Glossary: W

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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Waiver
Definition: Waiver

A document in which you voluntarily give up your legal right to something. For example, lenders are required to offer borrowers a 10-day “cooling-off” period – but most loan agreements contain a waiver of this period so that borrowers can get quicker access to the loan.

In reaching a repayment agreement with creditors, some creditors will waive interest and charges to give you the opportunity to pay off the arrears without increasing your debt.

Warrant of Execution
Definition: Warrant of Execution

A written legal document issued by the court authorising An Garda Síochána to carry out a specific instruction, such as arrest or repossession. For more information, see Execution of Judgments.

Whole-of-Life Policy
Definition: Whole-of-Life Policy

See Insurance.

Will
Definition: Will

A legal document containing instructions on how a person wishes their estate to be distributed after their death. If you do not have a will when you die, your estate is distributed according to the laws on intestacy i.e. law that relates to people who have died without making a will.

There are certain requirements that must be satisfied before a will can be considered enforceable. If these requirements are not met, your estate will be distributed as if you had not made a will. For more information on the requirements of drafting a will and the format it should take, see the Citizens Information website section on making a will.

Withdraw
Definition: Withdraw

To take money out of an account. You can do this either through an ATM machine, using your debit or credit card, or at your local branch by completing a withdrawal slip and giving it to the teller at the counter.

Removal of Services / Utilities
If you cannot keep up with payments to your utilities companies, they may remove their services to you.