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Legal & Insolvency

Legal and insolvency terms that can affect credit, including CCJs and bankruptcy.

Showing 49 terms

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A

Attachment of earnings

A court order that takes money directly from your wages to repay a debt.

Attachment of earnings order

A court order that takes payments directly from your wages.

B

Bailiff

An enforcement agent who collects debts under a court order.

Bailiff entry

Rules about when and how a bailiff can enter your home.

Bailiff fees

Charges added by enforcement agents when they pursue a debt.

Bankruptcy

A legal process for people who cannot repay their debts, which has a significant impact on your credit profile.

Bankruptcy discharge

The point at which most bankruptcy restrictions end.

Bankruptcy petition

A formal request to the court to declare someone bankrupt.

Bankruptcy Restrictions Order (BRO)

A court order that extends restrictions on someone after bankruptcy.

C

CCJ settlement

Paying a CCJ in full so it can be marked as satisfied.

Charging order

A court order that secures a debt against a property.

Complaint to the Ombudsman

Escalating a lender complaint to the Financial Ombudsman Service.

County Court Claim

A formal claim issued through the county court to recover a debt.

County Court claim form

The official form issued when a creditor starts a court claim for a debt.

County Court Judgment (CCJ)

A court order in England, Wales, or Northern Ireland stating you must repay a debt.

Creditor petition

A legal request by a creditor to make someone bankrupt.

D

Debt Arrangement Scheme (DAS)

A Scottish program that helps people repay debts through an approved plan.

Default notice

A formal letter sent before a lender records a default on your account.

E

Enforcement agent

The modern term for a bailiff who enforces court orders for debt recovery.

Enforcement costs

Fees and charges added when a debt is enforced through the courts.

Eviction notice

A formal notice that a landlord intends to end a tenancy.

F

Final charging order

A court order that secures a debt against a property on a long-term basis.

H

High Court Enforcement Officer (HCEO)

An enforcement officer who recovers certain higher-value debts.

I

Income Payment Agreement (IPA)

An agreement to make payments from your income during bankruptcy.

Income Payment Order (IPO)

A court order requiring payments from your income during bankruptcy.

Individual Insolvency Register

A public register listing personal insolvency cases in the UK.

Individual Voluntary Arrangement (IVA)

A formal agreement in the UK to repay a portion of debts over time.

Insolvency

A financial state where you cannot pay your debts as they fall due.

Insolvency Register

A public register that lists certain insolvency cases in the UK.

Interim charging order

A temporary order that secures a debt against a property.

IVA completion certificate

A document confirming that your IVA has been successfully completed.

IVA failure

When an Individual Voluntary Arrangement ends without completion.

IVA supervisor

The insolvency practitioner who manages your IVA.

IVA variation

A formal change to the terms of an Individual Voluntary Arrangement.

J

Judgment in default

A court judgment entered because no response was received to a claim.

L

Letter before claim

A formal warning that court action may follow if a debt is not resolved.

N

Notice of enforcement

A formal notice that enforcement action is about to begin.

Notice of sums in arrears

A formal notice that your account is behind on payments.

P

Possession order

A court order that can require you to leave a property.

Pre-action protocol

Rules that require parties to exchange information before starting court proceedings.

R

Repossession

When a lender takes back an asset after missed payments on a secured loan.

S

Satisfied CCJ

A CCJ that has been paid in full and marked as satisfied.

Sequestration

The Scottish term for bankruptcy.

Set aside CCJ

A court process that removes a CCJ in certain circumstances.

Statutory demand

A formal legal demand for payment that can be a step before bankruptcy action.

T

Trust deed

A formal debt solution used in Scotland to repay part of what you owe.

U

Unsatisfied CCJ

A CCJ that has not been paid in full.

W

Warrant of control

A court order that allows enforcement agents to collect a debt.

Warrant of execution

An older term for a warrant that allows enforcement of a court judgment.

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