Do you know how much you have left at the end of each month? Do you need to send an income and expenditure to a creditor? We've got you covered. Our budget planner provides you with a simple and free way to view and track your spending.
Wondering what a word means? We've got that covered too.
We try to keep the jargon to zero but there are words that you will need to know the meaning of. Did you know the word "mortgage" means "death pledge" in Old French?! Spooky. Anyway use below to find words that you may not understand the meaning of. We got you.
A Bailiff is a commonly used name for “Enforcement Agents” who are assigned by the court to visit your home to recover debts in the form of money or goods.
A balloon payment is a lump sum payment which is attached to a loan or other borrowing. Balloon payments are usually due at the end of the borrowing period and tends to be much larger than a normal monthly loan payment.
Here is an example of a balloon attached to Personal Contract Purchase (car finance):
Vehicle cost: £20,000
Borrowing taken out: £15,000
Balloon payment at the end of the finance contract: £5,000 one payment
To be declared bankrupt means that you are unable to pay your debts (also known as being insolvent). Your financial affairs would have been appointed to someone else to manage as directed by the court. Typical action may include selling any assets you may own to pay towards your debt. Bankruptcy usually lasts one year but can be longer.
Bankruptcy is the situation where a person or business has been made bankrupt.
Read more about this topic by here.
In a state of panic?
You're not the first and you won't be the last to panic about debt. Your mind starts thinking all sorts. "Will I lose my house?" "Will a bailiff turn up at my door?" When managing your finances your mind should be calm. We have an article for you that will help you calm your mind first and then you can see how easy it is to understand your situation and solve it.