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Types of Debt

Bank Loans
Bank Loans

A senior bank loan is a loan issued to a company or individual that holds legal claim to the borrower's assets above all other debt obligations. A senior bank loan is a loan issued to a company or individual that holds legal claim to the borrower's assets above all other debt obligations.

Bank Overdrafts
Bank Overdrafts

If the bank uses its own funds to cover your overdraft, then it typically won't affect your credit score. When a credit card is used for the overdraft protection, it's possible that you can increase your debt to the point where it could affect your credit score. However, this won't show up as a problem with overdrafts on your checking accounts.

image: mfpc.org.my
Benefit Overpayments
Benefit Overpayments

Benefit fraud and overpayments If you are found guilty of committing benefit fraud it is likely that you will also have been overpaid benefit. The benefit office may take action to recover the overpayment in addition to prosecuting you for fraud.

image: amazon.com
Catalogue Debts
Catalogue Debts

Catalogue debt If you have a debt with a catalogue company, this is a non-priority debt. This means you can treat it in the same way as other non-priority debts such as credit cards, store cards, loans or overdrafts. Catalogue companies do not have extra powers to make you pay (for example, they cannot take your home). It is not a criminal offence to be unable to pay a catalogue debt.

Compulsory and Voluntary Debt:
Compulsory and Voluntary Debt:

Compulsory and Voluntary Debt: When government borrows from people by using coercive methods, loans so raised are referred to as compulsory public debt. Under the Compulsory Deposit Scheme in India, tax-payers have to compulsorily deposit a prescribed amount and defaulters are punished. This is a case of compulsory debt.

Council tax Arrears
Council tax Arrears

Help with council tax debt. If you've missed council tax payments or you're struggling to pay arrears, get free debt help now before your local authority takes any further action. You can use our anonymous Debt Remedy tool online, or call our free Helpline to talk to one of our expert advisors.

Credit and Store Cards
Credit and Store Cards

Use this credit card reality checker to find out how long it will take you to pay off your balance. Pay the most expensive card first. If you have store cards, they will probably be more expensive than credit card debts, so make sure you pay them off first. Credit cards also charge different rates of interest.

Energy Debt
Energy Debt

Send you useful info to help you use your energy more efficiently and save money. We’ll also talk to you about installing a prepayment meter in your home so you can Pay As You Go for your energy and repay your debt at the same time. In fact, we can’t disconnect you until we’ve done our best to help you repay your debt through a prepayment meter.

source: ovoenergy.com
Friends and Family Debt
Friends and Family Debt

Money is a funny thing when it passes between family and friends, especially if you are the one borrowing from or lending to a member of your family or a close friend. According to the Federal Reserve Board Survey of Consumer Finances, loans from family and friends amount to $89 billion each year in the United States.

source: debt.org
Funded and Unfunded Debt:
Funded and Unfunded Debt:

A funded debt is a company's debt that will mature in more than one year or one business cycle. This type of debt is classified as funded debt because it is funded by interest payments made by the borrowing firm over the term of the loan.

Internal and External Debt:
Internal and External Debt:

Difference Between Internal Debt and External Debt! The basic character of an internal debt is quite different from that of the external debt. In external debt, at the time of repayment there is a real transfer of resources.

Productive and Unproductive Debt:
Productive and Unproductive Debt:

Low interest rates don't especially make lending to small businesses worth the heightened risk. Moreover, if a bank can afford to, it will likely take all the bad-debt charge-offs possible in the fourth quarter.

source: mises.org
Short-Term, Medium-Term and Long-Term Loans:
Short-Term, Medium-Term and Long-Term Loans:

If we talk about the difference between these all types of loans then the common difference is just duration.Duration for short term cash loans is 1–12 months, mediun term loan for upto 5 years,and for long term upto 12 years and payday loan is for urgent requirement.

source: quora.com

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