Debt management: What debts can’t I include?

14 March 2008

When dealing with debt becomes unaffordable, overly complicated, or both, many people turn to a debt management specialist like Gregory Pennington.

Gregory Pennington’s Debt Management Programme can deal with unsecured debts – debts not secured to goods or property (a house, for example, or a car or TV).

Secured - the Debt Management Programme cannot deal with:

Mortgages / Secured loans / Hire Purchases / Conditional Sale Agreements. These are all secured – if you do not keep up payments, the creditor may be able to repossess the property, whether it’s a home, a vehicle or a piece of furniture.

Inland Revenue / VAT / National Insurance. If you are / were self employed, you have to pay your own Income Tax, VAT and National Insurance. If you don’t, your possessions could be seized or you could be made bankrupt.

Court Fines. e.g. parking fines, speeding fines, magistrates’ court fines. If you don’t reach an agreement with the court, your possessions could be seized or you could be made bankrupt.

Council Tax. If you don’t reach an agreement with the council, your possessions could be seized, money could be taken directly from your wages, or you could be made bankrupt.

Student Loans. If you took your loan out before September 1998, you can apply to defer repayment if you earn less than £2,011 gross per month. If you owe more than this, you must pay.
If you took your loan out after September 1998, repayments will be taken directly out of your wages if you earn more than £15,000 per year.

Current utility bills. Unless you change supplier, you could be disconnected.

Credit unions. When you borrow from a credit union, you’re borrowing from a ‘pool’ of money invested by other individuals – not from a commercial creditor.

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