Credit jargon explained

Posted in 'Personal Finance' by Barry Stamp

10 January 2012

Credit is full of jargon and TLAs - thats 'Three Letter Abbreviations' to the rest of us.

For instance, CCA refers to the Consumer Credit Act 1974, which is the cornerstone of all credit law, whereas CCJ refers to a County Court Judgment - the legal acknowledgement of debt in England and Wales.

But in Scotland a CCJ is called a Decree - and perhaps more confusingly, what is known as a bankruptcy South of the Border is known as a Sequestration North of the Border

There are other words used in credit and in credit law that can sound good but are in fact bad. Being subject to a Garnishee might sound like something you might put on your salad, but it's basically where your bank account is nabbed by someone you owe money to.

For plain English explanations of credit jargon, our jargon buster is a good place to start.

If you can't find a word you don't understand, just email us and we'll do our best to help.