Priority debt
A debt that should generally be dealt with urgently because non-payment can carry particularly serious consequences, such as loss of essential services, home or liberty in some cases.
Related terms
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Non-priority debt
A debt where the immediate consequences of non-payment are generally less severe than for priority debts, though the creditor may still take recovery action.
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Informal debt solution
A non-statutory way of dealing with debt, such as direct negotiation, a repayment arrangement or a negotiated settlement.
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Non-formal debt solution
Another term for an informal debt solution, meaning an arrangement reached outside a statutory insolvency process.
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