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Common Terms
Arrears
The state in being behind or overdue on a debt. Commonly used when referring to mortgage payments. The debt is said to be in arrears.
Creditor
Any person or business to which a debtor owes money.
Credit Report
A detailed report outlining the credit history, public records and credit worthiness of an individual.
Debtor
Any person or business that owes money to another.
Defult
The failure to make payments in the specific period of time stated in the original contract.
Discharge
The order that eliminates a debt through a bankruptcy case. When a debt is discharged, it is no longer legally enforceable against the debtor. However, if a lien exists that secures the debt, it may survive the bankruptcy.
Eviction
The legal process where a tenant is forced out of his/her residence.
Foreclosure
The legal process by which the buyer or homeowner is in default under a mortgage note and is deprived of his/her interest in the mortgaged property.
Frozen Account
An account that cannot be accessed due to a judgment that has been executed through a court order. A creditor can ask the court to freeze a debtor’s account if the debtor has fallen significantly behind on his/her payments.
Garnishment
A type of debt collection ordered by a court in which a portion of a person’s salary is seized and paid to a creditor. State law governs how much money can be withheld.
Secured Debt
A debts is secured when the creditor takes real or personal property as collateral. Typical examples are:mortgage, car loan.
Unsecured Debt
A debt that is not backed by any collateral. Typically, credit card debts and payday loans are unsecured debts and can be eliminated in a bankruptcy.
Link Credit Solutions. 33-12331 Phoenix Drive. Richmond. BC. V7E 6C4

Debt Consolidation in Canada

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Agents for Full Circle Debt Solutions Inc. Helping people in the Vancouver and Lower Mainland.