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

• Refinance Debt consolidation Other Purpose(s) being: Total Amount of Credit Sought:0 Where loan purpose declared in 2 includes Refinance, Debt Consolidation and/or Purchase a motor vehicle, boat, trailer etc, the following declarations would need to be made by the broker and acknowledged by the applicant(s).

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

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

• In order to complete this section, brokers must consider all answers previously given, and in particular, those relating to:• Loan Purpose (Section 1);• Refinance & Debt Consolidation (if applicable) (Section 2);• Possible adverse changes to financial situation (Section 3);Each feature in the table is to be marked as ‘Important’, ‘Not Important’ or ‘Don’t Want’, depending on the broker’s discussion with the applicant(s).‘Important’ means the feature is a high priority for the applicant(s).

• You shall make prompt payment of the monthly repayment amount to us on or before the due dates for payment as stated in the Approval Letter until full payment of the outstanding on the Debt Consolidation Loan Account has been received by us.

• 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 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.

• Notwithstanding clause 6, we have the overriding right to require you to repay immediately the whole of the outstanding on the Debt Consolidation Facility on demand.

• 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.

• If purpose is wholly or predominantly commercial or investment (other than in residential property), this interview guide is not intended to be used.Where loan purpose declared in 1.2 includes Refinance, Debt Consolidation and/or Purchase a motor vehicle, boat, trailer etc, the following declarations would need to be made by the broker and acknowledged by the applicant(s).

More Definitions of Debt Consolidation

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

Debt Consolidation means the consolidation of debt in the manner as set out in clause 2.1. “Debt Consolidation Account” has the meaning given to it in clause 2.6(a).