Jargon Buster

Puzzled by jargon?

Like most financial topics, debt solutions in Scotland involve lots of confusing jargon.

Here, we’ve put together straightforward explanations for all the most frequently-used technical and legal words and phrases.

Just click on the jargon to find out what it means…

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A

Jargon A

Advance

APR (Annual Percentage Rate)

Arrangement Fee

Arrears

Assets

Assignment

Attachment of Benefits

Attachment Of Money

Attachment Of Property Outside Your Home

Available Surplus (Available Income)

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B

Jargon B

Balloon Payment

Bank Arrestment

Bank of England Base Rate

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C

Jargon C

Capital & Interest Mortgage (Repayment Mortgage)

Capped Rate Mortgage

Cashback

Charge for Payment

Completion

Contractual Payments

Conveyancer

Credit Crunch

Credit File

Credit Reference Agency

Credit Repair

Credit Scoring

Creditors

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D

Jargon D

Decree

Debt Arrangement Scheme (DAS)

Debt Collection Agency

Debt Management Plan

Debtor

Deduction From Earnings

Default Notice

Deficit

Dependent

Detailed Building Survey (Full Structural Survey)

Diligence

Diligence On The Dependent

Discounted Rate Mortgage

Distress

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E

Jargon E

Early Repayment Charge

Earnings Arrestment

Equity

Essential Repairs

Exceptional Attachment

Ex-Parte

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F

Jargon F

Financial Ombudsman Service (FOS)

Fixed-Rate Mortgage

Flexible Mortgage

Fraud

Full Structural Survey (Detailed Building Survey)

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G

Jargon G

Gratuitous Alienation

Guarantees

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H

Jargon H

Higher Lending Charge

Hire Purchase (HP)

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I

Jargon I

Income Payments Order

Inflation

Informal Arrangement

Inhibition

Insolvency

Insolvency Practitioner

Interest-Only Mortgage

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J

Jargon J

Joint and Several Liability

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K

Jargon K

Key Facts Illustration (KFI)

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L

Jargon L

Lender

LILA (Low Income, Low Assets)

Liquidation

Loan to Value

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M

Jargon M

Mortgage Deed

Mortgage Payment Protection

Mortgage Term

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N

Jargon N

Negative Equity

Non-Priority Creditors

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P

Jargon P

Portable Mortgage

Priority Creditors

Proof of Debt Form

Pro-Rata

Proxy

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R

Jargon R

Re-Mortgage

Repayment Mortgage (Capital and Interest)

Right to Off-Set

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S

Jargon S

Secured Debt (Secured Lending)

Sequestration

Sheriff’s Officers

Standard Variable Rate

Surplus Income (Available Surplus)

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T

Jargon T

Time Orders

Time To Pay Directions (TTPD)

Time To Pay Order (TTPO)

Token Payments

Tracker Rate Mortgage

Trust Deed

Trustee

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U

Jargon U

Unsecured Debt / Unsecured Lending

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W

Jargon W

Whole of Market

Windfall