B Flashcards
What is Bad Credit?
This refers to the status of a debtor’s creditworthiness, when they are regarded as “high risks” for credit lenders. Bad credit is acquired due to non-payments, late payments, overuse of credit, or bankruptcy filing.
What is Bankruptcy?
Bankruptcy is a legal procedure where the courts write off debt that you can’t pay back in a reasonable amount of time. If you’ve got any assets they will be sold to pay back your debt.
What is a Beneficiary?
A beneficiary is someone who is going to receive assets or profits from a trust, an estate oran insurance policy, when the conditions within the contract are met.
What is a Bankruptcy Restriction Order (BRO)?
A court order which will mean bankruptcy restrictions
continue to apply for a period of between 2and 15 years.
What is a Balloon Payment?
A balloon payment is a one off, lump sum payment on a hire purchase or conditional sale agreement.They are normally made at the end of the agreement.
What is a Basic Bank Account?
Accounts designed for those with poor credit scores, especially people who have been insolvent. Most include a debit cards and some allow direct debits to be set up, but going overdrawn isn’t allowed.
What is Beneficial interest?
A share in an asset, often a property, that could be sold to raise money to repay debts.
What is a Billing Cycle?
The time period between billing statement dates, usually about 25 days.
What is a Broker?
A broker is a person,ororganisation,whoworks on your behalf to find you the best deal when you buy thingslike insurance, mortgage, stocks orproperty.
What is a Budget?
A budget is a list of all the money you’ve got coming into your household (your income)and all the money you spend (your expenditure), each month. If you take your expenditure awayfrom your income, itshowsyou if you’ve got a budget deficit or a budget surplus.
What is a Budget deficit?
When you’re spending more money than you havecoming in each month, you have a budget deficit.
What is a Budget surplus?
Whenyou have money left over from your income once you have paid for all your costs, you have a budget surplus.
What is Budgeting?
Budgeting is how youmanage yourincome and spending to help you keep up to date with priority bills.
What is Buildings insurance?
Buildings insurancecontributes towards the cost of repairing or rebuilding a property if something happens to it, such as repairing flood damage.
