“INSOL OFFER” is short for Insolvency Offer. This is when you acknowledge that you are insolvent (unable to pay your debts) and an offer is put to your creditor/s to accept a lump sum payment of less than what you owe to clear your debts.
You may have one creditor or you may have many creditors.
The money you offer could be your savings or it could be money that a family member or friend is prepared to give or loan to you.
Insol offers provide maximum certainty once your creditor/s have accepted your offer because once the transaction takes place the debt has been extinguished.