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Secured Debt
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Money borrowed that is secured on an asset to reduce the risk associated with lending. Which means if terms of payment are not kept to, the lender may demand the monies back by the sale or return of the asset that money was secured on.
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Statutory Demand
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A formal notice that requires the payment of a debt exceeding £750.00 within 21 days, either by installments or a lump sum or to secure it against property. If in default of this demand the creditor maybe able to apply for bankruptcy or liquidation proce
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