When a contractual payment is not paid by the due date, the account is in arrears. Most lenders report to the credit reference agencies on a monthly basis and they will have a record of any arrears in the last 6 years.
Any credit commitment showing on your credit report over the last 6 years which has not been repaid as per the terms of the agreement. Any payments that are missed or paid late will have adverse effect on your credit score.
An asset is any property, vehicle, equipment or any other tangible object that has monetary value.
This is a financial ratio used to weigh up the revenue generated the asset against the cost of the assets.
This type of secured loan tends to be used as a short term solution to finance a purchase of a new property before you have sold your own.
Short term finance secured on commercial property. The purpose is usually to fund a project until it is completed or until a property is sold, or until longer term finance arrangements can be made.
See also Frequently Asked Questions
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