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Terminology.
Wondering what a word means? We've got that covered too.
We try to keep the jargon to zero, but there are words that you will need to know their meaning. Did you know the word "mortgage" means "death pledge" in Old French?! Spooky. Anyway, use below to find words you may not know the meaning of. We got you.
B
Bailiffs
A Bailiff is a commonly used name for “Enforcement Agents” who are assigned by the court to visit your home to recover debts in the form of money or goods.
Balloon Payment
A balloon payment is a lump sum payment which is attached to a loan or other borrowing. Balloon payments are usually due at the end of the borrowing period and tends to be much larger than a normal monthly loan payment.
Here is an example of a balloon attached to Personal Contract Purchase (car finance):
Vehicle cost: £20,000
Borrowing taken out: £15,000
Balloon payment at the end of the finance contract: £5,000 one payment
Bankrupt
To be declared bankrupt means that you are unable to pay your debts (also known as being insolvent). Your financial affairs would have been appointed to someone else to manage as directed by the court. Typical action may include selling any assets you may own to pay towards your debt. Bankruptcy usually lasts one year but can be longer.
Bankruptcy
Bankruptcy is the situation where a person or business has been made bankrupt.
Read more about this topic by here.
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We want to support people who are in or at risk of debt. By drawing upon knowledge and experience of how money and debt works, we have produced a website full of up-to-date information, and useful tools to do just that.
Ultimately, we have one goal, and that is to educate people about debt, by simplifying complicated matters, so that anyone can understand.
More than anything we hope you find the information on this website useful, and that it helps you to take positive steps in the right direction.
To find out more about the different ways we can help you, head over to the 'How we can help you' section.
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Budget planner.
Do you know how much you have left at the end of each month? Do you need to send an income and expenditure to a creditor? We've got you covered. Our budget planner provides you with a simple and free way to view and track your spending.