Personal debt
Money owed by an individual in their own name, including loans, credit cards, tax liabilities, guarantees and other personal obligations.
Related terms
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Consumer debt
Money owed by an individual on personal borrowing or household commitments, such as credit cards, loans and overdrafts.
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Debtor’s petition
A formal application made by a debtor asking the court for their own bankruptcy under procedures where that terminology applies.
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Administration order
A court-managed debt arrangement in England and Wales for those with qualifying judgment debt and debts within the legal limit. One regular payment goes to the court and is shared among creditors.
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