Part 5Debt management and relief

Chapter 4Debt management schemes

Various

132Expressions relating to debts

1

All debts are qualifying debts, except the following—

a

any debt secured against an asset;

b

in relation to a debt repayment plan which has been requested or arranged, any debt which could not, by virtue of the terms of the debt management scheme, be specified in the plan.

2

A business debt is any debt (whether or not a qualifying debt) which is incurred by a person in the course of a business.