3) DESCRIPTIONS
Arrears
Budget
Court Summons
Creditor
Credit Reference Agencies
Credit Sale Agreement
Debtor
Default Notice
Disposable Income
Financial Statement
Fixed Rate
Fixed Term
Guarantor
Hire Purchase
Litigation
Originator
Non-Dependents Contribution
Non-Priority Debts
Priority Debts
Secured Loan
Unsecured Loan
Working Days
Total amount of payments overdue.
A plan for balancing your spending against your income.
A set of forms giving a court hearing date, inviting you to explain your financial circumstances so the court can determine how much you can pay.
Someone who has lent money or goods
Organisations that are licensed under CCA 1974 Act. They hold information that lenders refer to on making a decision whether to approve applications.
Where a business is financing its own goods to gains sales.
Someone who has borrowed money or goods.
An official form which must be issued by a creditor before court action can start.
The income that is left over when your expenditure is subtracted from your income. Expenditure does not include Non-Priority Debts.
A summary of your income and expenditure, (SOA) showing how much money, if any, is left over to pay off your debts.
An interest rate which is guaranteed not to change over a set period of time
A set period of time applying to products and services provided by a financier to be paid over a set period.
A promise made by a person to pay another person's debt should they fail to make payments.
A method of purchase often used to buy cars and household items, where the item is legally owned by the creditor until the end of the agreement. NB. This means even if the item is returned to the creditor the debt can still remain.
Taking legal action through the courts
A company that collects payments from a customers account in line with the customers instructions – ie for direct debits and recurring transactions.
Someone living with you and contributing financially into the household.
Debts which do not put the borrower at serious risk if not paid. Such debts can lead to court action, but not to losing a house.
Debts which put the borrower at risk of serious loss if not paid, such as losing a home, car, gas or electricity supply etc. or going to prison.
A loan guaranteed by some property of the borrower (eg house). If the borrower doesn’t pay, the lender can take the property and sell it to pay off the debt.
A loan which is not guaranteed by property.
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FIGHTING DEBT
a user's guide
GLOSSARY
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GLOSSARY
Understanding what some of the language and abbreviations used can be confusing. Although most sites I have visited for help do seem to be the same in abbrieviations used so I have compiled a list so that at least you know what they are refering to. Also included are details of the different Consumer Acts, and other common words used.