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Glossary of Terms
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show all questionsArrears
You fall into arrears, when you make a late payment, altogether miss a payment, or fail to pay the amount owed to a loan or credit arrangement. Being in arrears can bring about a CCJ.
Bad Credit
Bad credit can be any credit service that has not been for an age determined by the lending company. It can also be known as Poor Credit.
Black Listed
If you have a poor credit history, you might be in danger of notes on your accounts, which will indicate the risk you present to financial institutions. If you are able to obtain further credit, it is more than likely to be at a high rate of interest.
CCJ
Meaning County Court Judgement, a CCJ is a ruling given in a law court that can result in an obligation to you to pay your debt back.
Creditors
The company that provided the credit.
Debt
The total amount of monies you owe to creditors.
Debt Consolidation
Often a solitary loan you use to pay all, or some of your existing unsecured debt obligations. This would often result in paying less, but over a longer amount of time, thus resulting in much higher overall costs.
Debt Management Plan
A repayment system where the individual is in control of payments. Often a debt management plan can be run in the background, with peace of mind and no contact from creditors. Please contact one of our fully trained advisors to see how a debt management plan could help you.
Debtor
The person who owes money to a creditor.
Default
Default occurs when a debtor has not met its legal obligations according to the debt contract.
Default Notice
A default notice is served by a creditor to inform the debtor that the company plans to commence legal proceedings, in order to recover their money.
Early Repayment Charge
Creditors sometimes add to their small print, that should you pay off the debt early, you will be charged a fee. This is an attempt to recover some of the high interest rates they charge for their credit.
Interim Order
Individuals who want to arrange a voluntary agreement with their creditors should apply to the court for an interim order. If the court grants an order, it will protect against bankruptcy and any other legal proceedings while in force.