Formal Arrangements with your creditors
Where the debt situation is more serious, formal legal arrangements can be made with Creditors, resulting in an element of debt write-off. There are two forms of arrangements depending on where you live:
- If you live in England, Wales or Northern Ireland then the formal arrangement is known as an IVA or Individual Voluntary Arrangement.
- If you live in Scotland the formal arrangement is called a Protected Trust Teed or PTD.
Formal debt arrangements must always be carried out by a Licensed Insolvency Practitioner (IP) due to the element of debt write-off.
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