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Glossary Of Terms

Accountant In Bankruptcy

Accountant in Bankruptcy (AiB) is responsible for supervising the process of personal insolvency and recording corporate insolvencies in Scotland.

Annual Percentage Rate (APR)

An APR is the rate of the total charge for credit under a credit agreement, which includes the interest and other fees under an agreement for credit. It also takes into account the term (length of time) of the agreement. It provides a yardstick against which the cost of any credit can be measured.


Assets are those things that belong to the customer. Assets include properties (valued after any mortgage has been paid), cash, savings, pensions and other valuable items. Assets are normally valued at market value. Any goods subject to finance cannot be taken into account when determining an asset, i.e. a car on hire purchase.

Attachment Of Earnings

An attachment of earnings order is a method by which the Court orders money to be taken from a customer's wages to pay a debt and as such will only help if the customer is in paid full-time employment.