As the name suggests, priority debts are more important that non-priority debts. More importantly, creditors of priority debts have stronger legal powers than creditors of non-priority debts. It is therefore crucial that priority debts are paid first each month.
So what are priority and non-priority debts?
There can be serious consequences for failing to repay priority debts. For example, you may lose your home if you do not keep up your mortgage payments,
The consequences to not keeping up with your repayments of non-priority debts are less severe although they can still affect your credit rating and creditors can still pursue you for what is owed so you must still deal with these debts.
Find out today whether you could be eligible for a Debt Management Plan. If you are, we can help you get the ball rolling to help you secure your financial future. Call us on 0161 669 3340 or complete our contact form for a callback from a member of our team.
Remember, we are here to help.
Beech Finance Ltd is authorised and regulated by the Financial Conduct Authority and you can check this on the Financial Services Register at: https://www.fca.org.Uk/
The information and guidance contained within this website is subject to the UK Regulatory Regime and is therefore primarily targeted at customers resident within the UK.
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.Uk
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Money Helper is an important service set up by the Government. They provide free debt counselling, debt adjustment and credit information. Click here to contact Money Helper