Term

The term is the amount of time that a legal agreement, such as a policy, lasts for.

Term Assurance

Term assurance is a type of insurance that pays a lump sum out if you die during the term of the policy. If you don’t die during the term, then the policy will finish, with no pay out made.

Terms (of Court Order) 

The conditions underlying the making of a court order 

Third Part Debt Order 

This is something which a creditor can apply for and can be served on anyone who owes money to a debtor or holds money on the debtors behalf, such as a bank. The judge will decide whether an account should be frozen and used to pay a debt. 

Time Order

A time order is a way of asking the courts to give you more time to pay a debt if you’ve missed payment. It can change the amount you have to pay each month or the term left on the credit agreement.

Tracker Rate

A tracker rate is an interest rate that follows the increases & decreases of another interest rate. For example, a tracker mortgage may follow the Bank of England base rate.

Transactions At Undervalue

A transaction at an undervalue is giving away an asset for less than it is worth. For example, giving away your car to a friend so that it wouldn’t be included in your bankruptcy.

Treating Customers Fairly 

The principles outlined by the FCA to treat customers fairly with financially regulated products and services. 

Trust Deed (Scotland)

A trust deed is a legally binding agreement, used in Scotland, between your creditors & you to clear outstanding debts you can’t afford to pay. Through a trust deed you pay back an agreed proportion of your debts over a set amount of time, usually 3 years.

Trustee In Bankruptcy 

The trustee in bankruptcy is either the official receiver or an insolvency practitioner who takes control of a debtor's assets. The trustee’s main duties are to sell these assets and share the money out, after their fee has been deducted, among the creditors.