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Glossary

Identity theft
Criminals commit identity theft by stealing your personal information. This is often done by taking documents from your rubbish or by making contact with you and pretending to be from a legitimate organisation. Go to www.financialfraudaction.org.uk for more information.
Insolvency practitioner
An Insolvency Practitioner is an authorised person who specialises in insolvency, usually an accountant or solicitor.  They are authorised either by the Secretary of State or by one of a number of recognised professional bodies.  A local Court can give names of local practitioners, and a list is also available from the local Official Receiver’s office.
Interchange
The fee paid by acquirers to card issuers for each transaction.  The rates are determined by the card schemes and are dependent on the level of risk and expense involved in processing a transaction.
Interest
The charge borrowers will pay if they borrow money, and the income investors will receive if they lend money or invest it in an interest-bearing bank account or in a security like a bond or a gilt.
Interest rate
The percentage rate at which interest is charged on money that is borrowed or invested. It is expressed as a percentage of the amount borrowed or invested, usually over one year, but could be over one month.
Interest-free period
The period of time customers may be given to pay the outstanding balance in full on their latest statement before interest is charged.
Introductory period
This is the period of time when the introductory annual percentage rate is in effect. The APR may go up after the end of the introductory period.
Issuer
A bank or building society issuing payment cards or cash machine cards to its customers.
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