There are two types of debt that we are concerned with.
You would be unlikely to lose essential goods if non-priority types of debts are not paid. However if you make no offers to pay, creditors can take you to court for payment. If you still fail to pay after a court order the creditors can then get another court order to send bailiffs in to repossess your goods.
THESE INCLUDE
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Credit cards
- Visa, Mastercard, American Express etc.
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Store cards
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Edgars, Stuttafords, Woolworths etc.
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Bank overdrafts
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Personal loans from banks and other credit institutions.
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Hire purchase will be a non-priority debt if the item purchased is deemed as not essential to you.
- For example a TV bought on hire purchase.
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Money borrowed from family and friends.
These are types of debts that must be paid on a month to month basis without exception and must be given priority because of the serious consequences of not maintaining regular debt payments.
THESE INCLUDE
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Bond or rent.
- If not paid you could lose your house or be evicted.
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Income tax and VAT.
- You could be made bankrupt or be imprisoned for non-payment of these.
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Hire purchase agreements would be a priority type of debt if it is essential.
- For example, if it was used to buy a car and you need the car to go to work.
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Fuel debts (electricity and gas).
- if these are not paid you will have your fuel supply cut off.
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Fines such as magistrate court fines for traffic offences.
- If these are not paid bailiffs could be sent in to repossess your goods. If after this you still have outstanding arrears you could be imprisoned.
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Maintenance, child support, rates and taxes.
- If these are unpaid you could have your goods be repossessed or even imprisoned
Act now by submitting your application for an initial review of your situation without any obligations - Click here to submit your details.
Company Registration No.2005/001817/07.
