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All terms starting with "L"
The danger that a secured creditorâ??s interest i … moreThe danger that a secured creditorâ??s interest in collateral may lose value, usually because the collateral is uninsured and the debtor is unlikely to continue making payments. It is also grounds for relief from the bankruptcy automatic stay.
Fee assessed when your credit card or loan payment … moreFee assessed when your credit card or loan payment is past due. Late payments may also result in an increase of your Annual Percentage Rate to the Default APR.
The right of a creditor to balance its mutual debt … moreThe right of a creditor to balance its mutual debts with a debtor. In other words, if both you and your creditor owe money to each other, your creditor can reduce your debt to offset the amount your creditor owes you.
These are the fees that are paid to the lender upf … moreThese are the fees that are paid to the lender upfront when taking out a loan. It also includes any fees charged for discount points or origination points.
Lender Fees are also often referred to as "Fees in APR."
Lender Fees are also often referred to as "Fees in APR."
The responsibility for charges to an account. Gene … moreThe responsibility for charges to an account. Generally, a debtor agrees to be liable for all charges and transactions for that account. If the debtor shares an credit card with another person, the primary card holder is responsible for paying the bill. Joint card holders may both be responsible for paying the entire balance.
Insurance to cover injuries to other people and da … moreInsurance to cover injuries to other people and damage to their property when you are at fault for a car accident.
Liability insurance policies have two types of coverage: 1) bodily injury liability insurance covers expenses related to physical injuries suffered by other people, and 2) personal property liability insurance covers damage to cars and other property damaged in an accident such as a fence or building.
Learn more about liability car insurance.
Liability insurance policies have two types of coverage: 1) bodily injury liability insurance covers expenses related to physical injuries suffered by other people, and 2) personal property liability insurance covers damage to cars and other property damaged in an accident such as a fence or building.
Learn more about liability car insurance.
Insurance coverage that protects you monetarily in … moreInsurance coverage that protects you monetarily in the event that someone gets accidentally injured on your property and files suit against you. Liability coverage is especially important for businesses as well as homes with pools, outdoor spas, and trampolines.
Lien:
A method by which a lender secures a debt, like a … moreA method by which a lender secures a debt, like a mortgage on a home, or a tax lien, which can be imposed on a property to secure payment of owed taxes.
Being granted a release from the effect of a lien, … moreBeing granted a release from the effect of a lien, judgment, or security interest in property. Most judgment liens attached to the debtor's home can be avoided if the total of the liens (mortgages, judgment liens and statutory liens) is greater than the value of the property in which the exemption is claimed. Liens can be stripped from the debtor's assets in Chapter 11 or Chapter 13 bankruptcy.
The terms "limited credit" and "no credit" are typ … moreThe terms "limited credit" and "no credit" are typically used synonymously to describe anyone who has not been the primary account holder on a credit card or loan for three years.
The amount of money offered to you by a creditor; … moreThe amount of money offered to you by a creditor; also called a "credit line".
Selling a debtor's property in bankruptcy and dist … moreSelling a debtor's property in bankruptcy and distributing the cash proceeds to creditors/claim holders.
Some prepaid cards will charge you a fee every tim … moreSome prepaid cards will charge you a fee every time that you call their 1-800 customer support number and talk to an actual person.
In most cases they do not charge a fee if you call their 1-800 customer support number and just use their automated phone service.
In most cases they do not charge a fee if you call their 1-800 customer support number and just use their automated phone service.
The Annual Percentage Rate (APR) reflects the tota … moreThe Annual Percentage Rate (APR) reflects the total yearly cost of a loan, by taking into account both the interest rate of the loan and any upfront fees charged by the lender. Comparing APRs is the most common way to compare loans.
An individual who signs on a loan belonging to ano … moreAn individual who signs on a loan belonging to another person, providing guarantee that they are responsible for repaying the creditor in the event the debtor cannot.
The length of time from when you take out a loan t … moreThe length of time from when you take out a loan to when it is required to be paid in full. Depending on the loan, this could be as short as a few months or as long as 30 years.
A loan's term, along with its interest rate and the amount to be borrowed, dictate the monthly payments you'll be required to make. A shorter-term loan will cost less overall given that you will be incurring less interest than with a longer loan of the same amount, but it will come with higher monthly payments given that you must pay off the same balance in a shorter period of time.
A loan's term, along with its interest rate and the amount to be borrowed, dictate the monthly payments you'll be required to make. A shorter-term loan will cost less overall given that you will be incurring less interest than with a longer loan of the same amount, but it will come with higher monthly payments given that you must pay off the same balance in a shorter period of time.
Loss of use coverage provides for the insured part … moreLoss of use coverage provides for the insured party to be reimbursed for costs incurred or earnings lost as a result of their inability to use insured property that has been damaged.
Loss of use coverage is particularly important for business owners as well as people living in areas that are under high risk for natural disasters. In the latter case, loss of use coverage may pay for hotel stays, transportation, food, and even one's mortgage.
Loss of use coverage is particularly important for business owners as well as people living in areas that are under high risk for natural disasters. In the latter case, loss of use coverage may pay for hotel stays, transportation, food, and even one's mortgage.