Bad Credit Loan Glossary Factor Valuation. A method of valuing a property through paper indexes (tables that give the percentage of rise in value for certain areas since different years) rather than a surveyor visiting the property. It is done by using the purchase price of your property, this price is multipied by a percentage rise suggested for the year you purchased.
Bad Credit Loan Glossary Incapacity Benefit. Financial aid from the government for people who are unable to work due to illness or disability.
Bad Credit Loan Glossary Hire Purchase. A transaction in which the purchaser of goods pays an initial deposit and takes possession. Subsequent instalments are made over a specified time after which ownership passes to the purchaser. Cars or other auto loans are often on HP.
Bad Credit Loan Glossary Bad Credit. Bad credit is something that a person will have if they fail to make the required repayments to creditors.
Bad Credit Loan Glossary Capital. The assets of an individual less their liabilities.
Bad Credit Loan Glossary Debit Card. A plastic payment card, issued by a bank or other financial institution, which enables the holder to obtain goods and services without the requirement to pay cash. The cost of any transaction is debited from a current account within a few days of the purchase taking place.
Bad Credit Loan Glossary Pre-emption (or Council Tennant Discount). The discount awarded to a client when purchasing a council property.
Bad Credit Loan Glossary Landlord. A person who owns a property and lets it out to tenants who pay rent in exchange for the right to reside in the home.
Bad Credit Loan Glossary Maintenance (Child). A financial benefit paid by a spouse to the parent who cares for the child.
Bad Credit Loan Glossary Salary. A regular payement made to an employee by the company they work for in return for time spent at work.
Bad Credit Loan Glossary Redemption. The act of paying off a loan.
Bad Credit Loan Glossary Take Home Pay. The amount of money available after all deductions from a persons salary or wage.
Bad Credit Loan Glossary Underwriter. A person who assess applications to see how they comply to lenders criteria.
