What are creditors?

Creditors are organisations or people to whom you are in debt. Creditors can therefore be credit card companies, banks where you hold overdrafts, loan companies and so on. If you are in serious debt to your creditors then you may need to consider an IVA (individual Voluntary Arrangement) or another debt solution. Talk to the Debt Advice Trust to find out more.

Reputable creditors adhere to and are regulated by the Consumer Credit Act 1974. This Act also gives you certain rights in respect of dealing with your creditors.

Repaying your creditors

Apart from bank overdrafts, the debts you hold with your creditors will require monthly repayments. These can involve different amounts at varying interest rates at different times of the month. The debts can soon mount up and become unmanageable. Talk to the Debt Advice Trust, a registered not for profit organisation, for expert, honest and impartial advice about debt solutions.

Be in control

Creditors can be very forceful in getting their money back if you ever fall behind in repayments. So if you are in serious debt, act now by calling the Debt Advice Trust. An IVA or another debt solution could save you from legal action by your creditors and help you to become debt free.

Creditors FAQ's

• Q: Will my creditors agree to an IVA?

  A: If you are struggling to meet your repayments and they think an IVA is the best way for them to get their money back, then they may well agree. Talk to the Debt Advice Trust for further advice about IVAs.

• Q: What if my creditors suggest their own solution to my debts?

  A: You should definitely talk to the Debt Advice Trust first for impartial advice and to ensure you are fully advised about other debt solutions that may be available to you.

More debt FAQ's