Business / Debt Glossary

Taxable Pay: (gross salary less pension contributions less allowances) is used by the employer to calculate a person's income tax (according to his/her notice of coding) which is passed to the Inland Rev . . . View Full Definition

Trust Deed: A form of debt relief where you're unable to pay your debts but have money tied up in assets, such as a house. Creditors can agree that you give everything you own to a trustee (usually an a . . . View Full Definition

Trustee: Usually an accountant (a qualified insolvency practitioner), a trustee acts for the creditors by managing the trust deed when a debtor agrees to sign over their assets into a trust deed or w . . . View Full Definition

Trustee In Bankruptcy: One appointed by a bankruptcy court, and in whom the property of the bankrupt vests. The trustee holds the property in trust, not for the bankrupt, but for the creditors.

Trustor: The borrower under a deed of trust is a trustor.

Unsecured Creditor: A creditor who does not hold security (such as a mortgage) for money owed.

Unsecured Loan: An unsecured loan is a loan where the lender has no entitlement to any of the borrower's assets in the event of the borrower failing to make the loan repayments. Such a loan normally carries . . . View Full Definition

Value: The worth or desirability of something expressed as an amount of money.

Variable Interest Rate: Interest rates offered by banks and financial institutions on loans or deposits which are liable to change according to circumstances. For example a movement in the interest rate set by the . . . View Full Definition

Wrap Around Mortgage: A second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its . . . View Full Definition

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