Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Collateral

What is Collateral?

Collateral is the American term for security (usually an asset) that is pledged for the repayment of a loan if the borrower cannot procure enough funds to repay. In recent years it has made its way into popular usage in the UK.

There are different types of Collateral, such as a cash-secured loan which lets you pay a cash deposit or a mortgage that uses the house itself as security.

Loans taken out that use Collateral are called Secured Loans.


Q: What can be used as Collateral?

A: Depending on what type of loan you have taken out: your car, house, a down payment or anything else of value can be used as Collateral.

Q: What happens to Collateral if I don’t make payments?

A: In most cases, Collateral can be sold on by the lender to help recuperate any losses brought about by the borrower not repaying a loan. That is why Collateral is typically something with a suitable sale value.

Q: What is the difference between Collateral and Lien?

A: A Lien is what gives the lender the right to access and seize Collateral should the loan repayments not be made in time.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.

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