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Consolidate Debts Loans
Want to get out of debt, consolidate your debt, get a better loan or just learn some top money and debt rescue tips? We have financial advice here that will help you achieve your dream of being debt free. Absorb all the info on site and join our blog for frequent updates tips and news. Pay Debts BlogDebt Glossary
Debt Glossary of Terms from Consolidate debt loans
APR: The cost of credit that consumers pay, expressed as a simple annual percentage. Bailiff: an officer of the court who is employed to execute writs, warrant and processes and make arrests etc. (CCJ) County Court Judgment: is the term for a judgment made against a person or company for debt in the county court. Generally if a CCJ is paid in full within 30 days of the date of the judgment it won't appear in the credit register. CCJ's are a matter of public record. They are catalogued and held for 6 years with the Registry Trust. If a judgment is settled after the 30 day period it will be entered into public record and this will affect your credit rating. Creditor: a person to whom money is owed by a debtor; someone to whom an obligation exists Debt to Income Ratio: Most mortgage lenders use this ratio to analyze your financial well-being. It is figured by using your monthly debt divided by your monthly income. The lower the percentage the better your financial score. This is often referred to as credit worthiness or you credit score. Debtors: a person to whom money is owed by a debtor; someone to whom an obligation exists. In economics a debtor (or a borrower) owes money to a creditor. Equity: An increase in the value of your home or decrease in the loan amount on your home creates equity. Equity is the difference between what is owed on your home and the sale value. Most home equity lenders will allow you to borrow up to 80% of that value. Loan: the temporary provision of money (usually at interest) Lend: give temporarily; let have for a limited time; "I will lend you my car"; "loan me some money" Principal: This is the amount of money that is actually owed not including interest. If you say, purchased an item for £200 on your credit card that would be the principal balance or the initial purchase price. Secured debt: Secured debt has collateral such as a home mortgage or car loan. Term: The time required to repay a loan. Unsecured debt: Unsecured debt has no collateral. Credit card debt is an example of unsecured debt. A car loan would be an example of secured debt. Debt Consolidation: a strategy sometimes used by consumers to better manage their debt problems. Rather than paying off several separate bills each month, a consumer consolidates his or her debts with a financial institution that will arrange for one lower monthly payment extending over a period of time.Consolidate Debt Loans, provides this site and information freely and is not engaged in rendering financial or other professional services. Always read the fine print on any loan agreement. We do not accept any responsibility for any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use of this Consolidate Debt Loan informational website.
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