Glossary
Joint borrowers are people who sign an agreement to borrow money together. For example, a couple may jointly submit a credit card application or sign a loan agreement. Joint borrowers are equally responsible for paying back the entire amount of the loan. They are sometimes called ‘co-borrowers’. A joint borrower is not the same as a guarantor.
A joint debt is a debt that you owe with another person. For example, a mortgage you co-signed with a spouse or partner is a joint debt. Everyone on a joint debt is responsible for paying back the full amount of the debt.
A Licensed Insolvency Trustee is a person licensed by the federal government to help people with consumer proposals and bankruptcies.
A lien is when there is money owing on the vehicle. For example, if the original owner has not fully paid their car loan, there will be a lien on the vehicle. It is important to know if there is a lien so that you do not become responsible for paying off the original car loan.
A line of credit is the total amount of money you can borrow from a lender. This term is most often used for a loan agreement with a bank or other financial institution. For example, some people have personal lines of credit.
A loan agreement is a contract between a lender and a borrower, usually in writing. The lender agrees to give money to the borrower, and the borrower promises to pay the money back to the lender. The agreement includes the terms, which means it says what each person promises to do. For example, it says how much money the lender gives, when and how the borrower should repay the loan, the interest rate, and what happens if the borrower does not repay the loan.
A lump-sum payment is when you pay something in one single payment, instead of paying in many smaller payments over a period of time. For example, if you repay your entire car loan at once instead of making monthly payments, it is a lump sum payment.
In Debt and Consumer Rights, Family Law
The matrimonial home is the property that was usually used by married partners as their family home at the time they separated.
There can be more than one matrimonial home.
Common-law partners cannot have a matrimonial home.
In Debt and Consumer Rights, Employment and Work, Housing Law, Human Rights
In mediation, people who do not agree on something meet with someone called a mediator. The mediator tries to help them find a solution that they agree on.
A mediator does not make decisions or force anyone to agree to anything. If people make an agreement after mediation, they either:
- will not need to have a hearing at a court or tribunal, where a judge or adjudicator decides for them, or
- will only need a hearing about the things they still do not agree on.
A minimum payment is the smallest amount of money that you must pay on a debt or bill each month in order to avoid late fees and to keep a good credit history. The minimum payment amount is set by the creditor based upon how much you owe.