Debt Management PlansA Useful Glossary of Common Terms.....Bad CreditArrearsBlack ListedDebtDebt ConsolidationDebt Management PlanDebtorDefaultDefault NoticeEarly Repayment ChargeImpaired CreditJudgementInterim OrderNomineeDeed of ArrangementA deed of arrangement is what an individual (not a company) uses to clear creditor debt bar formal bankruptcy. This method is no longer very popular, as Individual Voluntary Arrangements have surged in popularity. Back to TopBad CreditBad credit could be any loan or credit facility that has been unpaid for a period determined by the lender. It is also called Poor Credit. Back to TopArrearsIf you miss a payment, make a late payment or fail to pay the full sum owed on a loan or credit agreement you will fall into arrears, which could lead to a CCJ. Back to TopBlack ListedPeople who have a poor credit history may be susceptible to notes against their accounts that will indicate the big risk they pose to financial institutions. Should they receive credit, it will only be on a high interest rate. Back to TopDebtDebt is the amount of money you owe to lenders. Back to TopDebt ConsolidationThis could be a single loan that that you use to pay off the majority of your outstanding unsecured debts. you would usually pay a lower monthly amount over a longer period. Back to TopDebt Management PlanA type of repayment scheme, this plan helps individuals to manage their debts. please contact one of our advisors to see how this could help you. Back to TopDebtorA debtor is the person who owes money to a financial institution or company. Back to TopDefaultBeing in payment arrears means you are more than 30 days behind the repayment date and it could lead to further legal action. Back to TopDefault NoticeCreditors issue default notices to debtors to inform them that the company will start with legal proceedings to recover their money. Back to TopEarly Repayment ChargeEarly repayment charges, also sometimes known as a settlement charge, are applicable if a loan or a mortgage is repaid early. Back to TopImpaired CreditIndividuals with a poor credit rating could have impaired credit if they have been struggling to keep up with repayments or if they were declared bankrupt. Back to TopJudgementA judgement is a ruling given within a court of law that will result in an obligation by one party. Back to TopInterim OrderIndividuals who want to arrange a voluntary agreement with their creditors should apply to the court for an interim order. If the court grants an order, it will protect against bankruptcy and any other legal proceedings while in force. Back to TopNomineeAn individual or corporate debtor nominates someone to report on the proposal for an IVA or CVA. Back to Top
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