Payment arrangement
An agreement with a creditor about how and when a debt will be repaid, often by affordable instalments.
Related terms
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Repayment arrangement
An agreement setting out how a debt will be repaid over time, usually by regular affordable payments.
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Repayment plan
A structured plan showing how much will be paid towards a debt and when.
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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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