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Arrangement With Creditors

Definition of 'Arrangement With Creditors'

An Arrangement with Creditors is a form of insolvency, similar to bankruptcy, and are defined under Part X of the Bankruptcy Act, but is much less formal than bankruptcy.

Having said that, Arrangements with Creditors appear on credit reports and include the date of the arrangement, the proceedings number and the deletion date, which is 7 years from the date of the arrangement.

An Arrangement with Creditors is one of the most serious adverse additions to a credit report.

If you have one on your credit report, it will impact your credit score and your ability to get credit significantly for the entire length of time it appears on your credit report.

Many lenders will refuse to lend to anyone with a history of an Arrangement with Creditors, or indeed of any form of insolvency, even if it has been formally discharged.

Use the links below to locate the term you are looking for. If you can't locate it, please get in touch.

Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

Credit Jargon Starting 'J'

Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

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