Get in touch on
02920 499 183

 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Damages

Definition
Money awarded by a court as compensation for a loss.

Explanation
Used when talking about settlements. Damages, compensation and awards are often used interchangeably to mean the same thing.

Default

Definition
What happens when you fail to respond within 14 days to a Notice of Default issued by a lender, which in turn is issued after you fail to make payments on time. Upon default, you cease being a customer, but become a debtor. It is recorded on credit reports for six years and regarded by lenders as a pretty serious event – one down from a CCJ.

Explanation
A default on a City Energy loan is often classed as having missed two consecutive payments.  Defaulting on payments may result in default fees and action being taken against the borrower.  Default terms may differ between loan agreements.

Direct Debit Instruction

Definition
An instruction to a bank or building society to allow payments from an account. This instruction is designed to release money automatically from a bank account to pay a regular bill. This is useful for frequent bills such as a loan repayment.

Explanation
Used when talking about ways of paying for an installation or repayments for a personal loan.

Return to: