[roxette]

Hi,

I have enlisted all the major terminologies related to debt under alphabet L below -

1)Late Payment: A payment made after the due date which is made in a credit contract due to which additional charges will be imposed.

2)Liability on an Account: The total legal obligation to repay debt.

3)Late Charge: The additional charges paid by a borrower as a penalty, due to a late payment.

4)Lender: It can be an individual, the bank, any financial institution or mortgage broker offering the loan.

5)Liability: This means you are completely responsible for any financial transaction done through a card of which you are in charge of. Sometimes credit card companies may state that they are not responsible or liable if your card is misplaced, which means that they are not liable.

6)Lender Fees: This is the amount of money a debtor has to pay a lender as fees.

7)Lender Processing Fee: This fee is given for an analysis of your loan application along with the compilation of the necessary supporting documentation to close the loan.

8)Lien: The right to take another's property if an obligation is not discharged.

9)Loan Application: An initial statement of personal and financial information required to apply for a loan.

10)Loan Application Fee: The lender charges this fee for the costs incurred due to the processing of loan application. This also covers the cost of obtaining a credit report, a property appraisal and the closing costs of a loan.

11)Loan Consolidation: The consolidation of multiple loans into one loan amount.

12)Loan Origination Fee: The fees a lender charges from a borrower to meet the administrative costs while a loan is being processed.

13)Loan Term: The time span between the closing date of the loan and the date of your last payment.

14)Lock or Lock-In: A lender's guarantee of an interest rate for a set period of time-usually between loan application approval and loan closing. The lock-in protects you against increased rate during that time.

Regards
Roxette

[Linder Lou]

What about Litigation....I had to look that one up..

[john]

Litigation involves the legal process of recovering the damages for losses and injuries. In most cases, the disputes are tried to be resolved outside the court. If the matter does not reach to any conclusion in litigation, a court trial is done and the parties need to show a presence. Litigation process begins after the complaint has been filed. The document is filed with the court, but the plaintiff is given some time to resolve the matter outside the court. If the matter is not solved, it finally asks for their attendance at the court.