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Glossary of mortgage terms
Annulment of Bankruptcy
This is a cancelled bankruptcy.
Adjudications
"Adjudications" is an out-of-date term for bankruptcy.
Administration Order
An agreement between an individual and a County Court, in which the Court helps
the individual make arrangements to pay outstanding debts to creditors. The
debts must not total more than £5000.
Arrangement to pay
An "arrangement to pay" is an agreement between a lender and a customer to vary
a customer's payment schedule.
Bankruptcy Order
A way of dealing with debts that cannot be paid. Bankruptcy proceedings free an
individual from overwhelming debts. The official receiver is responsible for the
administration of bankruptcies.
CAIS (Credit Account Information Sharing)
CAIS refers to the credit account information held by
Experian. Lenders provide information on
accounts held with their customers. In return, lenders can view the same level
of information when they make a search of our records during an application for
credit. For example, banks that provide only information on accounts with a
history of arrears can view only defaulted and delinquent accounts.
CCA (Consumer Credit Association)
The CCA is a professional body representing the interests of small companies in
the credit industry.
CCJ
County Court Judgment
(abbreviation)
A county court judgement or CCJ is a judgement for
debt in the county court. This debt does not appear in the credit register if
this debt is settled within 30 days of the date of the judgement.
Certificate of Satisfaction
A county court document confirming a judgment has been satisfied (paid in full)
or set aside (removed from the public record because it was paid within one
calendar month).
Citizens' Advice Bureau.
A voluntary service provided in most major towns which offers free advice to
individuals on financial and other matters.
Debt management programme
The lender has reported that an account has been included in a debt management
programme, for example one organised by a Citizens Advice Bureau or the Consumer
Credit Counselling Service.
Defaulted account
This is an account for which you have not kept to a credit agreement and the
relationship between you and the lender has broken down. The lender has
terminated the credit agreement. A record of these accounts is kept for six
years from the default date.
Default notice
A default notice is a formal letter a lender sends you when you are so far
behind in your payments that they have decided your relationship with them has
broken down. This varies from lender to lender but happens when you are between
three and six months in arrears. If you receive a default notice it might mean
that the lender is planning to take legal action to recover the money, but you
must be notified separately of this. A default notice will almost certainly mean
that the account will be shown as defaulted on your credit report, which will
make it difficult for you to get credit. This information is kept on your report
for six years but the balance should be updated as you make repayments and after
six years it is removed, whether or not you're fully paid up.
Electoral roll
The electoral roll is a list of the names of all people registered at an address
who are entitled to vote. Lenders use this information to check the identity of
those applying for credit.
IVA (Individual Voluntary Arrangement)
Voluntary Arrangements are an alternative to Bankruptcy. If an individual has
accrued a number of debts, they can enter into a Voluntary Arrangement, which is
administered by the County Court or a Licenced Insolvency Practioner. It means
that a repayment plan has been agreed with creditors.
Information Commissioner's Office
The Information Commissioner's Office regulates the work of credit reference
agencies and lenders. If an individual believes that a lender or a credit
reference agency has not fulfilled their legal obligations they may request that
the Information Commissioner investigates the matter on their behalf.
Official receiver
An official receiver is responsible for the administration of a Bankruptcy.
Order of Discharge
The terms of a Bankruptcy have been met.
Repossession
Members of the Council of Mortgage Lenders record information on customers who
have given up their homes or had them repossessed.