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.
Capital is simply money or assets owned by a person or business that can be used to invest into business other investments.
A Charging Order is a court order that secures a debt against your property. You want to try and avoid getting this if you can. To gain a more detailed understanding of Charging Orders, search for the term "Charging Orders" in our search bar.
A Claim Form is the court document sent to a person to begin legal proceedings against them. In terms of debt, this form will be used to pursue money believed to be owed by the creditor.
A Claimant, simply put, it’s the party (or person) who files a claim via the courts because they believe that they have the right to or are owed something.
Collateral is an asset accepted by a lender to secure a loan. For example, with Logbook loans your vehicle is collateral.
A word of warning, be extremely careful before putting up any of your assets as collateral. Make sure you fully understand the terms and avoid this situation if you can.
Consumer Credit Act 1974
The Consumer Credit Act. 1974 was introduced to protect consumers (you!) from poor practises in the debt arena. This is acheived by regulating Consumer Credit and Consumer Hire Agreements.
A Counterclaim is when someone (a defendant) brings forward a claim against an existing claimant. If successful, the counterclaim would cancel out the existing claim against the defendant.
County Court Judgement (CCJ)
In a nutshell, a County Court Judgement (CCJ) is an order granted by, you guessed it, the County Court. If you fail to repay money owed to someone.
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In its most simple description, Credit is the ability to borrow money or obtain goods or services with an agreement that you will pay later. This may be in business through a trade account for example, or your personal life with credit facilities such as credit cards, overdraft etc.
A Credit Facility is simply an agreement with a bank that allows you to borrow money when needed up to a certain amount. A Credit Card or Overdraft are typical examples of this
Your Credit Score is the number that shows your level of risk or creditworthiness on your credit report. This number is shaped by various factors including things like, IVAs CCJ’s, defaults, late payments and more. It can influence whether lenders will lend to you or not. It’s worth noting that there isn’t one single way to calculate a credit score and many agencies may use a different logic.
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.