Glossary - D



Debt Advice

Debt Advisory Line provide tailored expert Debt Advice on a wide range of debt solutions including Debt Management, IVA's, Bankruptcy, Trust Deeds and Debt Relief Orders.



Debt Collection Agency

A creditor can employ (or even sell) debts to a debt collection agency. That agency will then chase the outstanding debt(s). Debt Collection Agencies are NOT bailiffs and have virtually no power to collect debts - they should therefore be treated the same way as other unsecured creditors.



Debt Management Plan

An informal agreement between you and your creditors that allows you to pay off your debts over an extended period of time. The Debt Management Plan can be for any amount of money and can last for any reasonable length of time.



Debtor

A person who owes money to others.



Default Notice

This is issued by a creditor when a financial agreement (made between them and yourself) fails because the arrangement has not been kept as promised. The notice is the formal way in which a lender informs you that they intend to take further steps to recover the outstanding amount you owe them.