Loans Glossary - P

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P.


Pre-emption (or Council Tennant Discount).

The discount awarded to a client when purchasing a council property.

A person's total income which includes salary and dividend and interest income etc.

Loans to private individuals for personal use such as debt consolidation, the purchase of a motor vehicle, holiday or similar item. Repayment periods vary. No collateral is asked for or given for the loan.

Poor credit is something that a person will have if they fail to make the required repayments to creditors.

A poor credit history is something that a person will have if they have failed to make the required repayments to creditors in the past. Often items of credit that are registered as defaults or ccjs can remain on your credit history for years.

A poor credit rating will be obtained by a person who fails to make repayments to creditors regularly and on time. See Credit Rating for further explanation.

Sometimes requested by a lender to proove the level of a self employed persons income, a profit and loss statement is normally prepared annually and it depicts a company's trading performance. It shows gross profit or loss, operating profit, profit before tax and net profit after tax.