Debt Glossary
- Adverse credit - poor credit history
- Bailiff - a person who is authorised to collect debt on behalf of a creditor
- Bankruptcy - a legal process that occurs when individuals can no loner manage their debt
- CCJ - County Court Judgement
- Creditor - person or company you owe money to
- Debt - amount of money owing to a company or person
- Debtor - person or company that owes money
- Insolvency - when a person or business cannot pay their debts
- IVA - Individual Voluntary Agreement
- Lender - person or company you owe money to
- Passive Income - income from business or investments that you do not have to work in on a day to day basis
- Repossession - a legal process where a lender can take take possession of your home due to non payment of debts
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.