Glossary

 

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T


Time order

A time order is a way of asking the court to give you more time to pay, if you have fallen behind.  It can change:

  • the amount you have to pay each month; and
  • how long the agreement will last.

In some cases, the court can also make an order to change the interest rate.

A time order can be sought for any debt regulated by the Consumer Credit Act, or a regulated mortgage contract. It may be useful if you have:

  • a mortgage or secured loan and your creditor is taking court action to repossess your home; or
  • a hire purchase or conditional sale agreement and your creditor is threatening to repossess your goods.

Read more about a time order on an unsecured credit agreement.

Read more about a time order on a mortgage or secured loan.

Read more about a time order on a hire purchase or conditional sale agreement.

Read more about a time order if you live in Scotland.


Trust deed (Scotland)

A trust deed is a formal agreement between you and your creditors. It may pass your assets and property to a trustee to be administered for the benefit of creditors and the payment of debts. Once the trust deed is set up it is legally binding.

It is less formal than bankruptcy and may also avoid some of the legal restrictions which follow from being made legally bankrupt. Read more about trust deeds.