Lewis Alexander Personal Uk Debt Consolidation Services Blog

Lewis Alexander Personal Uk Debt Consolidation Services Blog
0800 018 6868 - Lines open 24 hrs / 7 days

Saturday 10 September 2011

Personal Debt Guide

  • A simple personal debt guide about online financial terms and UK personal debt terminology. 
  • This personal debt guide explains common financial terms used within the UK debt and personal credit industry.

Every person should be able to find out about the basic terms used when dealing with personal debt advice and help in England, N. Ireland, Scotland and Wales.

Administration order - An arrangement through a county court to repay over period of time at reduced rate.

Bankruptcy - A final end to a debt problem that cannot be repaid within reasonable time. 

Consolidate or Debt Consolidation - A process of putting multiple repayments and credit accounts into one new one that consolidates the situation. 

Creditor - Company or person who is owed money by a debtor. 

Debt Management - Informal arrangement between you and your creditors to repay at a rate you can afford which is NOT legally binding. 

IVA or Individual Voluntary Arrangement - Formal arrangement between you and your creditors which is legally binding. 

Insolvency - A procedure of dealing with personal or corporate financial/debt issues. 

Insolvency Practitioner or IP - A qualified and regulated person who can supervise your IVA. 

Mortgage - Loan taken to buy a home with the home acting as security in the event of failed repayment. 

Secured Loans - Loans requiring secured items against the risk of none or failed repayment. 

Trust Deed - in Simple terms, A Scottish IVA with some differences. 

Unsecured Loans - Loans not requiring secured items against the risk of none or failed repayment. 

Data Protection Act 1998 - Protects a consumer against the disclosure of and the use of personal information. 

Consumer Credit Act 1974 - A legal Act and guideline of rules for the general credit industry in the UK. 

CCL or Consumer Credit license - License required to undertake offerings of certain credit facilities and services. 

If you would like one of our trained financial advisors to call you back to discuss debt management UK help and debt advice UK, then please call us FREE from a landline using 0800 018 6868.