Glossary
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- Time Orders
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When a debtor has fallen into arrears on an agreement, the court may grant a Time Order to allow the debtor more time in which to honour the loan agreement by either altering the term of the loan, payment amount or even possibly the interest rate. Only agreements compliant with the 1974 Consumer Credit act and placed in effect after May 1998 can be changed with a Time Order.
A Time Order may or may not be the best option for a debtor depending on individual circumstances – for more information pertaining to Time Orders, please contact one of our advisers, they will be pleased to help.
