| Obligatory Insurance |
Same as conditional insurance. |
| Office Of Fair Trading (OFT) |
It aims to protect consumers by ensuring that trading practices are as fair as possible and by encouraging competition among businesses. It is headed by the director general of fair-trading, and one of its responsibilities is the administration and enforcement of the consumer credit act 1974. Any business planning to provide consumers with credit facilities, or refer them to a source of credit, or hire out goods, must first obtain a consumer credit licence from the OFT. |
| Open Market Value |
The value of a property on the basis of a willing buyer and willing seller in the open market allowing for a reasonable period for sale. |
| Other Income |
This is income in addition to basic annual salary or, in the case of self-employed, annual net profits. |
| Outgoings |
This includes existing liabilities and, or your debts, other than an existing mortgage such as hire purchase, personal loans, school fees etc. |
| Outstanding Balance |
The amount that is outstanding on your credit. |
| Outstanding Discount |
For property purchased under the right to buy scheme at a discounted price, the value of the discount, or a portion of it, that has to be repaid to the local authority if the property is sold within a certain period of time, normally 3 years from date of purchase. |
| Overpaid Funds |
The amount you have paid over your normal payments. |
