Non-formal debt solution
Another term for an informal debt solution, meaning an arrangement reached outside a statutory insolvency process.
Related terms
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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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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 repayment arrangement
A repayment agreement made directly with a creditor outside a formal insolvency procedure.
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