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.
Related terms
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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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Informal debt solution
A non-statutory way of dealing with debt, such as direct negotiation, a repayment arrangement or a negotiated settlement.
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Non-formal debt solution
Another term for an informal debt solution, meaning an arrangement reached outside a statutory insolvency process.
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