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what is an outstanding debt?
BillieTheBot
Posts: 8,721 Bot
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
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
Beep boop. I'm a bot.
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Comments
http://www.google.com/search?hl=en&defl=en&q=define:outstanding+debt&ei=w8kySteSIIrOMr_y1JIK&sa=X&oi=glossary_definition&ct=title
http://www.businessdictionary.com/definition/outstanding-debt.html
I've obviously got no clue either
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?
Even if you're paying it off regularly, if you still owe them money you're still in debt to them.
will just give the vetting lady a call on monday morning to explain! sure they'll understand
I'm inclined to believe though it's not missed payments but rather debts not yet paid off in full.
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.
i.e. "I have £1500 of outstanding debt on my loan because I missed the last two payments" (I didn't
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)
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.
I doubt it, it's best to be sure about these things especially if it could come to bite you back in the ass.
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.
*phew*
thanks for the advice guys!
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