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Priority Debts "not the size of debt but the action that can be taken against you"
Priority debts are debts owed to creditors who can take the strongest legal actions against you if you do not pay. It is not the size of the debt that makes it a priority, but what the creditors can do to recover their money. Priority debts are:-
Mortgage arrears - the mortgage lender can take court action for possession of your home.
Rent arrears - the landlord can evict you if you have rent arrears
Income tax and VAT - you can be made bankrupt or imprisoned for non-payment of income tax or VAT
Fines, such as magistrates court fines for traffic offences. If these are not paid, the court can use bailiffs to repossess your goods. If, after this, you still have arrears unpaid, you can be sent to prison
Maintenance, child support or, council tax or rates. If these are not paid, a court can use bailiffs to repossess your goods. If, after this, you still have arrears unpaid, you can be sent to prison
Utilities debts - if these are not paid you can have your fuel supply disconnected
Hire purchase (sometimes called 'conditional sale') will be a priority debt if it is for an essential item, for example, if you have bought a car on HP and need the car to go to work. If you have any of these debts, you must deal with them before you offer to repay any of your non-priority debts.
debt is a problem and for a lot of people it is becoming more prominent.
Whether its business people, career people or students, we all have a great
tendency to buy and spend more than we should or can afford to do so which
lends itself to debt management problems. debt management
can be the very solution to your problem, where debt problems are experienced.
debt management is not something to be embarrassed about nor should you consider
yourself to be alone, ask for help, it is there in many forms from professional
debt management companies like our own to voluntary organisations. Figures
show that the average household debt in the UK is £8,795
(excluding mortgages) and £53,701 including mortgages.
Debt management is not necessarily needed for this level of debt but it does
highlight the rising debt management problems for many. In addition to this
figure and alarmingly the average owed by every UK adult is £27,638
(including mortgages). This grew by £200 last month.
debt management will help, simply ask you are not alone.
IVA – Individual Voluntary Arrangement
IVA or Individual Voluntary Arrangement are
legal processes that can take the place of bankruptcy which were brought about
as part of the Insolvency Act 1986. IVA's were originally introduced by the
government as a business insolvency solution, but they found that higher and
upwardly spiraling consumer debt led many non-professionals to seek the IVA
option as an alternative to bankruptcy. An IVA is a legally binding contract
between you and the companies you are in debt too. An IVA means you are in
debt and owe money. An IVA will allow you to reach a compromise with the people
or business you owe money too. By doing this the IVA will reduce your debt
to a level which is affordable to your income. The IVA will eventually clear
your debt over a fixed number of months usually within 5 years. An IVA specialist
like the team at Finance INC can help you understand your debt and calculate
an affordable repayment level, which is fair to both you and the debtors to
which the IVA will relate.
debt consolidation
What is a debt consolidation? Debt consolidation is simply
a repayment plan where someone who is in debt to many different debtors, can
group each individual debt into one single larger debt. debt consolidation
creates one single debt which is then paid for by taking out a debt consolidation
loan. debt consolidation usually takes place when someone holds many unsecured
debts. As the result is you have one debt, the payments are usually much less
than the accumulated payments made for each individual debt you had and therefore
becomes more manageable. Debt consolidation loans can be obtained either through
a further unsecured debt consolidation loans or through a secure loans, perhaps
an extension to your mortgage or other secured loan. The borrower must be
aware that a secured debt consolidation loan is usually done against the value
of your house. Care and consideration must be given to this as future breaches
of this debt could mean the loss of your house or other valuable items that
form the security through which the loan is granted. debt consolidation is
something that many people throughout the UK turn to, to reduce their debt,
it can be on a small scale if you owe £3-4000 to various credit and
debit cards, or on a much greater scale if your debt has spiraled out of control.
Either way debt consolidation does provide many with a realistic opportunity
to reduce your payments and ultimately your overall debt. Should debt consolidation
be something you feel may help your current debt situation, then contact one
of our professionals and receive the best, unbiased advice from a professional
debt consolidation specialists.
