Sometimes if you do not pay a debt by the due date it may be lodged with a debt collection agency. The debt collection agency will then contact you to make an arrangement for you to repay the debt.

If a debt collection agency becomes involved it will affect your credit rating making it harder for you to borrow in the future.

In extreme cases the debt collection agency can obtain a court order to acquire your assets (such as house or car) or take some of your wages in order to pay your debts.

Never get a loan for someone else – even if they are your boyfriend, girlfriend, husband, partner or family member. You cannot guarantee that that person will pay all the money back and you may end up being liable for the full amount.

You can request a free copy of your credit file once a year. The website where you can fill in details to receive a form to request a free copy of your credit report can be found here.

Debt can put financial and personal pressure on a person or relationship.  If you are struggling with debt you can get help from Anglicare Financial Services – they might be able to help you manage your money and your debt.