Category: Managing Debt
Tax Arrears Explained: What to Do About Unpaid Tax
Understanding Tax Arrears Understanding Tax Arrears Tax arrears refer to unpaid tax payments that are overdue to HM Revenue and Customs (HMRC). When you fail to pay the full amount of tax you owe by the deadline, the outstanding balance becomes tax arrears. This situation can arise with various types of taxes, including income tax,…
How to Claim a Gambling Refund Due to Mental Health
Understanding Mental Health Gambling Refunds Understanding Mental Health Gambling Refunds A mental health gambling refund is the process of reclaiming money lost through gambling when those losses occurred while you were affected by mental health issues or addiction. This is important because mental health conditions can impact your ability to make informed, rational decisions. If…
Mortgage Arrears: Your Rights and Options Explained UK
What Are Mortgage Arrears? When you fall behind on your mortgage payments, the unpaid amounts are known as mortgage arrears. Simply put, mortgage arrears are the total of any missed payments you owe to your lender, plus any interest or charges that may have built up as a result. Being in mortgage arrears means you…
Rent Arrears: Your Rights and What to Do If You Owe Rent
What Are Rent Arrears? Rent arrears refer to any unpaid rent that a tenant owes to their landlord. This situation arises when a tenant fails to pay all or part of their rent by the agreed date specified in their tenancy agreement. Even a single missed payment can result in rent arrears, which can quickly…
How to Cancel a Loan or Credit Agreement in the UK
Introduction to Cancelling a Loan or Credit Agreement Cancelling a loan or credit agreement means formally ending your commitment to borrow money or use credit before the agreement’s full term has finished. This right is protected under UK law, giving you a window of time – usually 14 days from when you sign the agreement…
How Debt Management Plans Work: UK Guide
What is a Debt Management Plan (DMP)? A Debt Management Plan (DMP) is an informal agreement between you and your creditors that allows you to repay your non-priority debts – such as credit cards, personal loans, or overdrafts – at a rate you can afford. Rather than juggling multiple payments each month, a DMP consolidates…
Debt Time Limits: What Statute-Barred Debts Mean for You
Understanding Debt Time Limits in the UK Debt time limits, also known as limitation periods, are legal rules that set out how long a creditor has to take court action to recover a debt. These rules are designed to ensure that people are not pursued indefinitely for old debts, providing clarity and protection for both…
Early Loan or Credit Repayment: Your Rights and Key Steps
What Is Early Repayment of a Loan or Credit? Early repayment of a loan or credit means paying off some or all of your borrowing before the end of the agreed term. This is different from making your regular monthly repayments, as it involves settling your debt ahead of schedule – either in full or…
How to Deal With Fines and Penalty Charges in the UK
Understanding Fines and Penalty Charges Understanding Fines and Penalty Charges Fines and penalty charges are financial penalties imposed when someone breaks the law or fails to meet certain obligations in the UK. They are designed to encourage compliance with rules and regulations, and can be applied by courts, local councils, government agencies, or other authorities.…
Gambling Debt: Legal Overview in the UK
What is Gambling Debt? Gambling debt is money owed as a result of betting or gaming activities, such as losses at casinos, online gambling sites, bookmakers, or private bets with friends or acquaintances. These debts can arise from a range of situations – whether you’ve lost money on a sports bet, run up a tab…
