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Term often used in debt to describe being late with rent, bills, child support, or other legal financial obligation.
Anything owned by an Individual or Company, such as Property, Car etc
A legally declared inability of an individual or organisation to pay back debts owed to creditors.
An ruling by a County Court against an individual who has not satisfied their debt payments with their creditors.
A record of an individual or company’s past borrowing and repaying, including information about late payments and bankruptcy.
This is determined on the basis of your credit report. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to individuals.
A company to whom money is owed (Banks / Credit Card companies etc)
An indvidual that advises on all aspects of debt and solutions available.
A Debt Consolidation Loan works in the same way as a standard loan, except its main purpose is to pay off your existing debts such as loans, credit cards, store cards, etc
A Debt Management Plan is an informal agreement with your creditors to reduce your debts with an affordable monthly repayment.
A Debt Relief Order is a form of insolvency (similar to Bankruptcy), introduced by the Government in April 2009. It is suitable for those with debts of less than £20,000 on lower incomes.
An IVA is a legally-binding agreement available to anyone who is struggling to pay off their debts.
Often referred to as IP’s these individuals are licensed to advise on, and undertake appointments in, all formal IVA procedures.
These include unsecured personal loans, credit cards, overdrafts, catalogue debts etc.
These include mortgage, rent, council tax, secured loans, utility bills