Understand this. Verify that you need to spend a financial obligation

Understand this. Verify that you need to spend a financial obligation

You’ll be accountable for a financial obligation if it is something which the legislation claims you need to pay, like council taxation or water costs.

You’ll also most likely need to pay a financial obligation in the event that you’ve finalized a agreement to express you consent to offer cash to some body. This might be something similar to a:

  • credit contract, as an example in the event that you’ve bought a washing machine or applied for a charge card
  • tenancy contract, in the event that you lease

If you’re accountable for a financial obligation it is called ‘being liable’. This means you’ll have appropriate responsibility to spend it. You should be able to challenge the creditor if you’re not liable. A creditor is any organisation or person your debt cash to.

Debts you’re perhaps not accountable for

You may not need to spend a financial obligation if:

  • it is been six years or even more as you produced repayment or had been in touch with the creditor
  • there clearly was a challenge whenever you finalized the contract, as an example it or the agreement wasn’t clear if you were pressured into signing
  • the creditor didn’t check always precisely that you might spend the money for repayments whenever you finalized the contract

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