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Adverse Credit.
Adverse credit is something that a person will have if they fail to make the required repayments to creditors.
Adverse Credit History.
An adverse credit history is something that a person will have if they have failed to make the required repayments to creditors
in the past. Often items of credit that are registered as defaults or ccjs can remain on your credit history for years.
Adverse Credit Rating.
An adverse credit rating will be obtained by a person who fails to make repayments to creditors regularly and on time.
See Credit Rating for further explanation.
AER - Annual Equivalent Rate.
A figure quoted in loan advertisements to help people make compare one product with another. It indicates what the rate would be if
interest was paid just once a year.
Affinity Cards.
Credit cards branded with the name of a charity or trade union. Often give a small donation to the chosen organisation every time they are used.
AirMiles.
A promotional points reward scheme offered by some credit card issuers. Air miles can be collected and exchanged for discounts on flights, hotels etc.
Annuity.
A fund that can be purchased by a lump sum to provide regular income.
APR - Annual Percentage Rate.
This is the rate of charge on a loan calculated to a set formula. It includes all the costs of the transaction including the
rate of interest and other associated costs. It was introduced to provide a tool for comparing rates charged by different lenders.
Arrears.
Arrears is a term used to describe a payment that has not been made or an amount of money that a borrower has fallen behind in paying.
This term can appy to rent arrears, mortgage arrears, credit card repayment arrears etc.
Assurance.
In the UK the term 'assurance' tends to be used where insurance is taken out against something which will inevitably occur, an example is
death, as this is going to occur inevitably and that is why life assurance is called "assurance" rather than insurance.
Assured.
In the UK the assured is a person (or people) who has entered into a life assurance contract with a life office and is the policyholder.
The person on whose life the policy is taken out is known as the life assured.
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