Debt Advice Glossary
Late fees are charges that may be added to your account if you make a payment after the date you originally agreed.
Level term assurance
Level term assurance is a type of life insurance. If you die within the term it pays out a lump sum. The amount you will be paid remains the same throughout the whole term.
The power to levy is what lets bailiffs seize & sell goods.
Liability is when you’re responsible for paying something. For example, making repayments on a credit agreement, utility bill or tenancy agreement.
An order made in the Magistrate Court for non-payment of council tax that enables the council to legally enforce the debt, such as using bailiffs (now called enforcement agents).
Life cover is a type of insurance. It pays out a lump sum if you die during the term of the policy.