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Loan Jargon - a comprehensive reference of loan terminology from i Secured Loans

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Daily Interest
Interest on the Secured Loan is calculated on a daily rather than a monthly or yearly basis.
Debt Card
A card issued by a financial institution and accepted by merchants as payment for transactions. The cardholder's account is deducted immediately, as with a cheque.
Debt
The amount of money owed to a lender.
Debt Capacity
The extent to which an individual can support a loan
Debt Consolidation
This is the combining of several debts by borrowing the amount owed through one new debt. It is often possible to reduce monthly outgoings by doing this. Savings are made by converting unsecured debts to secured debts because the interest rates on secured loans are usually lower than for unsecured loans.
Debt Consolidation Loan
A debt consolidation loan is advantageous a person has multiple loans and store cards and wants to consolidate several monthly payments into one monthly repayment. Then there's no need to worry about what needs to be paid and when, the borrower knows the exact amount and date when payment goes out each month. A debt consolidation loan can help reduce monthly repayments and free up disposable income.
Debt Collection Agency
A business that aims to secure, for a commission, the repayment of debits on behalf of third parties.
Debt Counselling
An advise and support service offered to people who are financial stretched
Debtor
A person who owes a debt.
Debt-to-Income-Ratio
A ratio used by lending institutions to assess whether a person is qualified for a mortgage or secured loan. Debt-to-income ratio is the total amount of debt, including all other loans, divided by total gross income.
Deed
A legal document that usually details the transfer or sale of a property.
Deed of Arrangement
A legal document which states the agreement between an insolvent individual and their creditors
Default
When one or more mortgage payment are missed, the borrower is said to as being in default. This is to fail to comply with a binding legal agreement, such as failure to repay a mortgage debt.
Default Notice
A formal document issued to a borrower who is in default.
Deferral Period
In payment protection policies this is the length of time after you are unable to work before you can start to receive the insurance payouts.
Delinquent Loan
A loan that involves a borrower who is behind on payments and in arrears.
Discounted Rate
A discounted rate gives a reduction off the standard variable rate (SVR) for a stated period. Whether the SVR rises or falls the borrower still qualifies for a lower discount rate during this period.
Direct Debits
A payment made from a bank account automatically to pay a bill. A direct claim on someone by a creditor, and paid via the borrower's bank. Variation in the payment period are admissible.
Direct Lenders
Direct lenders provide financial services over the telephone and through the internet. Lower overheads and costs resulting in delivering cheaper products. Also there is the convenience of arranging a mortgage/loan outside working hours from home.
Disability Insurance
An insurance policy which covers an individual's wage earning ability.
Discounted Loans
With a discounted rate loan the interest charges is reduced below the Standard Variable Rate for a specified period. This can be for up to 5 years. However, once the discounted period is over, the borrower reverts to paying the current Standard Variable Rate. It is the discount that is fixed and not the actual rate.
Discharge Bankrupt
Someone who has been officially released from being bankrupt because they have paid all outstanding debts.
Dishonour
To refuse payment of cheque because there is insufficient funds in the account
Distressed Property
A property bought with a loan on which repayments have stopped and the borrower has defaulted.
Double Insurance
Double insurance offers protection against accident, sickness and redundancy for the first and second wage earners.

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