Secured Debt
A secured debt is one that is backed by collateral such as a property or a car and it does not pose much risk to the lender.
Secured Loan
Such loans are secured against an asset such as a property or a vehicle and the borrower could lose the asset if they do not keep up with the repayments.
Unsecured Debt
This debt is not secured against any asset
Unsecured Loan
Individuals receive unsecured loans based on certain criteria. These loans pose a risk to the lender, therefore the interest rate would be higher than that of a secured loan.
Term
The period over which you pay off your loan or mortgage.
Loan
A money advance, given over a specified period that requires regular repayments.
Personal Loan
Individuals take out personal loans that have fixed interest rates and a number of repayments. Lenders use these loans for anything they see fit.
Security Address
Your financial institution needs a security address to guarantee a secured loan.
Tenant Loan
These loans are unsecured and almost any tenant, even those with arrears may apply.
Early Repayment Charge
Early repayment charges, also sometimes known as a settlement charge, are applicable if a loan or a mortgage is repaid early.
Joint Loan Agreement
More than one person shares a single loan agreement.
Joint Liability
Both parties are liable for a portion of the relevant loan/mortgage.
Security Address
Your financial institution recorded this particular address for your secured loan.
Base rate
The lowest rate at which a lender will charge you interest. The Bank of England's Monetary Committee sets the rate.
Interest rate
The percentage rate at which interest is charged on a loan, or paid out on savings. The rate will vary according to the base rate and the type of loan or savings plan.
APR
The Annual Percentage Rate gets calculated each year to give an average of the interest charged on the loan's term. It includes loan costs and fees.
Arrears
Being unable to make the full payments will cause you to fall behind on your loans.
LTV
The loan to value ratio is the size of your loan as a percentage of the property's price that your loan is based on.
Payment Protection Insurance
This is a type of insurance that guarantees payments on the secured loan should you be unable to due to unemployment, accident, injury, sickness or death.
DTI
The Debt to Income ratio ensures only those who can afford a loan, receives one.
APR
The Annual Percentage is the standard measure of the cost of a loan. It is the gross amount of compound interest charged if you do not make payments.
Charging Order
A creditor can apply to a court to turn an unsecured debt on which you have defaulted, into a secured debt.
Insolvency Practitioner
An accountant or solicitor, authorised either by the Secretary of State for Trade and Industry or a different professional body, who is a specialist in insolvency.
Individual Voluntary Arrangement
Debtors negotiate with their creditors to repay their debt over about 60 months. The remaining debt might be written off.
Loan-to-value
The proportion of the mortgage borrowed to the value of the property.
Non-status borrower
The borrower may have a bad credit rating, and struggles to find finance elsewhere.
Rule of 78
Lenders use this formula to calculate instalment loans' early settlement amounts. Loans paid back in 12 monthly instalments:
1 + 2 + 3 etc + 11 + 12 = 78, 12/78ths of the interest is owed after the first month, 11/78ths after the second month, and so on until 1/78th of the interest is owed at the end of the 12th month.
Second charge mortgage
A different name for a second mortgage or a secured loan.
Secured loan
Borrowers receive these loans by pledging an asset such as property as collateral for the loan.
Total charge for credit
This charge includes interest and other charges that are payable under the credit agreement and linked transactions.
Debt Consolidation
Lower Monthly Payments 
Stop Creditors Chasing