Formal debt solution
A legally recognised procedure for dealing with debt, such as bankruptcy, an IVA, a DRO or another statutory process.
Related terms
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Individual Voluntary Arrangement (IVA)
A formal agreement in England and Wales between an individual and creditors to repay or settle debts on approved terms, supervised by an insolvency practitioner.
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Debt Relief Order (DRO)
A formal personal insolvency solution in England and Wales for eligible people with low income, limited assets and qualifying debts.
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Bankruptcy
A formal personal insolvency process that deals with debts a person cannot pay, while placing their assets and financial affairs under legal rules and oversight.
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