Power of Attorney

A power of attorney is a document that allows you to appoint a person or organization to handle your affairs while you’re unavailable or unable to do so.

Debt Collection

Oral Examination

A summons for an oral examination is a court document saying you must attend court on a specific date to answer questions about your financial circumstances.

The creditor takes this action to get information about your income, expenses, assets and debts. This helps them decide what they can do to get the money back.

Debt Collectors

N1 (Claim Form)

To intiate a county court legal claim in England & Wales you must file the N1 form at your local county court.  A sample claim form can be found here – http://www.hmcourts-service.gov.uk/courtfinder/forms/n1_0102.pdf

CBC International

Monthly Instalments

If you are unable to pay a debt in full, your creditor may accept monthly instalments.  A creditor is not obliged to accept staged repayments however, they may see it as a short term solution to assist you until full repayment can be made.

Limited (LTD)

‘Ltd’ after a company name indicates that the company is privately owned with ‘limited liability’ status. This means that the directors of the company are not liable for the company’s debts if it goes bust.  Nearly all newly-formed companies in the UK are incorporated as Ltd companies.  If the number of shareholders in the company grows to 50 or more, the company changes to a ‘plc’ – public limited company, though this does not mean that their shares are publicly tradeable. Only companies that formally list their shares on the Stock Exchange are fully tradeable.

Knowing When You Should Pay

Ensure that you are fully aware when a payment must be made, in order to avoid any unnecessary costs & interest charges which creditors can apply to overdue account.

Joint & Several Liability

Where two or more persons are liable in respect of the same liability, in most common law legal systems they may either be:

• jointly liable, or
• severally liable, or
• jointly and severally liable.

Interest

The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the principal; the rate is dependent upon the time value of money, the credit risk of the borrower, and the inflation rate.

High Court Enforcement Officer (HCEOs)

Execute the judgments and orders of the High Court and County Courts of England and Wales.  They are men and women who are authorised personally by the Lord Chancellor or his designated person pursuant to paragraph 2 (1) of Schedule 7 of the Courts Act 2003 and Regulation 6 of the High Court Enforcement Officers Regulations 2004.

Garnishee

A third party who is served notice by a court to surrender money in settlement of a debt or claim