Accountant In Bankruptcy

The administrative supervisor of sequestrations (bankruptcies) in Scotland.

Administration Order

An administration order is a way of repaying your debts if you can't afford the full payment each month. The courts administer payments to your debts. You need to owe less than £5,000 & have a county court judgment to apply.

Alternative Dispute Resolution

A variety of ways to resolve disputes without going to court. This includes: mediation, negotiation, and arbitration and third-party determination.

Alternative Payment Arrangement (APA)

An APA is used with universal credit claimants who cannot manage their single monthly payment and there is a risk of financial harm to the claimant and/or their family. They are commonly used by landlords for tenants in rent arrears.

Annual Equivalent Rate (AER)

This is used to show what you would earn in interest on a savings account. Any interest is added to the balance in your savings account. The next interest payment is then based on the new balance.

Annual Percentage Rate (APR)

This shows the amount of interest on a credit agreement, it takes into account all the charges made under the agreement. It will let you compare the cost of each deal & work out which is the best value for you. You can use it to compare one hire purchase agreement with another. But you shouldn't use it to compare different types of credit, such as a mortgage with a credit card as each one will have different terms.

Annulment

Cancellation.

Antecedent Transactions

Where something has been done in the run-up to insolvency which results in one creditor being treated more favourably than the others, or where a person other than a creditor benefits from the actions of the debtor and the creditors suffer as a result. The official receiver may decline an application for a DRO in these circumstances.

Appeal

Where a party is unhappy with a decision they can request it to be reconsidered by a court or tribunal in some circumstances - for example if a decision is thought to be legally wrong.

Applicable Amount

The minimum amount of money that the Government thinks that individuals in certain household circumstances need to live on each week. The applicable amount is used in many benefit calculations.

Approved Intermediary

Skilled Money advisers authorised by Competent Authorities to act as debt relief order (DRO) advisors. They will give advice to debtors and submit the completed online application on behalf of the debtor.

Approved Pension

Most occupational or personal pension schemes found in the UK, including occupational pensions from large organisations and personal pensions from well known insurance companies.

Arrangement Fees 

Fees that some lenders charge for arranging mortgages or other loans. Some lenders will refund the fee when the loan or mortgage is agreed, or add it to the amount borrowed.

Arrears

Arrears are another term for missed payments. If you miss one month’s payment to a household bill or debt you'll be in arrears by one month.

Arrestment (Scotland)

Arrestment is a method the Scottish courts can use to repay your debt. The courts freeze any bank accounts you've got & can use any money in that account to pay your debt.

Arrestment Of Earnings (Scotland)

Arrestment of earnings is a method the Scottish courts can use to repay a debt. Your employer will take money straight from your wage & pay it to the creditor.

Asset

An asset is items owned which have monetary value this could be property, vehicles, investments, shares, jewellery, antiques, savings etc. Assets can be sold to pay off debts.

Assignment (of debt)

Where a creditor sells a debt to another company, not to be confused with a creditor passing the debt to a collection agency that acts on behalf of the creditor.

Assignment (of tenancy)

The legal transfer of a tenancy from one person to another. There are rules on when a tenancy can be assigned, including who it can be assigned to and whether the landlord's permission is needed.

Assured Shorthold Tenancy

The most common type of tenancy provided by private landlords, often for a fixed term (e.g. six months or one year), which gives limited rights to the tenant. Some housing associations also provide this type of tenancy.

Assured Tenancy

A type of tenancy that some private tenants and most housing association tenants have. It gives more rights to tenants than an assured shorthold tenancy.

Attachment (Scotland)

Attachment is a way of enforcing an unpaid court order. Sheriff officers will remove goods from outside your house. The goods will be sold & the money put towards your debt.

Attachment of Benefits

Attachment of benefits (or deductions from benefits) is a method the courts can use to repay a debt. The Department of Work & Pensions will take money from your benefits & pay it to the creditor.

Attachment Of Earnings

Attachment of earnings is a method the courts can use to repay a debt. Your employer will take money straight from your wage & pay it to the creditor.