Debt Management for Priority Debt
If you have multiple debts which you are struggling to make payments to, it is important that you know which ones to tackle first, as the creditor which may shout the loudest should not always be the one which you pay. Debt Management for Prority Debt is one of the most important things.
Priority debts are debts which have serious consequences if they are not paid. For example, your mortgage payment classes as a mortgage payment as failure to pay means that you could risk losing your home to repossession. As you can see, it is important that priority debts are given this priority status over your other debts, as it is essential that you keep a roof over your head and electicity in your home.
If you are struggling to afford your priority debts because you are paying too much to your unsecured debt, including credit cards, store cards and overdrafts, One Advice can help assist you with debt management which will help you to meet your priority debt payment.
Priority Debt Guide
One Advice have put together a priority debt guide which goes through all the key aspects of ways to deal with your priority debt. Here you will find a wealth of information about a range of priority debts, including:
- Council Tax Debt - The amount of Council Tax that you pay is dependant on the value of your home as well as how many adults are living there and their employment status. Remember that council tax is a priority debt…
- Child Maintenance Payments - Child Maintenance Payments should always be considered as a priority debt. The court could decide to insist that bailiffs go to your home in order to pay off these arrears…
- Mortgage and Rent Arrears - Mortgage and Rent arrears should be treated as a priority debt as failure to make payments could mean that your home could be repossessed or your landlord can evict you from the rented property…
on July 15th, 2009 at 10:23 am
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on July 16th, 2009 at 9:38 am
So glad that you are finding this website a good resource – it has lots of information about UK debt management, IVA and Bankruptcy advice, as well as tips on how to keep your personal finances in check.
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