|
|
Houston Mortgage > Glossary >
Debt Management > C 1-10
|
|
Card holder agreement
The written statement that gives the terms and conditions of a credit card account. The cardholder agreement is required by Federal Reserve regulations. It must include the Annual Percentage Rate, the monthly minimum payment formula, annual fee, if applicable, and the cardholder''s rights in billing disputes. Changes in the cardholder agreement may be made, with written advance notice, at any time by the issuer. Rules for imposing changes vary from state to state, but the rules that apply are those of the home state of the issuing bank, not the home state of the cardholder. See national issuers.
Cash advance fee
A charge by the bank for using credit cards to obtain cash. This fee can be stated in terms of a flat per-transaction fee or a percentage of the amount of the cash advance. For example, the fee may be expressed as follows: "2%/$10". This means that the cash advance fee will be the greater of 2% of the cash advance amount or $10. The banks may limit the amount that can be charged to a specific dollar amount. Depending on the bank issuing the card, the cash advance fee may be deducted directly from the cash advance at the time the money is received or it may be posted to your bill as of the day you received the advance. The cost of a cash advance is also higher because there generally is no grace period. Interest accrues from the moment the money is withdrawn.
Cash collateral
The proceeds of cash collected from the sale of liquid assets while in bankruptcy.
Cash flow
The money an investment produces after subtracting cash expenses from income.
Cash-out refinance
The taking out of a new mortgage on the same property in which the amount borrowed is greater than the amount of the previous mortgage. The difference is taken out in cash.
Chapter 11
A reorganization bankruptcy, usually involving a corporation or partnership. (A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in Chapter 11.)
Chapter 12
Chapter of the Bankruptcy Code designed to give special relief to a family farmer with regular income.
Chapter 13
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)
Chapter 7
The chapter of the Bankruptcy Code providing for liquidation -- the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
Chapter 9
Chapter of the Bankruptcy Code addressing the adjustments of debts of a municipality.
|
|
|
Houston Home Mortgage