L Flashcards
1
Q
What is Late Fees?
A
Charges that may be added to your account if you make a payment after the date you originally agreed.
2
Q
What is Levy?
A
One of the ways for a creditor to collect on a judgment. It is similar to garnishment, but it applies specifically to bank accounts.
3
Q
What is Liability?
A
Liability is when you’re responsible for paying something. For example, making repayments on a credit agreement, utility bill or tenancy agreement.
4
Q
What is Liens?
A
Legal notices attached to your property as a result of a monetary judgment against you. These are form of a security interest placed on property to secure the payment of a debt or some other obligation.
