Administration Order

An Administration Order is a formal, legal debt solution which means it’s approved by the court and your creditors have to stick to it.


To get an Administration Order you must have:

• two or more debts.

• debts that are no more than £5000 in total

• an unpaid county court judgment (CCJ). This includes a traffic penalty registered for enforcement in the Traffic Enforcement Centre at Northampton County Court.If you don’t have a county court judgment and you want an administration order you will need to wait for one of your creditors to take court action against you. As soon as judgment is entered you can apply for an administration order.


Another term for “contract”, an agreement is a legal document that makes a loan official. The agreement confirms the terms of the loan between you and the lender. When you sign a loan or credit agreement, you are accepting that you are legally responsible for paying back the money borrowed, and any interest and fees applicable.

Approval in principle

Following some basic financial checks, a lender will make a temporary offer of a mortgage loan so you know how much you can afford to borrow when looking at properties. This is subject to a successful, full application later on.


The Annual Percentage Rate (APR) is the total charge for credit, including interest and any annual or arrangement fees. However the APR is only a guide for some loans firms and you may find you are not eligible for the rates offered in their advert, or it may not include other charges such as early repayment fees for loans.

A DCANS Capital is simple, just as advertised, with no additional charges. We told you - we like to do things differently!

So you can compare financial products like-for-like, an APR offers an annualised percentage that is standardised and shows you the true cost of borrowing.

Arrangement fee

A fee charged to the borrower by the lender for arranging your mortgage product.


If a borrower fails to meet their contractual mortgage payment in full then the account will fall into arrears by the amount due that has not been paid.

Asking price

The price the vendor states when starting negotiations for the sale of their property.


BACS stands for Bankers Automated Clearing Services, which is the scheme for electronic processing of financial transactions. The BACS scheme guarantees that transactions made through it will clear into the recipient’s account no later than the next working day.


A balance can be the amount of money in your bank or savings account. It can also refer to the amount you owe a lender in order to pay off your loan in full.


Bankruptcy is a court order that you can apply for if you are in debt. Someone you owe money to can also apply to make you bankrupt even if you don’t want this. You might want to think about bankruptcy if you have no money to pay your debts, or have so little that it will take you years to repay them.

Once you have been made bankrupt, you don’t have to deal with the people you owe money to (your creditors). An official called the Official Receiver takes control of your money and property, and deals with your creditors.

When the bankruptcy order is over, you can make a fresh start and the money you owe is usually written off. In many cases, this can be after only one year. Creditors have to stop most types of court action to get their money back following a bankruptcy order.

Base/Bank rate

Lenders use this rate, set by the Bank of England, as a basis for setting some tracker rates, usually by adding a few per cent on top.


A budget is a document that you can build yourself, or have help to build, that tracks your income against your outgoings,so you can see how much you’re pending and how much you have left. It can also highlight areas where you could make savings, which you may not have been aware of.

Budgeting Loan

If you get certain benefits, you may be entitled to help from the budgeting loan fund for one-off expenses. You have to pay back what you borrow but you don’t have to pay any interest.


The help you can apply for includes:

• Budgeting loans to help with certain costs, for example, furniture, clothing, advance rent or removal expenses for a new home, travelling expenses, maternity and funeral expenses, getting and starting a job

• Funeral Payments to help pay for a funeral you’re arranging. You might have to repay some or all of it from the estate of the person who died.

Buy-to-let mortgage

A mortgage product for people who would like to invest in residential property to let out as a rental.


You may be offered a lump sum as part of your mortgage product, providing you with ‘cash’ to cover additional costs, such as decorating. This is typically paid upon completion of your mortgage.


In finance, charges and fees are usually the same thing, and are applied to your account by your bank or lender in line with the type of account or loan you have. Banks and lenders provide a number of services to their customers, and some come with charges attached. These can include interest, transmission fees, service charges, and for some credit cards, annual card fees. If a service is misused or the terms of an agreement are broken, then that’s where things like overdraft charges and late payment charges come in.


A cheque is a paper voucher linked to a current account. When you open a bank account you may be given a cheque book which contains a number of cheques. Each cheque will already be printed with your bank sort code and account number, your bank’s name and address and a unique cheque number.


An agreement between the borrower and the lender. Our contract is upfront, honest and has no hidden extras. It also has a cancellation period if you change your mind.


When a solicitor or licenced conveyancer handles a range of legal paperwork as part of your mortgage application, such as transfer of property deeds.

County Court Judgement (CCJ)

This is a legal decision handed down by county courts for debts to be repaid in England and Wales. Judgments are made available to credit reference agencies to help them assess credit-worthiness of individuals.


Credit is money borrowed from a bank or credit provider on the condition that it’s paid back in accordance with the agreement. Types of credit include loans, both secured and unsecured, credit cards and pawnbroking.

Credit Card

A credit card is usually issued by banks, finance companies and larger supermarket and store chains. You can spend up to your credit limit. If you pay off the total amount by the due date, you will not be charged interest. If you don’t pay it off, you may be charged interest on the amount outstanding. The amount of interest varies between providers so shop around for the best deal.

Credit Limit

A credit limit is the maximum amount of money that you can borrow on a credit card, or from a particular lender, and will be determined by the lender based on a number of factors.

Credit rating

In order to get a clear picture of how you have managed your finances in the past, a lender will determine your credit rating by accessing information held at one or more Credit Reference Agencies. This is used, along with existing personal data held by the lender (for existing customers) and information from your application, to determine your credit rating against lender’s own, internal credit assessment systems and influences their decision to grant the mortgage.

Credit Report

This document, compiled and held by Credit Reference Agencies, gives a summary of your credit history and financial behaviour. It includes your personal details such as your address and date of birth, information on your borrowing and payment histories, the length of your credit history, information on the total credit you have available to you and how much of that you’ve used. Some of the things that are not included in your credit report are your salary and details of savings accounts you hold. Under the Consumer Credit Act, you have the right to see the file held on you by credit reference agencies for £2.

Credit Score

Your credit score is a number between 300 and 1000, calculated from the information held in your credit report, which indicates the probability of a borrower being able to pay back the loan. The higher the number, the higher the probability that the borrower will repay. In the UK, the average credit score is 700. 800 is thought to be a good score, while a score over 850 is considered excellent.

Debit Card

A debit card is linked to your current account and is used to pay for goods and services everywhere in the UK, online and abroad. The amount of the purchase is debited from your available balance on the same day. However it can take several days for the funds to be debited from your account. Debit cards also allow you to withdraw money at cash machines or get cashback in shops that offer that service. More than 90% of all debit cards in the UK are Visa branded, but there are also maestro cards.


Debt is money that you owe to a person or company.

Debt Collection Agency

If you owe money to a company they may pass on your debt to a Debt Collection Agency who will be responsible for collecting the past due debt.

Debt collection agencies use several different methods to get you to pay your unpaid debt including: calling you at home, sending letters to your home, listing the debt on your credit report, and sometimes taking the matter to litigation.

Debt Relief Order (DRO)

A debt relief order is an order you can apply for if you can’t afford to pay off your debts. It’s granted by the Insolvency Service and is a cheaper option than going bankrupt. You must have debts of less than £15,000 and a low income, from October 2015 this limit increases to £20,000.

A debt relief order usually lasts for a year and during that time, none of the people you owe money to (your creditors) will be able to take action against you to get their money back. At the end of the year, you’ll be free of all the debts listed in the order.


A deduction is any money that is taken from your gross income before you receive your wages or salary, and will be displayed on your payslip. Common deductions you may come across include income tax, National Insurance, student loan repayments and pension contributions.


Failure to meet the legal obligations (or conditions) of a loan, usually from missed payments.

Direct Debit

A Direct Debit is a regular payment debited from your account that you have authorised. The transaction is ‘pulled’ from your account by the company who’s provided you with a service, but only because you know in advance the amount you will be debited and the date the payment will happen. Direct Debits are typically used to make regular payments, amounts can vary but you will always know in advance what the amount will be. For your protection Direct Debits are guaranteed by all banks and building societies under the Direct Debit Guarantee Scheme.

Early repayment charge (ERC)

Certain mortgage products have an initial period during which a lender will agree to fix or provide a discounted interest rate. Your lender will usually charge you an Early Repayment Charge if you decide to pay off your loan before that period has finished. This may also be charged if a lump sum over a pre-agreed percentage of the loan is paid off during the initial period.


The equity amount in your property is calculated as your home’s value, less the amount you owe your lender for your mortgage loan.

Faster Payment

A Faster Payment is used for processing the vast majority of internet and phone payments. The payment is received within minutes of the transaction being processed, each bank or building society has a limit on the amount of money that can be sent using this service and not all banks and building societies are signed up for the service.

Fixed rate

Most lenders offer products which provide borrowers with a chance to fix their mortgage product rate for a set number of payments or until a certain date, so they can budget ahead.

Fixed Rate Interest

Fixed rate interest means the interest payable or receivable, on the account will be fixed for the time period specified.


This describes where you own not only the building but the land upon which it stands.

Gross Income

Gross income is the total amount you earn from your employment, before any tax or other deductions are made.


Some lenders may be willing to offer a mortgage loan if someone, such as a parent, guarantees to cover payments if the borrower no longer can.

Help to buy

The Government is supporting home ownership by helping people to become homeowners where it is affordable over the long term.

Home buy schemes

Government-led schemes, such as Help to Buy, aim to help people who have smaller deposits to buy their own home - through equity loans or mortgage guarantees, for instance.

Home Credit

Home credit, or doorstep loans, is where you borrow money and the lender calls at your home to collect the repayments. The loans are usually for smaller amounts and you will be charged a high rate of interest for borrowing in this way.

Doorstep lenders may also offer trading cheques and vouchers. These can be exchanged for goods, usually clothing and soft furnishings and usually at specific shops. You repay the amount to a company agent who normally calls at your home. Interest rates are often high for this type of credit.

Insolvency Practitioner

An Insolvency Practitioner (IP) is a person or a company who is licensed and authorised to deal helpfully with the affairs of an insolvent person, partnership or company.


A sum of money payable as one of several equal payments for something, spread over an agreed period of time.


Interest can be used in two ways. One use of it is the amount you earn from savings and investments. Interest can also be money you pay to borrow money, and is usually expressed as a percentage of the amount borrowed. Interest is normally included in the total cost of borrowing.

Interest Rate

Rate refers to the level of interest charged by a lender, and is usually expressed as an Annual Percentage Rate (APR).

When you borrow money, the lender makes a charge known as interest. For example, if you borrow £100 at an interest rate of 10% for one year, you would have to repay £110 at the end of the year. We offer one of the most competitive interest rates on the market and we offer the same rate to all our customers. We won't advertise one rate and ask you to pay another.


An Individual Voluntary Arrangement (IVA ) is an agreement with your creditors to pay all or part of 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 to bankruptcy, an IVA must be set up by a qualified person, called an insolvency practitioner, the insolvency practitioner will charge a fee for the IVA.


A scenario often seen with flats in England and Wales, where you own the property but not the land it stands on. Instead, you purchase a leasehold, for a long period of time.

Loan Term

The loan period, or loan term, is the length of time you’ve agreed to borrow money for. It can last from a few days to a number of years depending on the terms of your agreement and the type of loan you are taking. In most cases, interest will accrue throughout the term of the loan.

Loan to value (LTV)

Describes percentage rate to show the ratio between the value of a loan compared to the value of the property. Interest rates will typically vary by the LTV at the point of application.

Minimum Payment

The least you can pay towards a loan or bill without incurring penalties.


A mortgage is a loan taken out with a bank or building society to buy a house or other property. The mortgage is usually for a long period, typically up to 25 years, and you pay it back by monthly instalments. When you sign the mortgage agreement you agree to give the property as security. This means if you don’t keep up with the repayments, the lender has the right to take back and sell the property. But they can’t do this without first going to court.

Mortgage payment protection insurance

An insurance product designed to cover your mortgage payments should you be unable to pay due to unemployment, accident or illness.

Negative equity

When the value of your mortgage loan exceeds your property’s value.

Net Income

Net income is the amount you earn from your employment, after all applicable deductions like tax, national insurance, pension contributions and student loan repayments, also known as your “take-home pay”.

Offset mortgage

A mortgage product which links to savings or current accounts you have with the same lender, allowing you to reduce the amount of your loan that you pay interest on by the amount you have in your other accounts (by ‘offsetting’ the balances).

Outstanding Balance

The outstanding balance is the amount remaining on a debt that has not yet been repaid in full.


A overdraft is a credit facility granted by your Bank or Building society, The overdraft may be for a fixed amount over a set period, for example £500 to be repaid within six months. Or you may be given a limit on an ongoing basis to use whenever you like. There is unusually a charge for the service and interest is payable on any amount taken.


Pawnbrokers lend money according to the value of goods left with them (pledged). When you leave your goods with the pawnbroker they must give you a receipt known as a ticket. The pawnbroker must keep the goods for a fixed period but you can get them back at any time by paying off the loan plus interest. The period can be extended by paying the interest only and re-pledging the goods.

If you don’t repay the loan or extend the credit, the pawnbroker can sell your goods and use the money to pay off your debt.

Penalty Charges

Penalty charges are charges applied to your account with a bank or lender if the service is misused or the terms of your agreement with them are broken. Common penalty charges include late payment fees, over-limit fees and overdraft fees.

Poor credit

Bad credit describes a failure in the past to keep up with credit agreements, getting into arrears by missing payments and, as a result, not being able to get approved for new credit.


A product which can be moved to a new property if you move is ‘portable’. If your new home is more valuable, you can make up the difference with a separate loan.


The estimated cost of a loan, usually showing monthly repayments and the total amount which needs to be repaid.

Rebuild cost

Your buildings insurer needs to know how much it would cost to rebuild your property from the ground up should the worst happen, so it can calculate your premium.


A new mortgage application for your existing property, with the same or a new lender.

Repayment Date

This is the date that you agree to repay either the full balance, or an instalment towards, your loan.

Repayment schedule

A document with details of the specific terms of a loan, such as monthly instalments, interest rate and due dates for payments.

Responsible lender

A lender offering credit products (e.g. loans) which suit the consumers' needs and are tailored to their ability to repay.


As part of your mortgage application, your solicitor will check with organisations such as local authorities for any information which impacts on your property - planning proposals are an example.

Shared ownership

Borrowers may be able share a mortgage with another party, such as a housing association, then pay rent to the association to cover its share of the mortgage.

Stamp duty

A tax you must pay to the Government if you sell a property valued at more than a certain amount. The tax rate increases as the property value increases..


The period during which you agree to pay back your mortgage.

Tracker mortgage

A mortgage product with a shifting interest rate that ‘moves’, typically in line with the Bank of England’s base rate or the lender’s SVR, so it can go up as well as down.


Transaction means any occasion where money is exchanged, whether it is being given to you, or taken away. In the context of credit, common transactions include borrowed money being deposited into your bank account, making purchases on a credit card, or repaying, or making payments towards, money borrowed.

Typical APR

Typical APR is a term lenders use to describe the APR offered to at least two thirds of their customers when they use risk-based pricing, and is intended as a guideline rather than a promise. The APR you are offered is based on a number of factors that help the lender decide how high-risk a borrower they think you will be, so it could be higher or lower than the Typical APR.

Unsecured Loan

A loan which is not secured (or guaranteed) against your property. If you are not a homeowner and don't want to use property as security for a loan, alternatives include an unsecured personal loan, overdraft or a credit card. Personal loans may be used for one-off purchases or expenses e.g. car, holiday, or home improvements.

They are usually repayable in monthly instalments by Direct Debit over a fixed period. Most people borrow between £1,000 and £25,000.


Your lender will commission a surveyor firm to produce this report to ensure the property has been correctly valued before offering you a mortgage. This is used to assess the correct LTV, required to provide the correct mortgage product(s) available and assist with the assessment of the mortgage application.

Variable rate mortgage

A mortgage product where the interest rate can be varied by the lender, either up or down.

Useful Information

The FCA does not regulate some forms of buy to lets, commercial mortgages, secured loans, unsecured loans, bridging loans, trusts, agricultural loans, overseas mortgages, and conveyancing or debt management. Our lending to limited companies, incorporated partnerships and unincorporated partnerships of three or more is not regulated by the FCA.
Not being regulated by the FCA means that we can make our own lending decisions (incl creative credit options). All loan agreements are still subject to UK Laws and UK Courts.
Kindly read all our Terms and Conditions (T&Cs) carefully before you sign any Loan Agreement. If you do not understand our loan contract terms & conditions, invest in the services of a solicitor before you sign.
Your use of this website and/or services constitutes acceptance of our T&Cs.
If you disagree with our T&Cs and How We Operate, please don't use our lending services.

Before You Apply

You should not apply for a loan amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
It is an offence to knowingly give false, inaccurate or misleading information when applying for a loan. If you give such information, you may face criminal prosecution and/or civil action for the recovery of any losses incurred by us.
Any property used as security, which may include your home or pensions and/or business assets, may be repossessed if you do not keep up repayments on a loan or any other debts secured on it. | Our Repayment Assistance Programme is, however, available to qualified borrowers only.
Note: As part of our KYC and anti-fraud checks, you cannot email us from any of the free mail providers accounts as a business, including but not limited to gmail, hotmail, or yahoo. You are advised to send us an email from the email of your business or company website. If you are borrowing as a business and you don't have a website, we can't deal with you. Learn more.