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All terms starting with "P"
Banks and other services that provide financial st … moreBanks and other services that provide financial statements have increasingly begun to charge a fee to provide paper statements to customers. The fee is typically $ 2per statement, and can be avoided when customers opt to receive statements electronically instead. Reducing the use of paper statements provides an environmental benefit and a substantial cost savings to the institutions that provide them.
Paying less money than the full amount that is due … morePaying less money than the full amount that is due.
When the account's payment due date has passed wit … moreWhen the account's payment due date has passed without sending at least the minimum payment. This can result in late fees and it might even trigger the default APR.
Fee assessed when your credit card or loan payment … moreFee assessed when your credit card or loan payment is received after the deadline (or due date). Late payments may also result in an increase of your Annual Percentage Rate to the Default APR.
When you send a payment to a credit card company, … moreWhen you send a payment to a credit card company, they will use your money to pay off the portion of your debt with the lowest interest rate first. This way, you continue to accrue high interest on the other portion of your debt.
The interest rate assessed on a credit card, which … moreThe interest rate assessed on a credit card, which is in default. Penalty APRs are usually above 20 percent and apply to the entire credit card balance. For consumer and student credit cards, you are considered to be in default if you are more than 60 days late in paying your bill.
For small business credit cards, the definition of whether you are in default or not varies between credit card companies. For some credit card companies, having missed a payment and/or having gone over-the-credit-limit can be considered as being in default.
Some cards have a range for the Penalty APR, the max of which is referred to as a 'Max Penalty APR' and may be applied based on your creditworthiness and other factors. There may also be a different Penalty APR for cash advances, which is referred to as the 'Cash Penalty APR' and is usually higher than the Penalty APR applied to purchases and balance transfers.
For small business credit cards, the definition of whether you are in default or not varies between credit card companies. For some credit card companies, having missed a payment and/or having gone over-the-credit-limit can be considered as being in default.
Some cards have a range for the Penalty APR, the max of which is referred to as a 'Max Penalty APR' and may be applied based on your creditworthiness and other factors. There may also be a different Penalty APR for cash advances, which is referred to as the 'Cash Penalty APR' and is usually higher than the Penalty APR applied to purchases and balance transfers.
Catch-all term for fees associated with delinquent … moreCatch-all term for fees associated with delinquent or overlimit credit accounts.
A debt protected from third-party claims by securi … moreA debt protected from third-party claims by security interest in collateral. Pefecting a lien on personal property owned by the borrower occurs when the lender files a Financing Statement in a designated filing place.
Perfection of a lien is the process of establishin … morePerfection of a lien is the process of establishing a creditorâ??s right against other creditors to claim property. A creditor perfects a lien by registering it with the appropriate government agency. Only then is it legally enforceable and any other claims on that property given junior status.
The interest rate described in terms of an amount … moreThe interest rate described in terms of an amount of time. The monthly periodic rate is the cost of credit per month, or 1/12th of the account's APR.
Permanent life insurance that remains in effect un … morePermanent life insurance that remains in effect until the policy holder passes away and does not need periodic renewal, unlike term life insurance. It also includes an investment aspect, which entails a portion of your premium being placed into tax-deferred stocks, bonds, or money-market accounts, the proceeds of which people often use to supplement their income during retirement.
Permanent life insurance policies tend to be more expensive than term policies, at least early on, given the added investment component and the fact that premiums remain the same for the life of the policy and issuers must. Most people use permanent life insurance policies only to cover things like estate taxes, while using term policies to cover costs associated with death.
There are a number of variations of permanent life insurance, including whole life insurance, universal life insurance, and variable life insurance.
Permanent life insurance policies tend to be more expensive than term policies, at least early on, given the added investment component and the fact that premiums remain the same for the life of the policy and issuers must. Most people use permanent life insurance policies only to cover things like estate taxes, while using term policies to cover costs associated with death.
There are a number of variations of permanent life insurance, including whole life insurance, universal life insurance, and variable life insurance.
In the context of auto rentals, personal accident … moreIn the context of auto rentals, personal accident insurance covers the driver and all passengers for loss of life, injury and ambulance expenses. It can be purchased directly from an auto rental company, or it might come as part of the auto rental insurance provided by your credit card.
Learn more about insurance for rental cars.
Learn more about insurance for rental cars.
As it pertains to auto rental insurance, personal … moreAs it pertains to auto rental insurance, personal effects protection covers lost, stolen or damaged items owned by the renter and his or her immediate family. It typically comes as part of an insurance package purchased from the auto rental company or via the auto rental insurance coverage provided by your credit card.
Learn more about insurance for rental cars.
Learn more about insurance for rental cars.
A form of auto insurance coverage that reimburses … moreA form of auto insurance coverage that reimburses the insured party for medical expenses, lost wages, and other expenses incurred as a result of an accident. Personal injury protection is a type of "no-fault" coverage, as it is provided no matter who was at fault.
Personal injury protection (PIP) is required in 15 states. It is not available in all states, and in many states medical payments insurance (MedPay), which provides similar coverage, is offered instead.
Learn more about personal injury protection insurance.
Personal injury protection (PIP) is required in 15 states. It is not available in all states, and in many states medical payments insurance (MedPay), which provides similar coverage, is offered instead.
Learn more about personal injury protection insurance.
Assets such as cars, furniture, stock. Does not in … moreAssets such as cars, furniture, stock. Does not include real estate.
The document that gets the bankruptcy case started … moreThe document that gets the bankruptcy case started. Filing the bankruptcy petition starts the automatic stay and constitutes an order for relief.
A method of extracting sensitive data â?? includi … moreA method of extracting sensitive data â?? including personal and financial information - from an individual through posing as a legitimate institution, in order to commit fraudulent activity.
Some cards have a feature that allows you to place … moreSome cards have a feature that allows you to place one of your own pictures on the credit card.
For example, some people will use this feature to place a picture of their friends, child, significant other, etc. on the plastic of their credit cards.
For example, some people will use this feature to place a picture of their friends, child, significant other, etc. on the plastic of their credit cards.
A type of carding fraud where a criminal withdraws … moreA type of carding fraud where a criminal withdraws cash from an identity theft victim's line of credit, credit card account, or bank account. Also known as Cashing.
Some cards will charge a fee whenever you buy some … moreSome cards will charge a fee whenever you buy something that requires you to enter your PIN in order for the transaction to be approved. In most cases, you can avoid having a PIN-based transaction by selecting the 'Credit' button instead of the 'Debit' button while swiping your card at a store register.
Note that a PIN transaction fee is different than an ATM transaction fee, though you will have to use your PIN at the ATM.
Note that a PIN transaction fee is different than an ATM transaction fee, though you will have to use your PIN at the ATM.
Events that happen after a bankruptcy petition is … moreEvents that happen after a bankruptcy petition is filed.
The date that a transaction is recorded on your ac … moreThe date that a transaction is recorded on your account. Some credit card companies charge interest from the transaction date, others from the posting date.
A legal document that bestows an individual with t … moreA legal document that bestows an individual with the authority to act on behalf of another person, especially in their legal or financial decisions and affairs.
The guarantee that you will be approved for a part … moreThe guarantee that you will be approved for a particular financial product, should you wish to apply.
Pre-approval generally manifests itself in one of two ways. Credit card companies will often use publicly available information to identify consumers who comfortably qualify for certain credit card offers in order to more effectively target marketing. A consumer is more likely to sign up for a credit card for which they are assured of getting approved than respond to the chance simply to apply. In addition, many lenders will allow you to preliminarily apply for financing prior to determining what exactly you wish to purchase and will pre-approve you for a loan up to a certain amount, if you're qualified. This enables you to determine what you can afford and is often a prerequisite to seriously discussing the purchase of a home or car with the seller.
Pre-approval generally manifests itself in one of two ways. Credit card companies will often use publicly available information to identify consumers who comfortably qualify for certain credit card offers in order to more effectively target marketing. A consumer is more likely to sign up for a credit card for which they are assured of getting approved than respond to the chance simply to apply. In addition, many lenders will allow you to preliminarily apply for financing prior to determining what exactly you wish to purchase and will pre-approve you for a loan up to a certain amount, if you're qualified. This enables you to determine what you can afford and is often a prerequisite to seriously discussing the purchase of a home or car with the seller.
Events that happened before the filing of a bankru … moreEvents that happened before the filing of a bankruptcy petition.
Preferences are payment on a previous debt that wa … morePreferences are payment on a previous debt that was made by an insolvent debtor within 90 days of filing bankruptcy, that allows the creditor to receive more on its claim than it would have, had the payment not been made and the claim paid through the bankruptcy proceeding, according to Bankruptcy Code 547.
The recurring price of maintaining an insurance po … moreThe recurring price of maintaining an insurance policy, essentially a subscription fee.
Most insurance companies charge their customers monthly or annual premiums in return for their providing financial support if and when a covered event takes place. A premium differs from a copayment or coinsurance in the sense that it represents the basic cost of maintaining a policy and is not dependent on services rendered.
Most insurance companies charge their customers monthly or annual premiums in return for their providing financial support if and when a covered event takes place. A premium differs from a copayment or coinsurance in the sense that it represents the basic cost of maintaining a policy and is not dependent on services rendered.
A prepaid card account is opened by depositing mon … moreA prepaid card account is opened by depositing money into an account, much in the same way you would make a deposit to open a checking or savings account.
Once you have money in your account, you're issued a prepaid card that can be used anywhere one would use a regular credit card. The best part of the prepaid card is that you do not get in debt. The money is yours and once it's gone, you can't spend any more until you make another deposit. There are no bills and no interest charges. It's the same principle as using a debit card linked to a savings or checking account.
You do not build credit by using a prepaid card. However, you'll have most of the advantages of a credit card, and you won't have to worry about interest charges and bills.
Once you have money in your account, you're issued a prepaid card that can be used anywhere one would use a regular credit card. The best part of the prepaid card is that you do not get in debt. The money is yours and once it's gone, you can't spend any more until you make another deposit. There are no bills and no interest charges. It's the same principle as using a debit card linked to a savings or checking account.
You do not build credit by using a prepaid card. However, you'll have most of the advantages of a credit card, and you won't have to worry about interest charges and bills.
A demand to receive payment for a negotiable instr … moreA demand to receive payment for a negotiable instrument, such as a promissory note or check, when it is due. For instance, presentment takes place when the payee of a check presents that check to the bank for payment.
The amount owed after the previous month's payment … moreThe amount owed after the previous month's payments and charges are applied to your current credit card balance.
The interest rate charged by banks for loans to it … moreThe interest rate charged by banks for loans to its largest and best-rated customers. The prime rate changes based upon the rate the U.S. Federal Reserve charges to its member banks, and also changes based upon the demand for money. It is a major economic indicator.
Monies owed before interest or other charges are a … moreMonies owed before interest or other charges are applied.
The order in which claims must be paid from the ba … moreThe order in which claims must be paid from the bankruptcy estate. Priority is established by the Bankruptcy Code, and higher-priority claims must be paid in full before lower-priority claims can be paid.
Certain debts that must be paid by the bankruptcy … moreCertain debts that must be paid by the bankruptcy estate before the general, unsecured claims. Priority claims include unpaid wages, taxes, and family support.
How much a vehicle is worth if being sold by a pri … moreHow much a vehicle is worth if being sold by a private party, rather than a dealership. A car's private party value is generally higher than its trade-in value but less than its suggested retail price. The reason for this is a dealer will typically work to refurbish a used car that has been traded in by a previous owner a bit prior to selling it. While private parties can address certain cosmetic issues, they are not able to make as significant improvements or command as high of a price given their limited resources and knowledge.
A student loan that is not backed by the federal g … moreA student loan that is not backed by the federal government.
There are two primary types of private student loans: 1) School-channel loans -- Private loans that are approved by the borrower's school, generally have lower interest rates than other student loans, and which distribute funds directly to the school; and 2) Direct-to-consumer loans -- Loans that disburse funds to the borrower and limit the involvement of the respective financial institution to enrollment verification.
Private student loans are both similar to and different than federal student loans in a number of ways. While federal student loans have fixed interest rates, do not require a credit check for approval (since they're partially insured by the government), and have uniform rules regarding repayment issues, private student loans typically have variable rates (which makes one's monthly payments somewhat unpredictable), require an evaluation of the borrower's ability to repay amounts lent, and give the lender autonomy in raising rates or assessing penalties in the event of payment issues. Private student loans do not require repayment until after a borrower graduates either, unlike federal loans. There are also statutes of limitations that dictate the length of time during which you can be sued for private student loan debt, while federal student loans are never time-barred.
Private student loans and federal student loans are both exempt from bankruptcy protection, and missed payments for both are noted on your major credit reports.
There are two primary types of private student loans: 1) School-channel loans -- Private loans that are approved by the borrower's school, generally have lower interest rates than other student loans, and which distribute funds directly to the school; and 2) Direct-to-consumer loans -- Loans that disburse funds to the borrower and limit the involvement of the respective financial institution to enrollment verification.
Private student loans are both similar to and different than federal student loans in a number of ways. While federal student loans have fixed interest rates, do not require a credit check for approval (since they're partially insured by the government), and have uniform rules regarding repayment issues, private student loans typically have variable rates (which makes one's monthly payments somewhat unpredictable), require an evaluation of the borrower's ability to repay amounts lent, and give the lender autonomy in raising rates or assessing penalties in the event of payment issues. Private student loans do not require repayment until after a borrower graduates either, unlike federal loans. There are also statutes of limitations that dictate the length of time during which you can be sued for private student loan debt, while federal student loans are never time-barred.
Private student loans and federal student loans are both exempt from bankruptcy protection, and missed payments for both are noted on your major credit reports.
An individual who administrates the settlement of … moreAn individual who administrates the settlement of debts and distribution of assets for a deceased person, during whatâ??s known as the Probate Process. This person is generally appointed by the decedent on the will and does not need to have financial or legal background. Other names for this person are â??administratorâ?? or â??personal representative.â??
This is a one-time fee that you will get assessed … moreThis is a one-time fee that you will get assessed when you are approved for a credit card or loan.
A bonus APR offered to new card holders. The intro … moreA bonus APR offered to new card holders. The intro rate is only good for a set period of time, and at the end of that period (or if you go into default), the APR generally rises to its regular rate.
Paperwork that creditor files with the bankruptcy … morePaperwork that creditor files with the bankruptcy court, to establish that creditor's claim against the debtor.
Insurance that pays for damage to another person's … moreInsurance that pays for damage to another person's car or other property when you are at fault for an accident.
Property damage liability insurance is a component of auto liability insurance. It does not cover damage to your own car.
Learn more about property damage liability coverage.
Property damage liability insurance is a component of auto liability insurance. It does not cover damage to your own car.
Learn more about property damage liability coverage.
Non-exempt property that belongs to the bankruptcy … moreNon-exempt property that belongs to the bankruptcy estate. This is usually sold/liquidated by the trustee, who distributes it among the claim holders in order of priority.
Insurance policies typically offer two different t … moreInsurance policies typically offer two different types of coverage, that which protects the insured party in the event a lawsuit is brought against them for things like accidental injury (liability coverage) and that which provides for reimbursement for damage to physical property (property coverage).
It is important that homeowners and renters properly insure their personal property by taking an inventory of what they own and estimating its total value. Insurance companies generally offer different levels of coverage for personal property and may even differentiate between moveable property like clothes and electronics and special property categories like jewelry and money.
It is important that homeowners and renters properly insure their personal property by taking an inventory of what they own and estimating its total value. Insurance companies generally offer different levels of coverage for personal property and may even differentiate between moveable property like clothes and electronics and special property categories like jewelry and money.
Property tax rates are typically charged at the lo … moreProperty tax rates are typically charged at the local level (e.g. city, county, town, special school district, etc.). The average tax rate in your state, STATE_NAME, is DEFAULT_PROPERTY_TAX_RATE.
For more accurate calculations, please provide the tax rate charged on your property.
For more accurate calculations, please provide the tax rate charged on your property.
This is the interest rate that will get assessed o … moreThis is the interest rate that will get assessed on your credit card balance (excluding any balance that you accumulate as a result of any cash advances or balance transfers that you make).