The DFW Dictionary

yellowmonkey

Just found this. Top Girl :T :T :T :T :T

ym

rayday2

http://forums.moneysavingexpert.com/showpost.html?p=397751&postcount=18

Found this excellent topic with abbreviations and links to others extremly helpful. Very organised layout too.

immoral_angeluk

rayday2 wrote: »

http://forums.moneysavingexpert.com/showpost.html?p=397751&postcount=18

Found this excellent topic with abbreviations and links to others extremly helpful. Very organised layout too.

OI! you sayin' my layout ain't organised? :cool:

:rotfl:

ginormousflares

CHeck you out with your very own sticky!

ginormousflares

Top idea though I-A. Your brills!

ellerose

How do you cross out text in your signature to show your debts going down?

MONEYMAKINGMUM

Nice thread, how about
ltr,ftp long time reader, first time poster
like me! learning lots from mse'ers & this site, dfw at heart

immoral_angeluk

Updated to include nifty SOA calculator.

Thomas99

Administration orders this is where the courts make an order as to how an individual's outstanding debts will be paid. An order can be issued where the individual's debts are £5,000 or less and the customer has a County Court Judgment. It often orders the individual to make monthly payments to the court and the court will issue the payments on a pro-rata basis to each of the individual's creditors. Whilst the order is in place, no creditor who is included in the order will be allowed to take any action against the individual, except under certain circumstances. Letters and debt collection procedures against the individual will also be stopped.
The court will take 10p out of every £1 as payment for their admin costs.

Arrears these are payments due that have been missed.

Attachment of Earnings (AOE) this is where a lender will apply to the court for an order to allow them to take funds direct from an individual's wages if they fail to keep up repayments on a debt. As a result of an AOE , the individual’s employer must by law deduct the monies from the individual’s wages and make payments to the lender up until the time the debt is paid off.

If the lender has obtained a Court Judgment against an individual and the individual has fallen behind with at least one payment, and they owe more than £50, a lender is able to apply to the court for an AOE.




Bailiffs these are people officers of the court who are employed to recover monies, enforce evictions, and repossess goods under hire purchase agreements or where a CCJ has been issued. They can also make arrests if someone is in contempt of court.

Bankruptcy is a way of dealing with debts where an individual cannot pay, which enables them to make a fresh start with their finances. However, there are serious implications and costs associated with going bankrupt that should be carefully considered. Anyone can have a petition made against them for bankruptcy or apply to declare themselves bankrupt. Before making the decision to go bankrupt or not, the individual should make sure they have considered the alternatives. Bankruptcy may not be their only option.
The individual may have to give up any possessions of value and any interest in their home.




Charging orders this is an order from the court placed on an individual's property (house or land) for monies owed to a lender. If an individual has unsecured borrowing and they have not kept to the repayment arrangement, and the lender has obtained a court judgment against the individual, the lender can request the court to place a charging order on their property so that when the property is sold they have to pay the lender's debt off before any of the proceeds are given to the individual. In basic terms, the unsecured debt becomes secured on an individual's property by order of the court.

Consolidation loan this is a where some or all of an individual’s existing debts are put onto one loan. An advantage is that one loan payment is easier for an individual to manage.
Specific conditions may apply dependant upon individual lenders rules and requirements.

Consumer Credit Counselling Service a charity that provides free and confidential budgeting advice and debt management plans.

County Court Judgment (CCJ) if someone owes money to a lender and fails to make repayments, the lender may take the issue to court and obtain a judgment to recover the money owed.

Credit file a credit file holds information regarding monies someone has borrowed, applications they have made for borrowing and notes if repayments of monies they have borrowed have been made satisfactorily or not. Anyone can obtain a copy of their own credit file from either "Experian" or "Equifax", for a small administration fee of £2. It also holds information on dates of bankruptcy.

Credit file information a credit file will show certain details that an individual gave when making an application to borrow money and also voters roll information. It will also include information about anyone financially associated with that individual. This could be that they have a joint court judgment against them, a joint account or they have made a joint application. This information is held for six years or six years after the debt has been repaid.

Credit Reference Agency details of how customers repay their accounts are recorded with Credit Reference Agencies. These are organisations licensed under the Consumer Credit Act to hold information that is of relevance to lenders. Lenders may refer to these agencies to assist when customers apply for loans and credit cards and many will use this information in their decision to lend money or grant the customer a new card. Any detrimental credit information such as missed payments held at these agencies may adversely affect a customer’s ability to get credit in the future.

Creditor this is someone who is owed money and is another name for a lender.




Debt Collection Agency this is a company which collects debts on behalf of a creditor, or buys a debt from the original creditors.

Debt Management Company this is a company that can offer a range of financial solutions to help people with debt problems. Some Debt Management Companies charge a fee for their services, others (for example CCCS) provide this service free of charge.

Debt Management Plan this is a repayment scheme administered by a Debt Management Company (for example Consumer Credit Counselling Service), for people unable to make their full contractual payments to their creditors.

Default notice this is a letter a lender may send to a customer if they are in arrears with their account. Each lender is obliged by law to send this letter before they instigate legal action and the content of the letter includes formal wording required by law. The notice informs the borrower that the lender is intending to terminate the credit agreement as they have failed to keep up payments. The notice will also allow the lender to take steps to recover monies owed to them. Default notices are registered with credit reference agencies and remain on an individual's file for six years. Anyone who receives a default notice should speak to their lender straight away.



Financial Services Authority this is the regulatory authority for the UK financial services industry in the UK which sets the rules for how financial companies operate and looks out for the public's interests.



Interest in relation to credit agreements this is the charge made for borrowing a sum of money.

Individual Voluntary Arrangements (IVA's) this is a formal agreement between an individual and the individual's creditors where the individual comes to an arrangement with people they owe money to, to make reduced payments towards the total amount of their debt in order to pay off a percentage of what is owed. Then generally after 5 years the debt is classed as settled. Due to its formal nature, an IVA has to be set up by a licensed Insolvency Practitioner (IP).




Joint and Several Liability this is a debt in joint names where all borrowers are liable for the debt owed. If for any reason an individual is no longer associated with the other person(s) with whom they took the joint debt, they are all still liable for the full amount outstanding. A lender has every right to pursue either party for the outstanding debt owed. However, they cannot collect the money twice. If one party fails to make the payments owed, the lender may pursue the other for the full amount.




Liability this is another word for a debt.




Official Receiver is a civil servant in The Insolvency Service and an officer of the court. They will be notified by the court of the bankruptcy or winding-up order and will then be responsible for the administration of the bankruptcy. They will normally carry out an interview with the bankrupt and it is ultimately their decision as to whether assets should be sold for the creditors benefit.




Repayment protection this is a type of insurance to cover your monthly repayments on a credit card or loan should you lose your job or be too ill to work or unable to work due to an accident.

Right to Offset this is used when you have fallen into arrears with payments to a credit card or loan provider and you hold savings or current accounts with the same provider. They can use the "Right to Offset" to take funds from your savings or current account, without your permission, to bring the debt back up-to-date.

Risk based pricing (existing borrowing) From time to time lenders may look at the running of your accounts to reassess the variable rate or rates you pay on your borrowing. Lenders will do this to make sure the rates you're charged reflect your financial circumstances at the time.

Risk based pricing (new applications) Certain lenders will offer different interest rates when you apply for lending products. This is based on your personal circumstances at the time of your application.




Underwriter this is someone who is trained to evaluate risk.




Warrant of execution this is issued by the County Court at the creditor's request following the obtaining of a county court judgment for a debt, and allows the court bailiffs to attempt to take goods from your premises so that they can sell those goods and use the proceeds to pay the debt.

MamaSaver

This was freaking me out for a while, couldn't find what it meant for ages, then finally googled it and discovered:
buy one get one for free:j