A simple term for arranging reduced payments to creditors without using the services of a third party.
Having insufficient funds to meet all of your debts and / or
being unable to pay debts as and when the money is due.
A person who specialises in insolvency. They should be
recognised by the appropriate regulatory body and are qualified to
deal with your insolvency.
IVA - Individual Voluntary Arrangement
An IVA (Individual Voluntary Arrangement) is a legally binding
agreement between you and your creditors that can help you become
debt free usually within 60 months.