Debt & Credit
Debt collection, credit reports, loans, and bankruptcy.
20 guides
- Bank froze your account
A bank may freeze your account because of suspected fraud, a court order, government collection action, unpaid debt, bankruptcy, or an internal compliance review. A freeze usually limits withdrawals or transfers while the bank investigates or follows legal instructions, but it does not always mean the money has been pe
- Bankruptcy basics: when it helps
Bankruptcy is a legal process that can help when debts have become impossible to repay, particularly unsecured debts such as credit cards, personal loans, and some collection accounts. It can stop or limit collection activity and may lead to debt being discharged, but it can also affect property, credit, employment, bu
- Being sued for a debt
Being sued for a debt means a creditor or debt buyer has started a court case seeking money, and possibly interest, fees, or court costs. The case can end in dismissal, settlement, a court judgment, or—if you do not respond—sometimes a default judgment.
- Buy now, pay later debts
Buy now, pay later (BNPL) lets you split a purchase into several payments, often without stated interest but sometimes with late, account, or other fees. Missing payments can lead to collection activity, credit-report entries, lawsuits, extra costs, or financial difficulty.
- Car repossession and your rights
Car repossession usually happens after missed loan or lease payments, but the lender’s rights depend on the contract, local law, and whether the vehicle is used for personal or business purposes. You may have rights to notice, a chance to catch up, a fair sale process, and information about any remaining balance.
- Co-signing a loan: your risk if they stop paying
When you co-sign a loan, you generally promise the lender that the debt will be paid if the primary borrower does not pay. If payments are missed, you may face collection efforts, damage to your credit record, legal action, and sometimes responsibility for the full balance, interest, and costs.
- Credit card interest, fees and disputes
Credit card interest is usually charged according to the card agreement, while fees are limited or regulated by consumer-credit laws and contract rules. You may be able to dispute unauthorized transactions, billing errors, or certain merchant problems, but a dispute does not automatically cancel the debt or stop intere
- Dealing with debt collectors
Dealing with a debt collector usually involves confirming that the debt is real, checking the amount and ownership, and deciding whether to dispute, negotiate, or pay it. The rules about contact, credit reporting, court action, and limitation periods depend heavily on where you live.
- Debts after someone dies: who has to pay
When a person dies, their debts usually become claims against their estate, not automatic personal debts of their relatives. The estate’s assets are generally used to pay valid debts before anything is distributed to beneficiaries, but joint borrowers, co-signers, guarantors, and some spouses may have separate responsi
- Fixing errors on your credit report
Credit reports can contain wrong names, accounts, balances, payment histories, addresses, or fraud-related information. Most countries give you a process to challenge inaccurate information with both the credit reporting agency and, where appropriate, the business that supplied the information.
- Identity theft: the recovery process
Identity theft happens when someone uses your personal information without permission, often to open accounts, make purchases, obtain loans, or file tax and benefit claims. Recovery usually involves stopping further misuse, documenting what happened, disputing fraudulent accounts, and monitoring your identity and credi
- Lending money to a friend or family member
Lending money to a friend or family member can create a legally enforceable debt, even when the arrangement is informal. The main risks are unclear terms, missed payments, damaged relationships, tax consequences, and difficulty recovering the money if the borrower has no assets.
- Medical bills and medical debt
Medical bills can come from hospitals, doctors, insurers, pharmacies, ambulance services, or private providers. The usual process is to check the bill, resolve insurance or billing errors, negotiate or arrange payment where appropriate, and respond carefully if a collector becomes involved.
- Old debts and the statute of limitations
An old debt does not automatically disappear, but the time for a creditor to sue or enforce it may have expired. The deadline depends on the type of debt, what has happened since the last payment or written acknowledgment, whether a court judgment exists, and where you live.
- Payday loans and high-interest lenders
Payday loans and other high-interest loans provide quick money but can become expensive when fees, repeated borrowing, and missed-payment charges build up. The law may limit interest, fees, collection conduct, or loan terms, but the rules depend heavily on where you live and on the type of lender and loan.
- Settling a debt for less than you owe
Settling a debt means reaching an agreement to pay less than the full amount claimed, usually in exchange for treating the debt as satisfied. The agreement can affect your credit report, taxes, legal rights, and eligibility for bankruptcy or formal insolvency options.
- Student loan options when you cannot pay
When you cannot pay a student loan, the available options usually depend on the loan’s country, owner, repayment plan, and whether it is already in default. Common options include changing the payment plan, requesting a temporary pause or reduced payment, applying for hardship assistance, and negotiating with a private
- Tax debt and payment plans
Tax debt usually continues to grow through interest, penalties, and collection costs until it is paid or otherwise resolved. Tax authorities commonly offer payment plans, but approval, payment amounts, interest, and enforcement rules depend on the country, tax type, and your financial circumstances.
- Unauthorised charges on your card or bank account
An unauthorised charge is a transaction you did not make or approve, including a card purchase, cash withdrawal, electronic transfer, direct debit, or payment made using stolen account details. The process usually involves reporting the transaction quickly, securing the account, and asking the bank or card provider to
- Wage garnishment and how to stop it
Wage garnishment is a legal process that redirects part of your earnings to a creditor, government agency, or former spouse or partner. The usual ways people try to stop or reduce it are to challenge the order, claim protected income or hardship, reach an agreement, pay the debt, or use a formal debt-relief process suc