Family Income Benefit

Family income benefit is an insurance that, in the event of a claim, pays out a regular income for the remaining term of the policy, instead of a 'one-off' lump sum.

Financial Conduct Authority

The Government Body responsible for authorising and regulating Financial Services & products including debt advice - placing the Office of Fair Trading (OFT).

Financial Statement

A finalised document detailing someone's regular income, expenditure, a list of their creditors and amount owed

Final Discharge

A final discharge is a court notice that shows your bankruptcy has ended. This document will mean you’re debt free and the bankruptcy period is over.

Final Salary Plans

A final salary plan is a pension that is based on the number of years of service and the value of your final salary.

Fixed Rate

A fixed rate is an interest rate that doesn’t changed for a set period of time.

Fraud

Deliberate deceit in the provision of false information in order to gain an advantage, for example in order to obtain credit or avoid paying debt

Freehold

A form of legal title to land that means absolute ownership of the property and the land it stands on, for an indefinite period. It is also known as a 'life interest'.

Full And Final Settlement

A process of asking creditors to accept payment of a lump-sum instead of the full balance owed. If agreed the creditor agrees to write off the rest of the debt.