Business / Debt Glossary

Diligence Stopper: A court order which stops the operation of existing diligence and prevents future diligence.

Direct Debit: An instruction you give to your bank or building society to make regular payments from your account to a specific company. Unlike a standing order you agree that the creditor can vary this a . . . View Full Definition

Disclaimer: A statement made to free oneself from responsibility.

Discounted Loan: A loan on which the interest and financing charges are deducted from the face amount when the loan is issued.

Earnings: Revenues minus expenses and taxes. Also called income.

Earnings Arrestment: If you are working, the money you owe to a creditor can be taken from your wages/salary directly from your employer by an earnings arrestment.

Endowment: A permanent fund bestowed upon an individual or institution, such as a university, museum, hospital, or foundation, to be used for a specific purpose.

Entitlement: Benefits guaranteed to an individual, such as dividends for shareholders or government aid for those who qualify.

Equity: The value of a person's interest in real property after all liens and charges have been deducted.

Fee: A charge for services rendered

Final Salary: The basis of determining a person's pension entitlement in a final salary scheme and which normally refers to an occupational pension

Finance: Finance deals with matters related to money and the markets.

Flexible Mortgage Account: A combined mortgage and current account. Any savings each month earn the mortgage rate, which is a relatively high and tax-free rate of return.

Frozen Account: A bank account whose funds may not be withdrawn until a lien is satisfied or an ownership dispute is resolved.

Funds: A pool of money normally set apart for a purpose, for example, a pension fund to provide pensions.

Gold Card: A plastic payment card which normally allows the holder higher spending limits over the standard card. Also loan facilities are sometimes available. People who hold such a card are often req . . . View Full Definition

Grace Period: The period, normally 30 days, during which an insurance policy remains in force even though the premium has not been paid.

Grant: Funding for a non-profit organization, usually for a specific project.GranteeOne to whom a grant is made.

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