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Priority Debt Help UK
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If you do not act quickly to deal with priority debts, the consequences can be severe. Abacus offers a complete debt management service and will advise you of all your options.
Some debts are more important than others. The law allows different creditors different ways of getting their money back. If you bury your head some creditors could do any of the following:
- Send in bailiffs to take possessions from your home or business.
- Repossess your home.
- Ask the magistrates court to send you to prison.
These are the types of debts you could have problems with:
| Type of debt | Action taken against you |
| Second mortgage | Repossession |
| Income tax, National Insurance, VAT arrears | Distraint/Bankruptcy |
| Council tax/Community Charge | Distraint/imprisonment |
| TV Licence | Fine/Distraint/Imprisonment |
| Water rates | Cut off |
| Gas/Electric | Cut off |
| Magistrates court fines | Distraint/imprisonment |
| Unpaid Fines | Distraint/imprisonment |
| Maintenance Arrears | Distraint/imprisonment |
| Hire purchase (Essential items) | Repossession of goods |
All the above are priority creditors and under no circumstances should you ignore them. It is important you use your available money to pay these creditors first. Do not pay your secondary creditors until you have reached an agreement with all of the above where applicable.
Secondary creditors include:
- Unsecured loans
- Credit Cards
- Unnecessary hire purchase agreements
- Store cards
- Catalogue and mail order
- Mobile phone (disconnected)
- Repossessed house or car loans
Debt Management
A debt management program can reduce your monthly bills by up to 75%, clearing all existing credit cards, loans and other debts, replacing them all with one monthly payment.
We do this my negotiating with your creditors to help reduce your current payments, to a single affordable monthly payment. Apply now and we can help to reducing your outgoings within days.
- Your enquiry will be free of charge
- You'll be under no obligation.
- All correspondance will be strictly confidential.
We will find a comfortable payment for you, giving you just one cheque to write each month. Once we receive your payment, it will be dispersed to your creditors. Key points of out service are:-
- You will not go further into debt -
- Your monthly payments will be reduced.
We offer a complete service and will advise you of all your options so, for a quick and effective answer to your debt problems, contact us with by the Apply Now Form for by Phone. We'll call you back for a FREE consultation
Your legal rights: Coping with many Debts
Information for those with Multiple Debt Problems. If you have many different debts, there are several ways, using the courts, that you can help to sort things yourself.
article keywords: Coping, Debts, mangement, Administrative, orders, advice, Information, Bankruptcy, Bankruptsy.
Administrative orders
If you have at least one High Court or County Court Judgment (CCJ) against you, and your total debts are no more than £5000, you can apply for an 'administration order' (AO). This allows the court to send payments to all your creditors. You make one monthly payment to the court and this is then split between all your creditors in a way the court decides.
Once this happens, a creditor can't take any action against you, and they will stop adding interest to your debt. The administration order can include:
- Council Tax;
- gas, electricity, phone and water bills; and
- fines.
These creditors may object to being included on the administration order, but the court will decide whether or not to include them.
Individual voluntary arrangement (IVA)
An IVA is a legally-binding arrangement between you and your creditors that is drawn up by a qualified insolvency practitioner (usually an accountant). You must agree to pay money, as a lump sum, instalments, or both. In return, your creditors may:
- write-off part of the debt; and
- not take court action against you or make you bankrupt.
You have to pay all the costs and fees and also a large amount of the debt, so it is realistic only if you have a fair amount of spare money or things you can sell to pay your debts.
Not everyone qualifies for an IVA. Call us now to discover if you qualify.
Bankruptcy
This releases you from your debts after two or three years. But your finances will be officially investigated, and you will have to make reasonable payments towards your debts for the first two or three years, if you can afford to do so.
Bankruptcy is not an easy option and you should also get expert advice before applying to make yourself bankrupt. It may not be suitable for people:
- With certain types of job (for example, if you work in finance, you are a solicitor, or self employed);
- If you own (or are buying) your own home; or
- If you have a lot of other assets.
And there are some types of debt you will still have to pay after bankruptcy:
- Magistrates' fines;
- Maintenance for a partner or children;
- Debts from fraud; and
- Come forms of student loans.
Finally, you must make a lump-sum payment (currently at least £250) to make yourself bankrupt (even if you are receiving benefits). This fee alone rules it out for many people.
Bankruptcy Alternatives
Debts over £15K ? An IVA maybe the solution for you. upto 70% of all Debts written off.
Bad Credit Loans
Specialists in helping UK residents who have been refused a loan elsewhere.
See Also Abacus Debt Advice- Secured Debt Consolidation Loans
Priority Debt Help, Repossession, Priority Debts, Distraint, FREE consultation. lower monthly payment, reduce payments