b
Assets
Personal possessions and investments that have a value if sold
Bankruptcy order
court order to recover debts from an insolvent person
County court judgment (CCJ)
A court order for the repayment of a debt
Debt consolidation
Rolling up existing debts into one new loan
Debt relief order
An arrangement for someone with debts not exceeding £20,000, limited assets and little disposable income to write off the debts after 12 month
IVA
An agreement between a debtor and their creditors to pay some of the debts over a set term
Insolvency
When an individual’s debts exceed their assets and they cannot meet the loan repayments on the deb
Recession
A period of at least six months when the amount of goods and services that a country is producing is shrinking