Informal agreement
The debtor can informally agree with their creditors how to pay off the debts in such a way that the instalments are affordable and the debt will be paid off within a reasonable time.
When this is not possible there are alternative ways in which the debtor can deal with their debts and creditors.
Didn't find what you were looking for?
Why not try our free 'Ask a Legal Question' service, which will help you to refine a specific query, then get an instant and detailed answer on almost any legal topic. Just click here to give it a try.