Glossary

In Debt and Consumer Rights, Tribunals and Courts

Equity is the value of your asset after you subtract how much you owe on it. For example, the equity you have in your house is the amount of money you would get if you sold your house and paid off all your debts on the house, like your mortgage. If your house is worth $200,000, and you have a mortgage of $150,000, the equity you have in your house is $50,000.

In Debt and Consumer Rights

An estimate is a best guess that you make, based on the information that you have. For example a car repair shop can give a client an estimate of what it would cost to fix their car after they have taken a look at it. Sometimes, the law gives you the right to not be charged much more than the estimate someone gives you.