Debt Advice Glossary


Secured loan

A secured loan is a loan that is attached to your house. If you miss payments to a secured loan, your lender could try to take ownership of your property.

Sequestrian (Scotland)

Sequestration is Scottish bankruptcy. It’s the legal procedure to write off debt that you can’t afford to pay back in a reasonable amount of time. If you’ve got any assets they will be sold to pay back your debt.


If you sell an item for less than the amount owed on the debt secured to it you’ll have a shortfall. For example, if you sell your house for less than the value of your mortgage. Your lender will expect you to repay the shortfall.

Standing order

A standing order is an instruction you give to your bank to pay a certain person or company each month. A standing order has to be for a fixed amount.

Stakeholder pension

A stakeholder pension is a type of pension that has to comply with certain Government standards. Stakeholder pensions are available from commercial companies such as banks, insurance companies & building societies.

Statutory demand

A statutory demand is a court order that demands you pay the full amount of a debt within 21 days. If the debt isn’t paid, the creditor can start bankruptcy proceedings.

Sub-prime lending

Sub-prime lending is the term for lending money to people who don’t have good credit history, normally a higher rate of interest is charged.

Suspended possession order

A suspended possession order is a court order granted at a repossession hearing. It means that your lender can’t repossess your property as long as you make the payments the court asked for each month. This is usually your normal monthly payment & an extra amount to clear the arrears.