| Jargon | Description |
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Company Voluntary Arrangement
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This is the business equivalent to an Individual Voluntary Arrangement. Allowing financial problems to be overcome with the creditors consent so that the business can continue to trade
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Contractual payments
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When you signed the credit agreement, these are the payments you agreed to pay each month. Failing to make the contractual payments can lead to arrears and further charges. This can affect you credit
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Credit
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Borrowed money or other finance to be paid back under an arrangement with a lender.
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Credit file
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A file held by authorised companies with financial history regarding credit applications and credit you have borrowed, including payment history.
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Creditors
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A person or company whom lends you money (usually a bank, building society or credit card company).
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