Non - Priority Debts

Non-priority debts | Unsecured Debts

Unsecured debt is a form of debt that is not secured to any asset. This would normally include debts such as credit cards, unsecured loans, overdrafts, store cards etc...

If you have unsecured debt and you are worried about it, the first thing to realise is your creditor does not have any claim to the goods that were purchased with the credit, even if you have failed to keep up your repayments. Your creditors only have a right to pursue you for the money owed.

For example. If you bought a car with a personal loan, then were unable to keep up the repayments for the loan, the creditor cannot go after you to get possession of the car. They can however, press you for the monthly repayments of the loan, or even reduced monthly payments. If you cannot fulfill these they may pursue you for Bankruptcy. However, there are solutions available for those of you who cannot manage their unsecured debts, such as IVAs or Debt Managment.

What to do if you need advice on your unsecured debts

If your unsecured debts are getting too much to handle, please contact us at Debt Advice as we may be able to help you. Fill out the form below and our experienced Debt counsellors will be in touch to discuss your situation. We can provide you with the best answers and options for your circumstances.

All our debt advice is free and confidential. Your information is not retained or passed to any third party. You have complete control over what you want to do with the advice we give you.

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