MJMaths LiBF Unit 2 Topic 11 Key Words

Borrowing by members of the public rather than the government.

When the borrower fails to make payments on a credit agreement

Personal possessions and investments that have a value if sold

A period of at least six months when the amount of goods and services that a country is producing is shrinking.

Rolling up existing debts into one new loan

When an individual's debts exceed their assets and they cannot meet the loan repayments in the debt.

A court order to recover debts from an insolvent person.

A court order for the repayment of a debt

An agreement between a debtor and their creditors to pay some of the debts over a set term.

Companies that collect data on the conduct of people's financial accounts.

An arrangement for someone with debts not exceeding £20,000, little disposable income to write off debts after 12 months