"I just wanted to say a big thank you to you and your Debt Management Team. I am glad that I spoke to you and had the courage to open up to you. You have taken a great burden off my shoulders, and above all given me the peace of mind that I needed."
Angela, Derby
Debt Help Glossary
- Arrears
- Assets
- Bankruptcy
- County Court Judgment (CCJ)
- Credit Report
- Credit Score
- Creditor
- Debt Advisor
- Debt Consolidation Loan
- Debt Management Plan
- Debt Relief Order
- Individual Voluntary Arrangement
- Insolvency Practitioner
- Non-priority Debts
- Priority Debts
"Arrears"
Term often used in debt to describe being late with rent, bills, child support, or other legal financial obligation.
"Assets"
Anything owed by an Individual or Company, such as Property, Car etc
"Bankruptcy"
A legally declared inability of an individual or organisation to pay back debts owed to creditors.
"County Court Judgment (CCJ)"
An ruling by a County Court against an individual who has not satisfied their debt payments with their creditors.
"Credit Report"
A record of an individual or company's past borrowing and repaying, including information about late payments and bankruptcy.
"Credit Score"
This is determined on the basis of your credit report. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to individuals.
"Creditor"
A company to whom money is owed (Banks / Credit Card companies etc)
"Debt Advis0r"
An indvidual that advises on all aspects of debt and solutions available.
"Debt Consolidation Loan"
A Debt Consolidation Loan works in the same way as a standard loan, except its main purpose is to pay off your existing debts such as loans, credit cards, store cards, etc
"Debt Management Plan"
A Debt Management Plan is an informal agreement with your creditors to reduce your debts with an affordable monthly repayment.
"Debt Relief Order"
A Debt Relief Order is a form of insolvency (similar to Bankruptcy), introduced by the Government on April 2009. It is suitable for those with debts of less than £15,000 on lower incomes.
"Individual Voluntary Arrangement"
An IVA is a legally-binding agreement available to anyone who is struggling to pay off debts of £15,000 or more.
"Insolvency Practitioner"
Often referred to as IP's these individuals are licensed to advise on, and undertake appointments in, all formal IVA procedures.
"Non-priority Debts"
These include unsecured personal loans, credit cards, overdrafts, catalogue debts etc.
"Priority Debts"
These inlude mortgage, council tax, secured loans etc.
Find out more about:
Debt Management Plans
Individual Voluntary Arrangements (IVA)
Debt Consolidation
Bankruptcy
Further Debt Help and Advice
