Informal repayment arrangement
A repayment agreement made directly with a creditor outside a formal insolvency procedure.
Related terms
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Payment arrangement
An agreement with a creditor about how and when a debt will be repaid, often by affordable instalments.
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Payment plan
A structured schedule for repaying a debt over time rather than paying the full amount immediately.
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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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