Any arrangement intended to reduce the burden of debt on a country, usually including forgiveness of part or all of what is owed to creditors who may include private banks and other entities, government, or international financial institutions.
The last resort for a debtor when dealing with debt where the debtor cannot pay their debts - bankruptcy. The debtor will lose control of their assets, possibly including their home and their credit rating will be greatly affected.DebtorA debtor is an individual or sole trader who owes money to another person or company (creditor). Deduction An expense subtracted from adjusted gross income when calculating taxable income, such as for state and local taxes paid, charitable gifts, and certain types of interest payments. Default noticeThis is a letter reminding a debtor that they haven't paid their debt. This must be issued by a creditor in respect of debts covered by the Consumer Credit Act 1974 before any further action is taken.
Debt rescheduling and refinancing; debt reduction and debt-service reduction; or both.