Debtor : If you are in debt with a credit card company, bank or Loan Company (commonly known as 'loan sharks' then the debtor is you!

Creditor : This is company that you owe money to. These companies include: - Credit card companies Banks Loan companies (e.g. loans4you, Freephone loans, Northern Rock)

Debt collectors : These companies work on behalf of the creditors and are commonly known as 'bailiffs'. If you are unable to maintain regular payments with you creditors, they will refer your account to a debt collection agency. This agency will chase you for payments on behalf of the creditor. Well known debt collection agencies include Moorcroft, Phocol, and Robinson Way.

IVA advisor : This person will put all details for your IVA together.

Insolvency practitioner : These are accountants who will present your IVA case to your creditors when you can no longer afford to keep up your repayments. They will liaise with the creditor to ensure a reasonable agreement can be made to reduce your payments and eventually settle your account.

Bankruptcy : Is when a debtor is seen to be legally insolvent (that is, the debtor does not have enough money to meet financial obligations with creditors - cannot maintain repayments). As a result, the debtor's property is taken away from the debtor and redistributed among the creditors.