Glossary of Terms
| Jargon | Description |
| Arrears | When you fail to meet the contractual payments to your household bills this is when arrears occur. Serious arrears which must be paid immediately can occur if you miss payments to your mortgage, rent or council tax. You can also be in arrears if you don't maintain your payments on unsecured debts. If you continue to miss payments then arrears will accumulate and you will be required to pay an additional amount on top of the regular payments until the arrears are cleared. |
| Assets | Items you own that have monetary value are known as assets. Assets would include for instance your property, car, stocks, shares, antiques and savings etc. |