Informal debt solution
A non-statutory way of dealing with debt, such as direct negotiation, a repayment arrangement or a negotiated settlement.
Related terms
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Informal repayment arrangement
A repayment agreement made directly with a creditor outside a formal insolvency procedure.
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Debt Management Plan (DMP)
An informal repayment arrangement under which a person makes affordable payments towards unsecured debts, usually through a debt management provider or adviser.
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Debt settlement
An agreement under which a creditor accepts an agreed payment or series of payments in resolution of a debt, often for less than the full balance.
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