 Posted: Mon Jun 20, 2005 10:23 pm Subject: Debt Glossary for alphabet "B" |
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Hi,
I have enlisted all the major terminologies related to debt under alphabet B below -
Backup Offer: There is always a provision of an alternate bid or second offer on a property if the first offer does not work out. However, this second offer has to be accepted.
Balance: The amount of the loan which is unpaid. It is equal to the loan amount minus the sum of all prior payments to the principal.
Base Loan Amount: The original loan amount on which loan payments are based. If additional charges accrue, those costs are added to the original loan amount.
Bank Draft: This is a mode of payment where your loan is automatically deducted from your checking or savings account. In such cases you don't have to mail in your payment each month.
Bankruptcy: When a person is unable to meet his financial obligations he is declared bankrupt by a decree of the court. The Federal Bankruptcy Law states that this person's property is then used to satisfy the creditors. He can relieve the debts by transferring his assets to a trustee to clear his debts. Different chapters or types of bankruptcy exist amongst which Chapter 7 and Chapter 13 are the most popular ones.If a person files bankruptcy, a record of the filing appears on the borrower's credit report for up to 10 years.
Bequest: A personal property which has been gifted to an individual and this arrangement is mentioned in the will.
Billing Error: According to the FCBA or Fair Credit Billing Act any mistakes in your monthly statement is known as a billing error.
Bona Fide: Undertaken in good faith.
Borrower: A person who takes money in the form of a loan and is committed to pay it back. This repayment in most cases has an additional interest amount added to the original amount of money borrowed.
Broker: An individual who assists in arranging for funds and also negotiates contracts for a client. However this individual does not borrow money for his individual purpose.
Budget: A personal financial record which has the figures of all the income and expenditure done within a specific time limit of all money spent and earned in a specific time frame.
Business Days: According to the Truth in Lending Act or Electronic Fund Transfer Act there are specific days allotted for business dealings. These days are known as business days.
Buyer's Market: The market prices which are favorable for the consumers is known as a buyer's market. When due to the price factor sell is less and the buyers are much higher, sellers may be forced to make a considerable price deduction.
Regards
Roxette
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roxette
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Joined: 18 Mar 2005
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