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Bailiff

A bailiff is someone authorised to collect a debt on behalf of a creditor. There are different types of bailiffs - e.g. county court bailiffs, certificated bailiffs and private bailiffs all of which are used to collect different types of debts. Examples include county court judgments, unpaid council tax; magistrates court fines, unpaid maintenance to the Child Support Agency and outstanding rent.

Bankruptcy

Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due and has no reasonable prospect of ever repaying the monies due. The Bankruptcy proceeding has two aims: 1. To free the individual from the pressures of creditors (people they owe money to) to enable him or her to make a fresh start. Please note, however, there are certain restrictions against the individual. 2. To ensure that all assets (such as property and investments) are distributed fairly among the creditors.

Budget

A personal budget details all of an individual's income and expenditure and should help them understand their finances.