Glossary
Account
Your loan account information is all in your control panel.
Account Balance
Account balance represents the amount of money in the account.
APR
Annual Percentage Rate. The interest payable on the amount borrowed is added and then expressed as an annual rate charged.
Arrears
Money that was due to be paid but has not been paid. When you are behind with payments, you are in arrears.
Assets
Your money, car, property, goods and so on that have a financial value.
BACS
A BACS transfer is an electronic transfer to a bank or building society account in the UK with a specified amount.
Credit Limit
The maximum amount of money that you may borrow.
Credit Rating
Credit rating is a measure of the credit worthiness of an individual. It is calculated from an individuals current assets and liabilities.
Credit Report
A document that list your credit history created and updated using information from Banks, Retailers and others.
The Main Credit Referencing Agencies:
CallCredit, Consumer Services, PO Box 491, Leeds, LS3 1WZ
or call 0870 060 1414
or log on to www.callcredit.co.uk
Equifax PLC, Credit File Advice Centre, PO Box 3001, Bradford, BD1 5US
or call 0870 010 0583
or log on to www.myequifax.co.uk
Experian, Consumer Help Service, PO Box 8000, Nottingham NG80 7WF
or call 0870 241 6212
or log on to www.experian.co.uk.
Debit Card
When you pay by debit card the money is taken directly from your bank account immediately. There is no credit involved since your account is debited immediately.
Debt
An an amount of money that you owe to a person or company.
Default
If you fail to satisfy the terms of a loan obligation or repayment of a loan.
Direct Debit
This is an instruction from you to your bank or building society allowing someone to take money from your account. The amount of money taken can vary, but you must be told the amounts and dates beforehand. Direct Debits allow you to pay bills automatically from your account on a regular basis.
Interest
The amount that you pay when you borrow money. It is either expressed as a percentage rate over a period of time, or as an amount charged or to be charged.
Interest Rate
The rate at which you pay back interest, expressed as a percentage of the amount you borrow.
Loan
A loan is simply money that you borrow on condition that you pay it back.
Loan Period
This is also known as repayment period, this is the time it takes to pay back the loan.
Outstanding
This is the amount you have yet to pay back is also called the amount outstanding.
Uncleared Balance
The amount of money in your account including all the uncleared items in your account.