Answer Key
Credits – Practice 2
Fill in the gaps with the appropriate word or phrase in the correct form.
- When writing a check, you must have enough in the account to pay the check or you've got [insufficient] funds.
- [Forfaiting] is the same as factoring, whereby a company sells its accounts receivable (invoices) to a factor who collects the amount due, retains a percentage of that amount, and remits the balance to the originator of the invoice. The difference is that trade documents are usually far more complex than the average invoice.
- A [bridging] loan can help you make the down payment on your new home while you sell your current home.
- A payment [holiday] basically gives you a break from loan repayments.
- If a lender [charges] above the lawful interest rate, a court will not allow the lender to sue to recover the debt because the interest rate was illegal anyway.
- If you are worried about your bad [credit] history, you can also compare loans that you are likely to be accepted for by completing a few questions about your credit history, this is not a credit check and will not affect your credit rating.
- There are basically two kinds of credit: installment loans and [rvolving] credit.
- Often, consumers are seeking the services of professional debt [settlement] companies to help regain control of their finances.
- Your lender and its designated guarantee agency/servicer will continue [processing] your loan application once they have received the electronic application from the school.
- In order to provide the permitted [overdraft] on your account, the bank reserves the right to review the 6-month history of your account with the Credit Union Group.