Homeowner Loans Glossary
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Debit Card.
A plastic payment card, issued by a bank or other financial institution, which enables the
holder to obtain goods and services without the requirement to pay cash. The cost of any transaction
is debited from a current account within a few days of the purchase taking place.
Debt.
Money owed by one person to another person or institution.
Debt Consolidation.
Term used to descibe the action of raising new money to pay off an existing debt or debts. Another term
for this is "refinancing".
Debt Refinancing.
Term used to descibe the action of raising new money to pay off an existing debt or debts. Another term
for this is "consolidation".
Debtor.
A person owing money to another person or institution.
Default.
Failure by a debtor to meet a payment requested from a creditor. Payments towards credit that are
missed three or more times can be registered on a persons credit history as a default.
Default Notice.
This is issued by the lender to the client who has defaulted. It sets out the specific nature
of the breach of the terms and conditions of the loan and must offer solutions and timescales for
the client to correct the breach.
Delinquency.
Failure to meet a full payment towards an item of credit on the due date.
Demerit Point.
A generic term used for a default, a CCJ or one months arrears registered against a person.
Direct Debit.
A payment system in which the person paying authorises the payee to take funds from his bank. The instructions
originate from the payee and therefore companies can vary the amount that they take from a persons account
without them being aware of any changes.
Disability Living Allowance.
A financial tax free benefit given by the government to people who need help with personal care. We
can sometimes use this type of income to support an income multiple.
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