Priority Debts

Priority debts are debts that can lead to personal bankruptcy and business bankruptcy and you should consider dealing with as soon as possible as delays can lead to repossessions and court action.

All debts are important but some debts are more important than others and the creditor who shouts the loudest is not necessarily who should be paid first.

The law gives different creditors different ways of getting their money back as some creditors can take possession of your business premises or home, cut off power and water, send bailiffs in to take equipment, or ask a magistrate's court to send you to prison.

Unpaid tax and VAT can result in bankruptcy if you become in arrears and do not have a payment plan agreed while mortgage arrears can mean the lender will take court action for possession of your home, or if you rent the landlord can take action to have you evicted. Other types of debts like unpaid child support of utilities can lead to repossessions of your household consumer goods.

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