Sale And Rent-Back 

A schemes where a company can buy a person home if they are struggling to pay their mortgage and rent it back to them allowing them to stay in their home as a tenant. 

Second Mortgage (or second charge) 

A term used to describe an additional loan secured on a property, often obtained from a second lender. 

Secretary Of State 

A cabinet minister at the head of a Government Department who has vested statutory powers to carry out the business of the department they administer. 

Secured Debt 

Refers to money borrowed which is secured on an asset or property where if payments are not maintained the creditor can demand the sale or return of the property in order to pay back the debt. 

Secured Loan

A secured loan is a loan that is attached to your house. If you miss payments to a secured loan, your lender could try to take ownership of your property.

Setting Aside 

If a judgment has been entered in default then the adviser can apply set it aside if there is a valid reason why the defendant could not respond to the claim. Setting an order aside literally cancels the effect of the judgment and put the parties back to the position prior to the judgment. 

Sequestrian (Scotland)

Sequestration is Scottish bankruptcy. It’s the legal procedure to write off debt that you can’t afford to pay back in a reasonable amount of time. If you’ve got any assets they will be sold to pay back your debt.

Shariah Mortgage 

This type of mortgage provides an alternative to a repayment or interest only mortgage by allowing you to purchase your own home without having to pay interest, which is not permitted under the Islamic law. 

Shortfall

If you sell an item for less than the amount owed on the debt secured to it you’ll have a shortfall. For example, if you sell your house for less than the value of your mortgage. Your lender will expect you to repay the shortfall.

Social Policy 

In the advice sector, work to influence local or national policies for the benefit of clients is often referred to by the shorthand term 'social policy' work. 

Standing Order

A standing order is an instruction you give to your bank to pay a certain person or company each month. A standing order has to be for a fixed amount.

Stakeholder Pension

A stakeholder pension is a type of pension that has to comply with certain Government standards. Stakeholder pensions are available from commercial companies such as banks, insurance companies & building societies.

Statutory Demand

A statutory demand is a court order that demands you pay the full amount of a debt within 21 days. If the debt isn’t paid, the creditor can start bankruptcy proceedings.

Stay (in relation to a judgment) 

An application can be made for a temporary hold or a 'stay' to be put on the enforcement of a judgment if there are compelling reasons to do so. 

Strike Out 

Where a judge decides that a case should be dismissed; either because there is reason why it shouldn’t continue or insufficient reason why it should.

Sub-Prime Lending

Sub-prime lending is the term for lending money to people who don’t have good credit history, normally a higher rate of interest is charged.

Summary Disposal 

Courts power (other than for small claims civil cases) to terminate, strike out or dismiss proceedings which have no real prospect of success 

Support for Mortgage Interest 

Sometimes called income support mortgage interest (ISMI), this is financial help from the DWP towards mortgage interest costs which is available for people claiming certain benefits. 

Suspended Possession Order

A suspended possession order is a court order granted at a repossession hearing. It means that your lender can’t repossess your property as long as you make the payments the court asked for each month. This is usually your normal monthly payment & an extra amount to clear the arrears.