Introduction of Debts
People should be aware of different aspects of debts before dealing with it
. Usually when you're sorting out how to pay back your debts, you should identify the most important ones. These are called your 'priority debts' and should be settled first. You can share more in detail about debts with experts and debt agencies. People should know that the most important debts aren't necessarily the biggest ones. But the priority debts are ones where serious action can be taken against you if you don't pay what you owe. If you dont handle your debts properly then may face situations like if you don't keep up with mortgage payments and payments on loans secured on your house, the lender can take legal action to take possession of your house and sell it. In the same way debts another scenario may clarify its meaning more clearly like If you fall behind with your rent, your landlord can take possession action in the county court to evict you, and you will still owe the rent arrears.
Its highly important to balance your financial budget to overcome such scenarios of debts. Tax, National Insurance and VAT are too associated with debts. Being a educated citizen its important to pay the tax. Not paying tax may lead you being made bankrupt. You should know that tax debts cannot become the sole reason for a prison term, but cases of serious fraud could result in criminal proceedings. Debts has a vast areas to deal as associated with human life such as council tax, utility bills, hire purchase debt, and more. Another aspect of debts are non-priority debts or can say credit debts. Some of the non-priority debts features include credit card or store card arrears , catalogue debts , water rates arrears , bank overdrafts and loans , personal loans with finance companies , loan shark loans , and money borrowed from friends or family.
Noticeably, you cannot lose your home or go to prison for not paying 'non-priority' or credit debts, but you can still be taken to county court and ordered to pay what you owe, in few cases with extra costs on top.
Introduction of Debts
By: Marcus Smith
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