Debt relief
A broad term for measures that reduce, restructure or legally discharge debts a person cannot reasonably repay in full.
Related terms
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Qualifying debt
A debt that meets the legal criteria to be included in a particular debt solution, such as a Debt Relief Order or other statutory process.
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Formal insolvency
A statutory insolvency procedure, such as liquidation, administration, bankruptcy or another legally defined insolvency process.
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Formal debt solution
A legally recognised procedure for dealing with debt, such as bankruptcy, an IVA, a DRO or another statutory process.
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