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