C224 words · Proficient

Money & Payments vocabulary — C2

Money & Payments vocabulary for finance in formal and legal language, including remittance, fiduciary, foreclosure and covenant — words for the affluence or the penury waiting at either end of a financial arrangement.

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Words in this set

remittance
/riˈmɪtəns/
A sum of money sent to another person, typically to relatives living in a different country.
Example: She sends a monthly remittance to her parents in Manila.
fiduciary
/fəˈduʃiˌɛri/
Relating to the legal duty to act responsibly with someone else's money (formal).
Example: As trustee, she had a fiduciary duty to the family's savings.
indemnity
/ˌɪnˈdɛmnəti/
A formal promise to pay for damage or loss that may happen (legal/financial).
Example: The bank required an indemnity before releasing the funds.
usury
/ˈjuʒəri/
The practice of lending money and charging an unfairly high rate of interest (formal/literary).
Example: The old laws banned usury by moneylenders.
amortise
To gradually pay off a debt through regular payments over time.
Example: The loan is amortised over twenty-five years.
forbearance
/fɔrˈbɛrəns/
A lender's decision to delay demanding repayment of a debt (formal).
Example: The bank granted temporary forbearance on the mortgage.
moratorium
/ˌmɔrəˈtɔriəm/
An official period during which an activity, such as debt repayment, is officially stopped.
Example: The government announced a moratorium on loan repayments.
garnish
/ˈɡɑrnɪʃ/
To legally take money directly from someone's wages or bank account to pay a debt.
Example: The court allowed them to garnish his wages.
foreclosure
/fɔrˈkloʊʒər/
The legal process of taking away a property because the owner has not kept up mortgage payments.
Example: The bank began foreclosure after months of missed payments.
covenant
/ˈkʌvənənt/
A formal legal agreement, especially about the conditions of a loan or contract.
Example: The loan covenant required the company to keep its debts low.
surcharge
/sərˈtʃɑrdʒ/
An extra amount added on top of the normal cost, often for a particular way of paying.
Example: There's a small surcharge if you pay by credit card.
exorbitant
/ɪɡˈzɔrbɪtənt/
Much higher than is reasonable, especially about a price or fee.
Example: The venue charged an exorbitant fee for a small room.
remuneration
/rɪˌmjunərˈeɪʃən/
Payment for work done (formal).
Example: The role offers generous remuneration and benefits.
disbursement
/dɪsˈbɜrsmənt/
The act of paying out money from a fund (formal).
Example: The charity approved a disbursement of funds to flood victims.
recompense
/ˈrɛkəmˌpɛns/
Payment given to make up for loss, damage or inconvenience (formal).
Example: She received recompense for the delayed flight.
pecuniary
/pɛˈkjuniˌɛri/
Relating to money (formal).
Example: He faced serious pecuniary difficulties after losing his job.
defray
/dɪˈfreɪ/
To provide money to pay all or part of a cost (formal).
Example: The grant helps defray the cost of travel.
indemnify
/ˌɪnˈdɛmnəˌfaɪ/
To promise to pay someone for any loss or damage they might suffer (formal/legal).
Example: The contract indemnifies the company against any losses.
usurious
Charging an unfairly or illegally high rate of interest.
Example: Loan sharks are known for their usurious rates.
windfall
/ˈwɪndˌfɔl/
A sum of money that reaches you unexpectedly, without you having earned it.
Example: We used the windfall from Gran's estate to clear the mortgage.
skint
Having no money at all at the moment.
Example: I can't come out tonight — I'm completely skint.
destitute
/ˈdɛstəˌtut/
Extremely poor and without the basic things needed to live.
Example: The family was left destitute after the business failed.
penury
/ˈpɛnjʊri/
Extreme poverty (formal/literary).
Example: He spent his final years in penury.
affluence
/ˈæfluəns/
The state of having a lot of money (formal).
Example: The new suburb was a symbol of growing affluence.