priority debt?

[rickyg33]

Does anyone know if a DMP or IVA, once entered into, is considered a priority debt or a non-priority debt?

If you come to an agreement with your credit card providers to repay so much per month, is that considered priority or non-priority debt?

rickyg

[carlmcmullen]

Not sure if i am understanding your question correct.

My understanding of a priority debt is one that needs to be paid each month other wise there are consequences. For example a Mortgage, secured loan if not paid then you will risk loosing your home. Car finance if not paid then the car can be taken. A CCJ if not paid the creditor could look to seek bankruptcy or a charging order.

These are what i see as a priority debt.

By simply entering into a payment arrangment with creditors i would not say this is a priority debt.