Glossary: L

This section explains terms you might have seen in other parts of this site or in communication you have received from creditors.

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Land Registry
Definition: Land Registry

A central register of owners of “registered” property in Ireland. Deeds of ownership of “unregistered property” are recorded by the Registry of Deeds. It is now known as the Property Registration Authority of Ireland. See its website www.prai.ie for more details.

Lapse
Definition: Lapse

Non-payment of a premium (normally an insurance premium) causing the policy to be cancelled.

Laser Card
Definition: Laser Card

A form of debit card issued by many Irish banking institutions.

Lease
Definition: Lease

Leasing (called “consumer hire” in the Consumer Credit Act) generally means paying monthly instalments to use something you don’t own for a set period of time (for example, a car). At the end of the period in the lease agreement, you still don’t own the car and you can’t sell it (as it does not belong to you).

Legacy
Definition: Legacy

Money or property left to a beneficiary in a will.

Legal Action
Definition: Legal Action

An action that involves solicitors and sometimes court proceedings to make sure a person upholds a contract or to punish them if they don’t.

Legal Aid
Definition: Legal Aid

f you cannot afford a private solicitor, you may apply to the Legal Aid Board to have one appointed for you. Legal aid is means tested and will depend on your earnings and/or savings. For more information, see  www.legalaidboard.ie.

Legal Status
Definition: Legal Status

A reference to whether a person is an Irish or EU citizen or, if not, whether they have a right to work in Ireland

Liability
Definition: Liability

The amount of your legal responsibility for a debt.

    Limited Liability
    Many companies have limited liability, which means that the shareholders are only liable up to the amount of money they have invested in the company if that company is wound up with outstanding debts

Licensing
Definition: Licensing

The use of something you do not own in exchange for regular payments. It is similar to leasing, but a licence holder has fewer rights than a leaseholder

Lien
Definition: Lien

A legal claim over the property of a debtor which is given up once they have repaid the debt.

Life Insurance/Assurance
Definition: Life Insurance/Assurance

See Insurance

Limited Company
Definition: Limited Company

A company that has limited liability.

Liquidated Debt
Definition: Liquidated Debt

A disputed debt

Liquidation
Definition: Liquidation

The process of winding up a company when it is unable to pay its debts. A representative (liquidator) is appointed and the assets of the company are sold to repay the debts, in order of priority.

Loading
Definition: Loading

A charge that is added to the cost of insurance because of a specific factor, such as age (of a driver), serious health condition or whether a person is a smoker.

Loan Agreement
Definition: Loan Agreement

A document containing the terms and conditions of a loan, which is read and then signed by both the creditor and debtor.

Loan Shark
Definition: Loan Shark

An unlicensed moneylender, normally charging a very high rate of interest.

Loan-to-Value
Definition: Loan-to-Value

A percentage that represents the amount of a loan compared to the value of the asset given as security for it.

Local Authorities
Definition: Local Authorities

The county councils throughout the country whose members are elected by the people in the locality. Local authorities are responsible for – and can make by-laws (local laws) for – local issues such as waste management and beach management. For more information, see Citizens Information’s section on local authorities.

Lodgement Slip
Definition: Lodgement Slip

A form that a person must fill in when they lodge money into their account by cash or cheque.

Loyalty Card
Definition: Loyalty Card

A card offered by supermarkets, shops and cafes to encourage people to shop there by offering “points” with each purchase, or free goods after spending a certain amount of money.

Lump Sum
Definition: Lump Sum

A once-off payment that a person receives from an investment (such as a pension) or from an insurance policy (for example, if they had a serious accident and cannot work).