What Is a Debt Relief Order?
Debt relief refers to reducing the debtor's repayment amount, and the debtor only needs to repay part of the loan. Debt relief is a practice that requires all creditors to accept a partial repayment and forgo the full debt claim.
Debt relief
Right!
- Chinese name
- Debt relief
- means
- Reduce the debtor's repayment amount
- Purpose
- Helping the debtor get through
- Prevent
- Non-payment of all debts
- Debt relief refers to reducing the debtor's repayment amount, and the debtor only needs to repay part of the loan. Debt relief is a practice that requires all creditors to accept a partial repayment and forgo the full debt claim.
- purpose
- The purpose of debt relief is to help the debtor get through the difficulties, and at the same time prevent the debtor from paying off all the debts due to excessive pressure on debt repayment. If some creditors do not agree with debt relief, they can only repay their borrowings in full.