• Debt assignment: This term refers to an agreement that the creditor did in order to transfer one of its claims to another person. The parties involved in this contract are: Deviator (original creditor) and the Receiver (new creditor). The concerned debtor (you) is a third party in the contractual relationship and is not required to give consent in order the transfer of the debt to be valid.more
• Debtor: Natural person (or legal entity) which owes goods or money to so-called creditor on the basis of the contractual relationship.
• Creditor: Natural person (or legal entity) that awarded cash loan and/or receive debt from a debtor.
• Contractual party: Persons or entities who voluntarily enter into an agreement with one or more entities on the basis of accepting the benefits and obligations stipulated in the agreement/contract.
• Deadline: This is the date by which the obligation must be paid. If it’s not paid by this date, it shall be considered as unsettled.
• Forced execution procedure: This procedure is a regulated process where the national legislation is applicable in order to ensure that the creditor will be provided with the relevant goods/resources if the debtor fails voluntarily to meet its commitments.