The Debt Guide explains common financial terms used within the UK Debt and Personal Credit industry

Every person should know the basics when dealing with personal debt advice and help in England, N. Ireland, Scotland and Wales.

 

Administration order - An arrangement through a county court to repay over time at reduced rate

Bankruptcy - A final end to a debt problem that cannot be repaid in reasonable time

Consolidate or Consolidation - A process of putting multiple repayments into one new one

Creditor  - Someone who is owed money

Debt Management - Informal arrangement between you and your creditors

IVA or Individual Voluntary Arrangement - Formal arrangement between you and your creditors

Insolvency - A procedure of dealing with personal or corporate financial/debt issues

 

Insolvency Practitioner or IP - A qualified and regulated person who can supervise your IVA

 

Mortgage - Loan taken to buy a home with the home acting as security of none repayment

 

Secured Loans - Loans requiring secured items against the risk of none repayment

 

Trust Deed - in Simple terms, A Scottish IVA

 

Unsecured Loans - Loans not requiring secured items against the risk of none repayment

 

Data Protection Act 1998 - Protects a consumer against disclosure of personal information

 

Consumer Credit Act 1974 - Legal guideline for the general credit industry in the Uk

 

CCL or Consumer Credit license - License required to undertake offerings of credit facilities/services

 

 

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