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Step 5 - Prioritising your Debts Some debts are more important than others. Debts are usually classified as priority or non-priority The importance of the debt is not decided on the amount owed, but instead, the priority is based on the legal remedies that the creditor can enforce to recover the debt. The methods of enforcement used will depend on the type of debt owed. Priority debts A priority debt is generally defined as a debt where non-payment could lead to the eventual loss of your liberty, your home, your essential services (fuel supply), and in some circumstances your essential goods. Note that if you are not currently in arrears with your priority creditors, you should ensure that you keep up the payments before dealing with any arrears that you may have with your non-priority creditors. Non-priority debts A non-priority debt is any other debt where non-payment could not lead to the loss of your liberty, home or essential goods or services. If a debt is not a priority, this does not mean that you should ignore it, the creditor can still take legal action to recover their money - it's just that your priority debts have first call on available income. |
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Examples of priority debts
In certain circumstances, Hire Purchase (HP) and conditional sale agreements can also be considered as a priority debt. However, this will only be accepted as a priority if less than a third of the total price has been paid, or if the agreement was for essential goods. Examples of non-priority debts
In most circumstances, Hire Purchase (HP) or conditional sale agreements will be considered as non-priority debts. However, if less than a third of the total price has been paid, or the agreement was for essential goods, then they may be considered as priority debts. | |