Debt Consolidation definition

Debt Consolidation means the consolidation of debt in the manner as set out in clause 2.1.

Debt Consolidation means any debt added to an Installment Loan, such as funds to pay off a credit card debt, signature loan, or any other funds not directly related to the purchase of the Eligible Collateral.

Debt Consolidation means any money ad- vanced to an owner or the owner’s assignee in any connection with a home improvement contract.

Examples of Debt Consolidation in a sentence

• The Debt Consolidation shall take effect on the Debt Consolidation Date.

• We are entitled to take any steps including commencing legal proceedings against you as we deem fit to recover the outstanding on the Debt Consolidation Facility.

• You shall pay interest on the outstanding on the SFRP (Unsecured) Loan Account at such rate(s) indicated in the Approval Letter or as we may from time to time at our discretion specify by notice to you with effect from the Debt Consolidation Date.

• Your obligations under the Existing 3rd Party Debt Consolidation Account shall remain unchanged and continue.

• You shall pay interest on the outstanding on the Debt Consolidation Loan Account at such rate(s) indicated in the Approval Letter or as we may from time to time at our discretion specify by notice to you with effect from the Debt Consolidation Date.

• You are not allowed to obtain financing from another financial institution to repay the Debt Consolidation Facility within three (3) months from the date we approve the Debt Consolidation Facility.

• You shall pay a prepayment fee at such rate(s) as we may from time to time prescribe should the Debt Consolidation Loan Account be fully paid before the end of the tenure.

• Notwithstanding clause 6 and in addition to such other rights we may have, we have the overriding right to require you to repay immediately the whole of the outstanding on the Debt Consolidation Facility or any other facilities (including the Credit Card Facility) on demand.

• In the event that the amount granted under the Debt Consolidation Facility is insufficient to pay off the entire amount owing under the Existing 3rd Party Debt Consolidation Loan Account, you agree and undertake that you shall be fully responsible to make up the shortfall owing under the Existing 3rd Party Debt Consolidation Loan Account in accordance with the terms and conditions governing the Existing 3rd Party Debt Consolidation Loan Account.

• The Debt Consolidation Facility shall consist of the Debt Consolidation Loan Account (the “Debt Consolidation Facility”).

More Definitions of Debt Consolidation

Debt Consolidation means paying off a consumer’s debts under a debt management plan, debt management program or “DMP”.