If you are behind with monthly
repayments it is important to know the rights
of the lenders and the possible consequences
of non-payment. Different creditors (lenders)
have different ways of recovering money. Also,
some lenders have more rights than others.
Below is a list of debts that should
always be regarded as a priority. These debts should not
be ignored no matter how demanding your other creditors are. However,
these are worst case scenarios and will not necessarily happen to
you. Read the articles listed below if you are particularly concerned
about one of your debts.
Other debts are still important and should
not be ignored, but these creditors (listed
below) have less power than the priority
creditors (although all of them can make
you bankrupt
under certain circumstances, or issue a County
Court Judgment against you).
Credit Cards
Store Cards
Overdraft
Personal loans (unsecured)
You should always try to pay
something to all of your creditors even if it is only £1 a
month and keep them fully informed about your financial situation.
For more information
on creditors and their rights contact one
of the following:
Payplan - The Free Debt Advice Agency
Freephone 0800 917 7823
Email: help@payplan.com
Web: www.payplan.com
Citizens Advice Bureaux - www.nacab.org.uk
National Debtline - 0808 808 4000
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