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Debt Law

If you are in debt you should be aware that there are a number of different methods of dealing with your debt; UK debt law provides for some of these methods, while others are informal and unregulated by law. The facts are that there are legal methods for creditors to collect on debts, and if this should happen to you the consequences may be devastating.

Fortunately, debt law also provides the debtor with methods of solving their debt problems so that they can prevent a creditor from causing them further problems.

Debt Law and Creditors

There are several methods that a creditor can use debt law to collect a debt; one of those is to file for a County Court Judgment against you. What happens will depend on several factors, including which track the judgment is in. If the claim is for less than £5,000, the claim will be under the Small Claims Track. In this case you will go to a hearing that will be informal, at the hearing the Court will pass judgment.

As part of debt law and collections there is also the Fast Track, this is where a claim is filed that is less than £15,000 and the trial will be relatively short, usually less than one day. In addition, there is also a Multi Track Court; this is where all of the claims are filed that cannot be taken care of by the Small Claims Track, or the Fast Track.

Anyone who you owe money to can file a claim against you in County Court. If this should happen to you, you will have the opportunity to appeal the Court’s decision if you are dissatisfied with the ruling, but debt law also allows for the creditor to appeal as well.

Debt law also provides for ways that the ruling may be enforced; one method is with a Warrant of Execution, which will allow for the creditor to take procession of your assets. If there are any problems in taking control of the assets the Court can order a Bailiff to execute the warrant and take the property.

Even though all of this may sound very intimidating, those who are in debt do have alternatives available that are also provided for by debt law. You may consider debt management, which is an informal agreement with creditors to pay off your debt, plus there is the option of IVA, a formal and legal agreement to pay off debt, plus there is the option of bankruptcy.

If you are faced with mounting debt, it is always a good idea to address your financial problems before they get to the point that you have creditors filing County Court Claims against you. Debt law can work for you, as well as for the creditor.