Glossary
In Debt and Consumer Rights, Housing Law
Interest is a percentage fee that you pay to your creditor in exchange for the money they lend, or that you pay because you didn’t pay a bill on time. For example, you might be charged interest each month on a student loan, credit card balance, or mortgage. In addition to interest, you may also have to pay other late fees.
The amount of interest that is charged each month is usually a set percentage of the money you have been lent. The percentage is called an “interest rate”.
In Student loans, Income Assistance
Before you can appeal a decision about assistance from Ontario Works (OW) or the Ontario Disability Support Program (ODSP), you must ask for an internal review of the decision.
You can use this letter-writing tool to ask OW for an internal review or to ask ODSP for an internal review.
Someone in the office that made the decision reviews it and decides whether or not to change it. This is a different person than the one who made the decision you disagree with.
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.