People talk about `prioritising` debt in two ways: making overpayments in the order that saves them the most money, or prioritising problem debts (which is the focus of this article).
When it comes to repaying problem debts, establishing which debts are your biggest priorities is important.
It`s important that you repay all your debts, but because some carry a higher risk of serious consequences (such as repossession) if you miss payments, different types of debt must be treated differently – when it comes to certain debt solutions, for example.
Priority vs.
A debt ridden couple are planning to give away their house for free as part of a competition in order to offset their business loan debts.
The luxury West Yorkshire house, which has been their home for 11 years, is being used as first prize in a free competition that they hope will raise substantial advertising revenue.
Michelle and Paul Wood came up with the idea of the competition after problems with their luxury chocolate company meant that their debts kept mounting up.
Further problems arose as when applying for a business loan, Mrs.