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what is an outstanding debt?

just tried to find answer on google but no luck.

just having an argument with someone.

from what i understand, an outstanding debt is something unpaid. ie, a few missed credit card payments.

the person im arguing with is saying outstanding debts are anything you have such as loans, credit cards etc regardless of whether you keep up with repayments.

which is true? need to know! ive stated on an application form that ive got no outstanding debts but i DO have a small loan. i didn't think this was a outstanding debt? its no problem if it is, i'll just give them a ring but need to know reallllly so i can ring them asap otherwise they'll think ive been dishonest.

gawd, i must sound like a write thicko asking this :p
Beep boop. I'm a bot.

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    oh.

    i think i may have interpreted the word "unpaid" wrong. i thought that by unpaid, it meant you'd missed payments.

    oh poo. so i do have an outstanding debt then?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Oh the boyfriend says outstanding debt does include loans.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Outstanding debts - debts, such as loans, which haven't been paid off.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    stargalaxy wrote: »
    Outstanding debts - debts, such as loans, which haven't been paid off.
    :yes:.

    Even if you're paying it off regularly, if you still owe them money you're still in debt to them.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    ahhh poop :blush: ive been a bit silly!

    will just give the vetting lady a call on monday morning to explain! sure they'll understand :)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It's waht i'm surrounded by.. Outstanding Debt :(
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I disagree. If someone asked me about outstanding debt, I would say I don't have any. Stuff that is paid on time is not outstanding.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    outstanding debt is debt that is fantastic.

    I'm inclined to believe though it's not missed payments but rather debts not yet paid off in full.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i would also agree with debt not paid in full
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Definitions of outstanding debt

    That portion of a debt which remains unpaid. Outstanding loan balance refers to that portion of principal that has not been repaid.

    OR

    outstanding debt

    Definition
    Unpaid portion of a debt that may include interest accrued on the balance.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    My personal interpretation would be outstanding debt is something that has gone unpaid which was supposed to be paid.
    i.e. "I have £1500 of outstanding debt on my loan because I missed the last two payments" (I didn't :p)

    But in reality, it is an amount which you have yet to pay off - i.e. "I have approximately £5000 of outstanding debt on my car repayments, which is due to be paid off over the next 15 months" (I do)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It's really awesome debt.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    In terms of a police application form, it's any debt you have that you didn't repay when it was due to be repaid. It doesn't include debt that isn't due to be repaid yet.

    The reason why they ask is because bankrupts cannot, by law, be police officers.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    In terms of a police application form, it's any debt you have that you didn't repay when it was due to be repaid. It doesn't include debt that isn't due to be repaid yet.

    The reason why they ask is because bankrupts cannot, by law, be police officers.

    thats what i interpreted outstanding debt to be.

    im going to ring up the vetting office tomorrow just to be sure. im going to sound like a right tit, lol.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thats what i interpreted outstanding debt to be.

    im going to ring up the vetting office tomorrow just to be sure. im going to sound like a right tit, lol.

    I doubt it, it's best to be sure about these things especially if it could come to bite you back in the ass.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thats what i interpreted outstanding debt to be.

    im going to ring up the vetting office tomorrow just to be sure. im going to sound like a right tit, lol.

    I wouldn't even bother ringing to be honest. They are not stupid, they know that people have debt. What they are interested in is where people have defaulted on payments, etc. and they are still being chased for that debt - I.E. potential leverage that could be used by some criminal faction against you.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    well i rang and it DID include any debt but she told me it wasn't a problem as i don't have any ccjs, have never missed any payments/have defaults, etc.

    *phew*

    thanks for the advice guys!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Bit of a late spot but just going to move this thread in to Money :)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I would of thought an outstanding debt was a big debt like say...




























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