Glossary
Winding up order
Action taken when a company has breached any trust the creditor had, deals have failed, cheques bounced and generally the directors have not kept their word.
County court judgement
An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors. Once the ruling has taken place it will be recorded against the person's credit history and will appear every time a credit search is done for the next seven years.
Bankruptcy
Bankruptcy is a legal process whereby all debts are cleared subject to individual circumstances.
Mortgages Arrears
Owing money that should have been paid in the past.
Liquidation
The procedure whereby the assets of a company (or partnership) are gathered in and realized, the liabilities met and surplus, if any, distributed to creditors.
Individual voluntary arrangement (IVA)
An IVA is a procedure whereby a person who owes money comes to an arrangement with the creditors as to how their debt(s) will be repaid.
Unsecured loans
Unsecured loans are finance, which is not secured against any asset or equity. Although unsecured loans would not at first sight appear to be a risk on your assets, they in fact are in so much as any debt can be recovered through court proceedings.
Re-mortgages
Re-mortgage is taking out a new mortgage to repay the old one, while shifting your debt from one lender to another.
I was under a lot of stress due to all the debt letters and telephone calls I was receiving and I didn’t know how I was going to get out of the mess I was in. That is until I spoke to the helpful staff at Debts4Us who have helped me get my life back on track.
Speaking to the team felt like a massive weight off my shoulders and a year on I am almost debt free. I can’t thank them enough.