Competed as a candidate prior to winning and accumulated debts? (3,2)
I believe the answer is:
ran up
'accumulated debts?' is the definition.
(as in running up debts)
'competed as a candidate prior to winning' is the wordplay.
'competed as a candidate' becomes 'ran' (as in running for election).
'prior to' is a charade indicator (letters next to each other).
'winning' becomes 'up' (I've seen this in other clues).
'ran'+'up'='RAN UP'
'and' acts as a link.
(Other definitions for ran up that I've seen before include "significant rise" , "Accumulated" , "Sewed together quickly" .)