Loan amount for which the borrower pledges one or more assets of
equal or greater liquidation-value as a security which may be
forfeited in case of a default. Also called secured loan.
Loan agreement under which a borrower pledges a specific asset
or property which the lender can seize in case of default.
A statutory demand gives a person 21 days warning to pay the
debt. After that the statutory demand has runs it course and it can
followed by a bankruptcy petition.
This is the amount you are left with if you subtract all your
living expenses such as housing costs, food, clothing travel etc.)
from your income (wages, pensions, benefits etc). This is the
amount of surplus incomem available for the creditors