Because we know what a stressful time this can be we
have come up with a list of words that relate to the loan
process and what they mean in plain english. We’ve called
this section the Jargon Buster and hope this should give
you a better understanding of the process.

Adverse Credit - Credit not paid or not paid when agreed.

Arrears - Payments not made on borrowing when agreed.

CCJ (County Court Judgement) - A court order against a debtor to pay
money owed.

Consolidation - Refinancing personal debts into one loan, often with one
reduced monthly payment.

Debt - Money owed to creditors.

Home Owner - A customer who has purchased their home.

Loan/Advance - A sum of money borrowed by the customer.

APR - Annual Percentage Rate. The true rate of interest charged on a loan, including the total cost of interest and other charges e.g. brokers or legal fees.

Finance Broker - An intermediary who deals with customers and lenders to place the customer with a lender to provide the finance.

LTV (Loan to Value) - This is the size of the loan (in percentage terms) against the property the loan is secured against.

Lender - The company ultimately providing the finance to the customer.

Mortgage - A loan to buy a property secured against the property's value.

Non-Status - A customer who has many arrears or CCJ's.

Secured Loan - A loan to be used for any purpose, secured against a customers property.

Settlement figure - The figure that has to be repaid in order to satisfy existing finance.

Unsecured Loan - A loan taken by the customer for any purpose which is not secured against a property's value.