Glossary - L



Lender

An individual or organisation that lends you money. Most often this is a bank, building society or credit card company.



Levy

When a bailiff collects payments or goods to raise funds to pay the warrant & costs. A notice of this should arrive 7 days prior to the arrival of any bailiffs.



Lien

A legal claim against an asset which is used to secure a loan and which must be paid when the property is sold.



Liquidation

When a business / organisation is terminated or made bankrupt all of the assets are sold off and the proceeds are used to pay creditors.