A repayment plan which could help reduce your monthly payments.
A legal agreement to pay an affordable amount to your lenders, usually for four years, before the rest of your debt is written off.
A formal legal arrangement to write off debt you can’t afford to repay in a reasonable time.
A legal agreement allowing you to repay a set amount to your lenders for (usually) 5 years before writing off any remaining debt.
Scottish bankruptcy is a formal legal arrangement with some serious possible consequences. You repay what you can for four years and your remaining debt is written off.