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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

Inception date

Definition
The date a consumer credit agreement is signed by both parties and becomes active.

Explanation
The inception date is sometimes also called the start date, effective date or execution date.

Individual Voluntary Arrangement (IVA)

Definition
An individual voluntary arrangement is a formal and legally binding agreement between you and your creditors to pay back your debts over a period of time.

Explanation
An IVA is an agreement that is made with your creditors to pay off your debts over a set period of time and is one option you can use to pay off your debts. It is a formal, legal debt solution. This means it is approved by the court and your creditors have to stick to it.

An IVA is a form of insolvency but it is different from bankruptcy. An IVA must be set up by a qualified person, called an insolvency practitioner. This will be a lawyer or accountant.

Interest Rate

Definition
The interest rate is the amount customers have to pay back, on top of the amount they borrow. This is the percentage at which interest is charged on a loan or mortgage. Depending on the type of loan, this can be fixed or variable. The advertised interest rate for a loan is known as the APR. 

Explanation
Personal loans offered by this firm are offered with a fixed interest rate and can’t be changed for the duration of the loan. Even if the Bank of England change the base rate, our loan rate will remain unchanged, giving customers’ peace of mind. Details of a representative example including an APR and relevant interest rates are provided to customers and can usually be found on the firm’s website.

Introducer

Definition
Another firm or individual that acquires the personal contact details of customers and passes them to City Energy Network in return for reimbursement of costs.

Explanation
City Energy Network refers to introducers for leads that are generated for products and services involving consumer credit loans.  Introducers are normally authorised and approved by the firm prior to them acquiring the collection of personal details of customers.

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