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.
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.
