Credit and Mortgage Dictionary: A
Ability To Pay
A method of working out the creditworthy-ness of a customer, by estimating how much he or she will have left to make payments on a loan or mortgage after other deductions have been made from gross income.
Acceleration Clause
Allows the lender to collect the balance of a loan if a borrower misses one or […]
Credit and Mortgage Dictionary: B
Bailiff
A court official, who may repossess goods or property belonging to any person or business which fails to maintain their credit payments, and who does not come to any agreement to pay with their creditors.
Bankruptcy
The process of declaring an individual bankrupt. Bankruptcy remains on your credit rating for seven years and limits a person’s ability […]
Credit and Mortgage Dictionary: C
CAB
Citizens’ Advice Bureau. A voluntary service provided in most major towns which offers free advice to individuals on financial and other matters. A very useful starting point for anyone experiencing credit problems.
Cancellation Clause
A clause in a loan agreement that allows a lender to ask for the outstanding balance at any time.
Cap And Collar
See capped rate.
Capital […]