Unsecured Debt

This section covers all Unsecured Debt. That means Credit Cards, Store Cards, Overdrafts, Personal Loans, Payday Loans and other debts that fall under the Consumer Credit Act 1974.

Your first question should always be, "Is my debt over 6 years old?" Why is this an important question? If your debt is over 6 years old and you haven’t communicated about it, paid towards it, or gone to court, it may be statute-barred and can be handled with just one simple letter.

As mentioned earlier, our statute-barred debt article should always be your starting point. We explain what statute-barred debt means and how to tell if your debt is statute-barred. If, after reading, you are sure that your debt is statute-barred, download this letter.

Don’t worry if your debt is not statute-barred; the next step is to better understand it.

If you are struggling with your unsecured debt, don’t stress; we've got you covered. You are protected by Section 7.3 of the Financial Conduct Authority Handbook. This means you can make token payments towards your debts when you are struggling financially. We got you covered in this article, which will help you decide whether token payments may be suitable for you.

Ah, but what if your debt is already with a debt collector? You can relax; all of the above applies with a slight alteration because the Financial Conduct Authority also regulates debt collectors. That means they must also follow Section 7.3 of the Financial Conduct Authority Handbook.

You guessed it, we have that covered, too. If your debt is with a debt collector and you want to understand how to make affordable token payments, head over to this article.

Definitely not. There are other options for you to consider. We have collated a few to help you understand before tackling your debt. Let’s be straight: this does not mean that we recommend them; we think it’s important for you to make the best decision for yourself. You can’t do that without knowing all of the options out there.

Always read The Real Debt Guy’s final thoughts at the end of our articles to see our true opinion. We are here to support you, not creditors and debt collectors.

You might be worried about your credit rating, but should that be your primary concern when struggling financially? You should ask yourself that question. We have discussed this topic in one of our many articles, which is included below.

You might assume you must, but it’s not as straightforward. You can find out when and why you may choose or not to complete one by clicking here.

Unsecured consumer debts fall under the Financial Conduct Authority. As we said at the start of this page, they should not stress you or keep you up at night. Just understand that there are solutions. You must accept that you may lose your credit facilities and see a reduction in your credit rating for up to six years. This is a small price, so you don't worry and stress every day.

Check out our recommended reading below to find answers to most of the questions our community members ask!