Complicated terms made simple. We know that many financial terms are hard to get. That's why we have worked even harder to make them easy to understand. And if there's still something that's not clear – get it in touch: we're happy to help.
This term refers to a contract agreement according to which the creditor transfers their receivables to another person. The parties involved in the contract are: the transferor (the original creditor) and the transferee (the new creditor). The transferred debtor (You) is a third party in the contractual relationship and your approval is not necessary for the validity of the transfer.
The person (or legal entity) who owes the so-called creditor goods or money based on a contractual relationship.
The person (or institution) who lent money loan and/who should get the debt amount from the debtor.
The person or legal entity who freely concludes an agreement with one or more legal entities, and thereby accepts the benefits and liabilities set out in the given agreement or contract.
The date till when a debt is to be paid. In case it is not paid up to this date the amount is to be considered as receivable.
It is a regulated legal process to enforce a law in order to ensure that the creditor receives the given goods or amount of money if the debtor fails to voluntarily fulfil their presumed obligations.