It is a legal requirement that a limited company must draw up an annual summary of its capital and shares, together with an up-to-date list of directors and members (shareholders) including their names, addresses and number of shares held, occupation and other directorships of a director and statement of the indebtedness of the company in respect of secured charges.

Often abbreviated to APR - the cost of credit at a yearly rate.

 

 

A person applying for credit privileges, employment or some other benefit.

 

 

Anything you own that has value or use.

 

 

The person authorised by the contractually responsible party to use the account.

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A proceeding in UK Courts that may legally release a person from repaying debts owed.  

 

 

A court order terminating bankruptcy proceedings on old debts.

 

 

A court order that denied one's bankruptcy petition making the debtor still liable for all debts.

 

 

A financial plan for saving and spending money.

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A card which requires payment in full upon receipt of the statement.

 Consumer Credit Association

Accounting term to indicate that the creditor does not expect to collect a balance owing on an account.

 A form of proceedings to enforce a judgment, which attaches to property, normally land or shares, owned by the debtor. The charging order operates like a mortgage in that it is usually used to secure payment by instalments. Upon default an order for sale may be made

Refers to the status of an account owed to a creditor when it has been transferred from a routine debt to a Collection Department of the creditor's firm or to a separate professional debt collecting firm.

A loan usually obtained for the purpose of reducing the amount of the payments of bills owing by consolidating the bills into one loan payment. The consumer pays off several bills with the proceeds from one loan and is left with one consolidated monthly payment.

Property acceptable as security for a loan or other obligation.

Person who uses and/or buys goods and services for family or personal use.

Organisations which help consumers find a way to repay debts through careful budgeting and management of funds. These are usually nonprofit organisations, funded by creditors. By requesting that creditors accept a longer pay-off period, the counselling services can often work out a successful repayment plan.

A trust or a promise to pay later for goods or services purchased today.

 

 

A rectangular piece of plastic used instead of cash or cheques authorising payment for goods and services.

 

 

Person or business furnishing consumer goods and/or services on credit.

 

 

Record of how a consumer has paid credit accounts in the past, used as a guide to determine whether the consumer is likely to pay accounts on time in the future.

 

 

The maximum amount of money you can charge on a particular credit account.

 

 

Individuals or Companies that promise to "clean-up" or "erase" your bad credit and give you a fresh start. Also know as Credit Clinics.

 

 

A record or file to a prospective lender or employer on the credit standing of a prospective borrower, used to help determine credit worthiness.

 

 

A company which gathers, files and sells information to creditors and/or employers, to facilitate their decisions to extend credit or to hire.

 

 

 

Purchases are deducted directly from the consumer's personal bank account.

 A company which provides a debt recovery service for the recovery of overdue accounts for their clients.

 Dormant Company

 A limited company that has never started, or has ceased, its trading activities but has not been dissolved. Annual returns are still filed, but the accounts state that the company did not trade during the year. A company is kept on the “live index” in this way, so that it can be easily reactivated if it wants to start trading again in the future

 

 

 

One of the three major credit reporting agencies.

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The period allowed to avoid any finance charges by paying off the balance in full before the due date.

 Guarantee

 

A loan based on the difference of the amount you own on your home, and the home's current market value.

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The cost of borrowing or lending money, usually a percentage of the amount borrowed or loaned.

 Elements where 'value' is intangible such as: patents, trademarks and goodwill.

 

The official court decision of an action or suit. This public record may be listed on your credit report in matters of money and debts owed.

 

A written document containing the conditions under which the possession and use of real and/or personal property are given by the owner to another for a stated period and for a stated consideration.

 

 

 

A loan agreement or claim against property given by the buyer to the lender as security for money borrowed.
 

 

 

 

 

The maximum amount you can owe at any time, based on your income, debt and your credit history.

 

 

A loan based on your income, debt and credit history.

 

 

The outstanding balance of a loan, exclusive of interest and other charges.

 

 

Information obtained by the Credit Reporting Agency from court records , such as liens, bankruptcy filings and judgments. Public records are open to any person who requests to see them.

 

 Quick Ratio

The short-term ability of a business to meet obligations. Calculated as current assets less stocks and work in progress, divided by current liabilities (also known as Acid Test Ratio - see A above)

 

Forced, or voluntary surrender of merchandise as a result of the customer's failure to pay as promised. There are several types and descriptions of repossession actions.

 

 

An account which requires at least a specified minimum payment each month plus a service charge on the balance. As the balance declines, the amount of the service charge, or interest, also declines.

 Red Lining

Declining an applicant for credit on the grounds that he/she lives at an address which is deemed unsatisfactory. This practice is outlawed by the Office of Fair Trade.

 

A credit card secured by savings account that has been established in advance by the borrower. The amount in the account usually determines the limit on the credit card. These accounts present no real risk factor for creditors and are usually much easier to obtain.

 Security

An electronic prepaid cash card, usually sold at banks and are exchanged at face value.

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