Glossary: V

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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Variable Interest Rate
Definition: Variable Interest Rate

An interest rate that is likely to go up or down over time.

Variable Standard Rate

An interest rate that goes up or down, usually in line with the rate set by the European Central Bank. The lender of a variable standard rate loan does not have to pass on any changes to the customer. See also Standard Variable Rate (SVR) Mortgages.

Variation Order
Definition: Variation Order

A court order that changes some or all of the terms and conditions of an existing court order. A variation order can be applied for by a debtor or a creditor because of a change in circumstances. For example,  with instalment or maintenance orders, a debtor  can apply for a variation order if they were unable to attend court when the original order was made or if they are  having difficulty making the payments.

VAT (Value Added Tax)
Definition: VAT (Value Added Tax)

A government tax on most goods and services. It is collected by VAT-registered traders when they sell goods and services to customers. For more information on VAT and registration for VAT, see the Revenue Commissioners’ VAT Guide.

Visa – Payment Card
Definition: Visa – Credit Card

An international credit card company – owned by banks worldwide – that issues debit/credit cards.

Voluntary Excess
Definition: Voluntary Excess

Most insurance policies include an “excess” (the amount of any insurance claim that you pay yourself). Your insurer will then pay the balance. A voluntary excess is a higher amount that you can choose to pay in return for cheaper insurance premiums. For more information, see Voluntary Excess.