UK Loans guide: Finance Glossary

This finance glossary will answer all of your financial questions online. UK loans guide provides a finance glossary, jargon buster and finance dictionary of terms.

APR

The APR is a measure of the cost of each credit agreement, taking into account all the charges made under the agreement. It enables you to compare the cost of each deal and work out which is the best value for you. So you can compare one hire purchase agreement with another However, you should not attempt to compare a mortgage with a credit card deal. Each one provides different terms, so you should not expect to compare the two.

Arrears

Mortgages and mortgage arrears are classed as a 'Priority Debt' and can lead to you losing your home.

CCJ

County Court Judgements

Default

Unpaid payments of principal which have been written off as bad debts by a lender. This figure is generally reported at the end of year net of any recoveries from bad debts in the previous year.