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Glossary

Debt Management : Debt management can be a simple and easy answer to solve the existing financial strain brought on by a large outstanding debt amount. Debt management is a financial-suggestive measure with that some financial professional or certified counselors assess debtors' financial situations, assists in creating a spending plan according to their financial circumstances, and bargain the term of their debts with creditors. Debt management will save your money with lower payment options.

Debt Management Plan : Through debt management plan one can employ financial advisers who are experts in consumer credit, money, debt management, and budgeting. They will set the plan that will be beneficial for those who are in financial dilemma. Debt counselors will decide your debt management plan. Debt management plan includes informing the creditors that the debtor has entered in a plan. It may help in reducing or waiving late fees decreasing the total amount of debts.

APR : APR or the Annual Percentage Rate is the interest rate charge on loan. This figure takes into account not only the interest payable over the repayment terms of the loan but also including all other charges.

Arrears: Arrears occur when borrower fail to meet the payments on time. Missing payments to your mortgage may lead to serious arrears, which must be paid immediately. Arrears will mount up if you continue to miss payments and you will be required to pay an additional amount on top of the regular payments until the arrears a re cleared.

Bankruptcy : The state in which a business cannot meet its debt obligations and petitions a federal court either for restructuring of its debts or liquidation of its assets.

Court Orders : Court orders are an official proclamation by a judge that defines the legal relationships between the parties before the court and entails the carrying out of definite steps by one or more parties to a case.

County Court Judgements (CCJs) : County Court Judgement is the term for a judgement made against an individual or company for debt in the county court.

Charging Orders : Court order incorporating restrictions on the clearance of certain assets, such as property or securities, given after judgement and give priority of payment over other creditors.

Certificate of Satisfaction : A document signed by the lender and recorded in the land records evidencing release of a trust deed, mortgage or lien on the property.

IVAs : A voluntary arrangement for a person is a procedure whereby the person comes to an arrangement with their lenders in how their debt will be discharged. For such arrangements it requires the approval of the court and is under control of a supervisor and insolvency practitioner.

Trust deed : A deed given by a borrower to trustee to be held pending discharge of an obligation.