Glossary of Terms

Debtor
Individual or business entity which is legally responsible for a debt.

Creditor
The individual or business entity which is legally recognized as being owed money by a debtor.

Judgement
Findings by a judge giving a creditor legal standing in the collection of an unpaid debt. Often, a judgement is the precursor to a court-ordered settlement.

Settlement
A court-ordered payment action placing legal obligation on the debtor to pay and authorizing specific collection methods that include, but are not limited to voluntary payment, garnishment of bank accounts, seizure of assets and seizure of receivables. In a settlement, the debtor is likely charged with interest, court costs and attorney's fees. Once a settlement is ordered, the debtor has the least amount of control or leverage over the situation.

Till Tap
A legal action, typically carried out by the Sheriff's Office, where a deputy mans the cash register and collects receipts for goods and services sold to store customers. The action continues until the debt is paid in full, usually with added an administrative fee.

Garnishment
A court authorized action where a creditor accesses a bank account and seizes a lump sum or regular installments for the repayment of a debt.

Negotiated Settlement
An Emerge180 negotiated agreement with a creditor to guarantee repayment of a debt within an agreed time frame at a substantially reduced amount.

Agreement
A signed document between a client and Emerge180 clearly defining the terms, conditions, fees and charges for providing a negotiated settlement of debt acceptable to all parties.

Retainer
An up-front fee or deposit charged by a service to initiate effort on behalf of the client. To initiate an Agreement with a client, Emerge180 collects a modest retainer to demonstrate a level of commitment to settle outstanding debt. In turn, Emerge180 applies 100% of the retainer towards settling the debt with the client's creditor(s).

Guarantee
Emerge180's pledge to either produce and execute an acceptable debt settlement program on behalf of the client, or charge nothing for the effort and refund any retainer collected.

Secured Debt
Money owed to an individual or a business entity that is "collateralized" or tied to an asset that can be seized in the event of default.

Unsecured Debts
Money owed to an individual or a business entity that isn't tied to an asset.

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