Glossary: R

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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Rate Relief
Definition: Rate Relief

A reduction on all or part of a business’s bills for utilities such as gas or electricity.

Reasonable Living Expenses
Definition: Reasonable Living Expenses

Reasonable Living Expenses are an amount calculated by the Insolvency Service of Ireland as enough to all you and your household to have a reasonable standard of living.  To calculate the amount of Reasonable Living Expenses for your household, go to www.backontrack.ie/rle-calculator/

Rebate
Definition: Rebate

A return of part of an amount that a person has paid (usually tax-related). If you think you have paid too much income tax, you can have your taxes checked by the Revenue Commissioners, who will issue you with a cheque for any rebate due. However, if you have paid less tax than you should have, you will be liable to pay that amount to the Revenue Commissioners. For contact details of your local Revenue office, see www.revenue.ie.

Receipt
Definition: Receipt

A document to confirm that money has been received, usually for goods and services.

Receivership
Definition: Receivership

The appointment (usually by a bank) of a person (or “receiver”) to take over the management of a company to pay off a secured debt.

Redemption
Definition: Redemption

Paying off all the money borrowed under an agreement at once. A lender will provide details of the redemption amount on request. If you redeem a fixed term loan early, the redemption amount will include a penalty charge for early repayment.

Redundancy
Definition: Redundancy

Where a company terminates an employee’s contract due to a fall in profits or because their job is no longer required.

Refer to Drawer
Definition: Refer to Drawer

Words written by a bank on a cheque that it will not pay (for example, if there is not enough money in the account) before returning it to the bank branch that requested payment

Refund
Definition: Refund

A repayment of part or all of an amount that a person has paid.

Registering a Judgment
Definition: Registering a Judgment

See Enforcement.

Registry of Deeds
Definition: Registry of Deeds

The Registry of Deeds is a register of all title deeds relating to “unregistered” land. They now come under the Property Registration Authority of Ireland. For more information, see www.prai.ie.

Regulatory Bodies
Definition:  Regulatory Bodies

There are a range of regulatory bodies, depending on the industry concerned and the nature of the issue.

Advertising Standards Authority for Ireland
Established to ensure that advertising is legal, decent, honest and truthful. For more information, see www.asai.ie.
    
CER (The Commission for Energy Regulation)
An independent body that regulates electricity and gas production, distribution and pricing in Ireland. For more information, see www.cer.ie.

COMREG (Commission for Communications Regulation)
The national regulatory body for telephone, radio, TV and the postal sectors in Ireland. One of their functions is to protect and inform consumers about communications issues. For more information, see www.comreg.ie or one of their other websites:    
•    www.askcomreg.ie for consumer guides and details on how to complain
•    www.callcosts.ie to compare prices on mobile phones, broadband, home phones etc.

Data Protection Commissioner
Ensures that data controllers (those who hold personal information for their own uses) and data processors (those who hold and use personal information on behalf of someone else) comply with data protection legislation. For more information, see www.dataprotection.ie. See also Confidentiality.

Financial Regulator
Monitors financial institutions (including insurance and investment firms).

Kings Inns
The body established to train and supervise judges, barristers and trainee barristers. For more information, see www.kingsinns.ie.

Law Society of Ireland
The governing body of solicitors practicing in Ireland. For more information, see www.lawsociety.ie.

National Consumer Agency
See Consumer Protection Act 2007.

Office of the Director of Corporate Enforcement (ODCE)
Encourages companies to comply with the Companies Acts 1963 to 2009 and investigates suspected breaches of legislation and prosecutes offending companies. It also publishes guides to company law. For more information, see www.odce.ie.

Reinsurance
Definition: Reinsurance

Insurance protection bought by an insurance provider to cover itself or reduce the risk of having to pay out a lot of money to policyholders and to help it take on more business.

Remittance
Definition: Remittance

A payment for something.

Remortgaging / Refinancing
Definition: Remortgaging / Refinancing

Getting a second loan on a property, possibly to consolidate existing loans. This is an expensive option in the long term, so if you are considering this, you may wish to read our leaflet  Remortgaging.

Rent
Definition: Rent

If you do not own your own home, you may rent private or local authority accommodation in exchange for a fixed sum that is usually paid monthly.

Rent Arrears
If you are having difficulty making your rent payments, you may wish to read our leaflet  Problems Paying Your Rent or see www.keepingyourhome.ie.

Renting – Landlord and Tenant Issues
If you are a landlord or tenant and are currently experiencing problems with the tenancy, you should seek guidance from the Private Residential Tenancies Board – an independent organisation that deals with private rented accommodation. However, it does not deal with local authority housing. For more information, see www.prtb.ie.

Renting – Local Authority Housing
If you would like to rent accommodation from your local authority, you might like to see Citizens Information’s section on Local Authority Rent.

Repayment
Definition: Repayment

An amount due to be paid on money that was borrowed.

Repayment protection insurance
Definition: Repayment protection insurance

See Insurance.

Repossess
Definition: Repossess

To take back ownership of something (for example, when a mortgage provider takes over a person’s home because they have failed to pay back their mortgage on time). For more information on home repossessions, see Citizens Information’s Board’s here.

Retirement Mortgage
Definition: Retirement Mortgage

A mortgage that allows a person to withdraw some cash for their retirement according to the value of their home, which they pay off (with interest) when the house is sold.

Return
Definition: Return

An amount (expressed as interest) that a person gets back when they invest or save money.

Return Date
Definition: Return Date

The date on which a legal issue will be set for hearing.

Annual Return Date
The date on which a company must file their annual accounts with the Companies Registration Office.

Revenue Debt
Definition: Revenue Debt

A debt due to the Revenue Commissioners as a result of unpaid taxes or levies. Revenue debts last forever and the Revenue Commissioners can choose to enforce them at any time. The Revenue Commissioners has issued guidelines for people with Revenue debt, which can be found here.

Revolving Credit
Definition: Revolving Credit

Credit that is carried over from one billing period to the next when you do not make the full minimum payment by its due date.

Risk
Definition: Risk

The risk of losing money through savings or investments. Types of risk include:
•    capital risk (your savings or investment might fall in value)
•    interest rate risk (the interest rate you are tied into might not be of good value in the future)
•    inflation risk (if price levels rise, the buying power of your savings or investments might fall)

Generally, the higher the potential rate of return on your investment or savings, the greater the risk. Shares and share-based investments (such as unit trusts) are considered riskier because the value of your investment can fall so dramatically.