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What is the difference between SECURED and UNSECURED creditors?

April 26, 2017Creditors secured unsecured

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What is the difference between SECURED and UNSECURED creditors?

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Secured creditors will hold a Bill of Sale, Mortgage, Lease Agreement or Hire Purchase Agreement over your property or goods as in the case of a motor car or house for instance. Unsecured creditors are the rest of the people you owe money to such as credit card providers, personal loans from finance institutions, store cards and all other unpaid accounts.