Debt Advice Glossary


Early repayment charge

Early repayment charges or redemption penalties are sometimes paid to lenders if you clear the debt before the agreement has ended.


An endowment is a type of life insurance policy that is often used as a way to repay a mortgage where only the interest has been repaid to the lender.

Enforcement of judgment office (Northern Ireland)

The enforcement of judgment office or EJO are responsible for collecting unpaid court debts in Northern Ireland.


Equity is the difference between the value of your house & the amount outstanding on your mortgage & any secured loans. For example, if your house is worth £150,000 & you have a mortgage for £100,000 you will have £50,000 in equity.

Equity release

Equity release covers a range of products, including the life-time mortgage, designed for property owners aged 55+. The product allows you to either release equity from your property or consolidate previous borrowing, such as an expired interest-only mortgage.


Anything you own is your estate, for example your house, car & personal belongings. It also includes any rights you have to receive money or goods in the future.


Eviction is the legal process used to force you to leave your home. Bailiffs may change the locks to the house if you don’t leave voluntarily.

Exceptional attachment (Scotland)

Exceptional attachment is the removal of non-essential belongings from your house. The goods will be sold and the money put towards your debt.


Expenditure is all the money you spend on any outgoings or costs.