Asset
Property belonging to someone. They are categorised in two sections; real property such as building and lands or personal property such as cars, vehicles, jewellery and other cash assets.
County Court Judgement
This is a legal ruling from the court. This requires you to pay back your creditors.
Credit History
Credit history holds all the information about your financial transactions. Money you have borrowed in the past. Money that you still owe or any failed repayments. This is used to work out your credit rating.
Credit Rating
A credit rating is used to give you a unique rating suggesting how investable you are. Credit companies will look at this rating to determine how much money you can borrow. There are a number of factors that are taking into account, your employment, banking, housing and other financial information.
Credit Reference Agency
These are companies that hold your credit data. The major ones in the UK are Equifax, Credit Expert, and Call-Credit. You can request your credit file from them for a nominal fee.
Creditor
Person or Company you owe money to.
Debtor
A debtor is someone who owes money. If you have borrowed money off someone, you are their debtor.
Equity
This is a person´s real property value after deducting all charges and liens
Interim Order
An Interim Order is granted by the court after you have given in your proposal to halt all actions from the creditors.
Insolvency Expert
An insolvency expert is a Licensed Practitioner who will be dealing with your IVA. They will normally act as the supervisor once the IVA has been agreed upon.
Lien
A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation.
Repossession
If a creditor is not paid back the money they are owed, they can repossess your belonging in order to pay for the debt.
Statement of Affairs
The listing of a debtor's assets and liabilities and sworn under oath by the debtor before a lawyer or Commissioner for Taking Oaths.
