt helpline.