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Debt Terms
INFORMATIVE 
Tags: Debt, definitions, creditor, consolidation, settlement
Need to know what all those terms Debt Solution companies throw around mean? Here are just a few to help you solve your debt problems easier, even if they aren't in alphabetical order!
| | SOL: Statute of Limitations. The amount of time a creditor or collection agency has to sue you for a debt. |
| | CA: Collection Agency. A business that buys noncollectable debts or handles accounts receivables for another company |
| | OC: Original Creditor. The company you took out the debt with, i.e. the store or credit card company. |
| | PDL: Payday loan. A short term high interest loan designed to meet your immediate needs. |
| | HELOC: Home Equity Line of Credit. A line of credit secured on your home based on the amount of equity you have in your home. |
| | Plaintiff: the party who initiates a lawsuit |
| | Defendant: person being sued |
| | Debt Management Plan: Also called a Debt Consolidation plan. The debtor registers with a debt solutions firm who negotiates with the creditors to lower interest rates. You then make payments to the firm, who takes out their fees and distributes the rest to your creditors |
| | Debt Consolidation loan: the debtor takes out a low interest long term loan and uses the proceeds to repay their debts. The debtor then repays the loan. |
| | FDCPA: An act created by the federal government to protect consumers against harassing collection agencies. |
| | Secured Loan: A loan taken out against some asset like a house or a car. |
| | PMSI: Purchase Money Security Interest. An interest that is created when you borrow money to purchase the asset you are using as collateral for the loan. |
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