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Debt Advice Glossary

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Quality mark

A quality mark is a recognition that a service or product has met certain independently audited professional standards. Many not for profit debt advice agencies hold the advice quality standard.

Quarter

A quarter is a period of 3 months. there are four quarters in a year. Some payments are billed quarterly.

Quick Benefit Calculator

An online program tool for experienced advisers to check & calculate means tested welfare benefits entitlement as well as 'what if' calculations.

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Redemption penalty

Redemption penalties or early repayment charges are sometimes paid to lenders if you clear the debt before the agreement has ended.​

Repossession

Repossession is the legal process where a mortgage lender or secured loan provider takes ownership of a property. If you miss mortgage payments, your lender may ask the courts to evict you from your house. Your lender will then sell the property.

Remortgage

Remortgaging is when you take out a new mortgage to pay off an existing one, using the same house as security.

Right of offset

This can happen when you’ve got a bank account & a debt with the same bank. If you miss payments to the debt, your bank can take money out of your bank account to cover the payments you’ve missed.