Maximising Income

Maximising income is a way of increasing the money you receive.

McKenzie Friend 

A person who is not legally qualified, but gives advice and assistance to someone involved in court proceedings. Traditionally a McKenzie friend is not allowed to address the court, but often a judge will allow them to. 

Means Testing

Means testing is the method the Government uses to decide if you’re eligible for certain benefits.

Money Advice Liaison Group 

A national not for profit organisation with objectives to bring together and promote a better understanding between the advice, collections & credit sector. 

Money Advice Trust

Policy research and free debt advice training. Also own National Debt line. 

Money Judgment 

A court order that allows a creditor or landlord to recover the full amount owed under a court judgment as well as any other court action taken such as a possession order. 

Money Judgment (Northern Ireland)

A money judgment is issued by the Northern Irish courts for non-payment of a debt.

Money Purchase Agreement

A money purchase agreement is a form of pension where your final pension depends on stock market performance.

Monthly Expenses

Monthly expenses are regular items you pay for each month. They include your household bills and payments to your debts.

Moratorium

A moratorium in debt advice is a holding period whereby debts are not enforced by a creditor. This is either for a specified amount of time or an indefinite period. It means that a creditor will not pursue a debt legally. A debt relief order has a 12 month moratorium, after which qualifying debts are written off.

Moratorium Period 

Specifically in relation to DROs; this is the length of time during which the debts owed by a debtor are protected from the claims and actions of their creditors. Creditors cannot continue or commence legal action against the debtor for repayment of these debts, without leave of the Court. After the moratorium period has come to an end, these debts would usually be discharged. If the moratorium period is terminated by the Court or the Official Receiver, the debtor will again be subject to the actions of their creditors. 

Mortgage

A mortgage is a loan that you take out to buy a house. If you miss payments to a mortgage, your lender could try to repossess your property.

Mortgage Rescue Scheme 

Government initiative aiming to provide a safety net for vulnerable households at risk of mortgage repossession. The scheme works by either a shared equity loan or through a ‘mortgage to rent’ scheme, whereby a housing association buys the property and rents it back to the householder.