Undischarged Bankrupt 

A debtor who is currently subject to a bankruptcy order and its restrictions. 

Unit Trust

A unit trust is an investment where a group of people leave their money with a professional manager who manages the total investment fund on their behalf.

Unsecured Debt 

A loan, credit card, store card or catalogue where monies are not secured on any asset or property. 

Unsecured Loan

An unsecured loan isn’t attached to anything. These are normally called personal loans.

Variable Rate

A variable rate is an interest rate that can increase or decrease. The amount is decided by the lender.

Variation Order 

If a County Court Order is made which the debtor can no longer afford to pay they can apply to the court providing information about their financial situation to vary the order and reduce the payments 

Voluntary Repossession 

Handing over the keys to a mortgage lender. This means that the householder gives up possession but still retains the debt. The amount owed may increase until the property is sold. 

Warrant Of Arrest 

If a Warrant of Arrest is issued, then the police are sent to arrest the person and can either hold them in custody until they can be brought before a judge or they can be granted bail and given a date when they must attend the court. 

Warrant Of Execution

If you don’t pay a county court judgment, the creditor will ask the courts for a warrant of execution. This gives bailiffs the right to try to recover the debt by taking items from your house & selling them.

Will

A will is an official statement of what you want to happen with any money or property after your death.

Windfall 

An asset (often unexpected) which if received during bankruptcy will go towards repaying the debt or if over £300 and received during a DRO moratorium period will cause the DRO to be revoked 

Without Prejudice 

Negotiations that take place before a court hearing in the hope that legal action can be avoided, but which are not intended to be taken into account if the case does get to court. 

None

Zero Hours Contract

A zero-hour contract is a type of contract between an employer & a worker, where the employer is not obliged to provide any minimum working hours, while the worker is not obliged to accept any work offered.

Zero Percent Credit Card  Transfer

A zero percent transfer deal involves a credit card provider that will not charge you any interest for a fixed period if you swap one of your existing credit card balances over to them.