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.
Terminology.
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.
P
Partial Settlement
Plain and simple, a Partial Settlement is settling a debt for less than the amount owed.
For example, agreeing with a creditor to settle a debt at £2000 when £10,000 is owed.
Payday Loan
Payday loans are very controversial short term, high interest loans that are usually expected to be paid back the next time the borrower receives their wage. They are also unsecured. Try and avoid them if you can.
Payment Holiday
A Payment Holiday is when a lender or creditor agrees for you to pause making payments towards your debt for a set period of time.
Personal Loan
Personal Loans are loans taken out by an individual or individuals (I.e. the consumer). This type of debt is unsecured as they are not secured to an asset such as a property or vehicle.
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.