24 Hour Loans glossary of financial terms

Balance Breakdown

A balance breakdown is a document that outlines a breakdown of balances within a financial account. For example, you will see a detailed balance breakdown every month when you receive your bank statement ? it will list all the debits, credit and activity on the account for the month in question.

Financial products such as mortgages and loans may not give a regular balance breakdown or, as is the case with mortgages, this breakdown may be given in an annual statement. It is possible to request a balance breakdown from your lender in this instance if you want one. This may be a total balance breakdown or a monthly activity breakdown. Again, this will show all activity on the account in question and will total up what you owe. This kind of balance breakdown may be subject to a fee if it is not given by the lender as a matter of course.