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.
S
Secured Debt
A Secured Debt is simply a debt backed by collateral such as a property. If you default on the debt, there is security in place that the creditor has the right to take to satisfy the debt. Typical examples of secured debt are mortgages and car finance.
Shortfall
Mortgage shortfall
If your property is sold for less than you owe to your mortgage company, the remaining amount of the borrowing you owe is called the shortfall.
For example - If you have £150,000 left to pay on your mortgage and your property is repossessed then sold for £120,000. The shortfall is £30,000 (£150,000 - £120,000)
Car Finance shortfall
If your vehicle is sold for less than you owe to the car finance company, the remaining amount of the borrowing owed is called the shortfall.
For example - If you have £10,000 left to pay to clear your car finance and your vehicle is repossessed thensold for £7,000. The shortfall is £3,000 (£10,000 - £7,000)
Statute Barred
A Statute Barred Debt is simply a debt that can no longer be taken for legal action through court due to the fact that the time limit to take this action has passed.
Learn more about Statute Barred debts – what they are, how long until a debt is Statute Barred and more by typing “Statute Barred” in our search box.
Stay
In legal terms, a Stay is an action by the court to stop or suspend a legal proceeding, either temporarily or indefinitely.
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.