Early Repayment Charge

Early repayment charges or redemption penalties are sometimes paid to lenders if you clear the debt before the agreement has ended.

Earnings Arrestment 

Scottish equivalent to an Attachment of Earnings Order, where the court can order monies to be deducted from the debtor's wages to repaying an outstanding debt. 

Encrypted Electronic Format 

To alter a file for example using a secret code so as to be illegible to unauthorised parties. 

Endowment

An endowment is a type of life insurance policy that is often used as a way to repay a mortgage where only the interest has been repaid to the lender. 

Enforcement Of Judgment Office (Northern Ireland)

The enforcement of judgment office or EJO are responsible for collecting unpaid court debts in Northern Ireland.

Equity

Equity is the difference between the value of your house & the amount outstanding on your mortgage & any secured loans. For example, if your house is worth £150,000 & you have a mortgage for £100,000 you will have £50,000 in equity. 

Equity Clause 

IVA applicants who are home owners, will normally be asked by the IP to include a section within the IVA proposal called an ‘equity clause’. This means that during the IVA (normally in year four) the applicant would be expected to apply for a secured loan or re-mortgage to pay back some of the debt. If this is not possible, the IP may insist on the sale of the property instead. 

Equity Release

Equity release covers a range of products, including the life-time mortgage,  designed for property owners aged 55+. The product allows you to either release equity from your property or consolidate previous borrowing, such as an expired interest-only mortgage.

Estate

Anything you own is your estate, for example your house, car & personal belongings. It also includes any rights you have to receive money or goods in the future. 

Eviction

Eviction is the legal process used to force you to leave your home. Bailiffs may change the locks to the house if you don’t leave voluntarily. 

Exceptional Attachment (Scotland)

Exceptional attachment is the removal of non-essential belongings from your house. The goods will be sold and the money put towards your debt. 

Excluded Debt 

In DROs and bankruptcy there are some debts that the debtor will remain liable for, they are non-qualifying debts and are not capable of being scheduled within a DRO. The debts include magistrates court penalties, fines, child support / maintenance, compensation, damages, student loans and social fund. 

Ex-parte 

Where applications are dealt with by the court without anyone attending 

Expenditure

Expenditure is all the money you spend on any outgoings or costs.