Debt Glossary : Time Order
A Time Order is a court order you can apply for which temporarily changes the terms of a credit agreement which is in default.
The most common change is to freeze interest charges and repayments for a number of months, normally because the debtor can show that the situation will improve by the end of the time order period, and repayments will be able to be resumed.
Time orders are useful when a secured loan has been defaulted on and the lender is threatening repossession, although to qualify the debt must be less than £25,000 (and covered by the Consumer Credit Act 1974).
You can apply for a time order once a default notice has been served, or you can avoid paying the court fees by waiting until your creditor initiates court action and then applying as part of your response.
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