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Debt Advice Glossary

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Late fees

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.

Levy

The power to levy is what lets bailiffs seize & sell goods.

Liability

Liability is when you’re responsible for paying something. For example, making repayments on a credit agreement, utility bill or tenancy agreement.

Liability order

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

Life cover is a type of insurance. It pays out a lump sum if you die during the term of the policy.