Glossary
| Jargon | Description |
| Arrears | When you fail to meet the contractual payments to your household bills this is when arrears occur. Serious arrears which must be paid immediately can occur if you miss payments to your mortgage, rent or council tax. You can also be in arrears if you don't maintain your payments on unsecured debts. If you continue to miss payments then arrears will accumulate and you will be required to pay an additional amount on top of the regular payments until the arrears are cleared. |
| Assets | Items you own that have monetary value are known as assets. Assets would include for instance your property, car, stocks, shares, antiques and savings etc. |
* Only applicable for an IVA – Terms & Conditions Apply: Debt write off applies only where an Individual Voluntary Arrangement is suitable, adhered to and at the end of 60 months. This relates to unsecured debts that were included with an IVA and does not include any secured debts mortgages, HP or utility bills. Failure to adhere to an IVA can result in bankruptcy. An IVA will affect your credit rating for up to 72 months after completion of your IVA. Fee Payable this is paid out of your monthly contributions to your IVA and will be notified to you in advance. Homeowners may be required to remortgage after 3 years. Alternative solutions may be offered.
* Blair Endersby Ltd: Registered Office Address: City Wharf, New Bailey Street Manchester, M3 5ER. Registered in England and Wales: 3849301: Consumer Credit Licence Number:480389, VAT Registration:855339696: Data Protection Registration No Z8891939: Our Insolvency Practitioners are licensed by the Association of Chartered Certified Accountants.
Blair Endersby - IVA Specialists, IVA Advice a sister company of Baines and Ernst Debt Solutions Specialists