The most common forms of jargon used at TFC are listed as follows.

• BACS - Banks Automated Clearing System. An automated method used by banks to complete electronic funds transfers between accounts
• Bankruptcy - This is where an individual is unable to pay his/her debts and the debtors have petitioned a court to serve a bankruptcy order on the individual. An official receiver is appointed to look into the affairs of the individual and their assets are realised and distributed among the debtors. The equivalent course of action for companies is liquidation.
• Charging Order - Legal term: A court order directing that a charge be put on the judgment debtor’s property, such as a house or piece of land to secure payment of money due. This prevents the debtor from selling the property or land - without paying what is owed to the claimant.
• DCA - Debt Collection Agency – Commercial business that has its primary function to collect debt from both companies and individuals on behalf of third party financial institutions.
• Delinquency - The failure of a customer to make a payment on a debt / obligation by a specified due date.
• DMC - Debt Management Company – Both not-for-profit and commercial operations in market set up to assist individuals to manage their finances when they feel unable to meet the demands of obligations towards creditors.
• Door Knock Agent - Authorised field agent who has the primary role of reconnecting a customer with a financial institution. Agents can also be authorised to collect agreed payments on a customers account.
• Insolvency - When a company can no longer meet its debt obligations with another firm or institution
• Instalment - A partial payment on a financial obligation. For example, a monthly payment to the seller of an asset, such as a car, on a long-term contract is an instalment. Instalments are composed partly of principal and partly of interest. If all the instalments are of equal size, each subsequent payment incorporates an increasing amount of principal and a decreasing amount of interest
• IVA – Individual Voluntary Arrangement - In the UK IVAs are a formal alternative for individuals wishing to avoid bankruptcy The IVA was established by the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor's creditors via an Insolvency Practitioner. Usually (but not necessarily) the IVA compromises only the claims of unsecured creditors, leaving the rights of secured creditors largely unchanged.
• Judgement - A decision by a court or other tribunal that resolves a controversy and determines the rights and obligations of the parties involved.
• LBA – Letter Before Action – As stated it is a letter sent to a customer who has failed to act upon either a default or termination notice. The letter advises what action to take and consequences of failure to take that action.
• NOD – Notice of Default - notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed is not paid in a given time, the lender may choose to take action to recover the asset/ monies owed.