Glossary entry (derived from question below)
English term or phrase:
quita o espera
Spanish translation:
reduction of the amounts or extension of the terms of payment
English term
Spain
Professional, Reliable & Committed
Native in: English 
, Portuguese
Works in: English to Portuguese, French to Spanish, Portuguese to Spanish, and 7 more.
quita o espera
Feb 11, 2008 12:52: Tina Lavrentiadou changed "Language pair" from "Spanish to English" to "English to Spanish"
Proposed translations
Civil Law Notary Public - trained jurist
Native in: Spanish
Works in: English to Spanish, Spanish, Spanish to English
reduction of the amounts or extension of the terms of payment
Son dos cosas distintas por un lado se solicita la reducción del monto adeudado y por el otro un plazo especial para pagar las deudas.
Suerte =o)
part payment
High Quality Translations
Native in: Spanish 
Works in: English to Spanish, Spanish to English
{non-trader} IVA/individual voluntary arrangement or moratorium
Maybe the question is also about why not quita y espera.
Two different scenarios:
1. Derecho civ; obligaciones - Cod. civl esp., art. 1,912.
2. Derecho procesal civ.. Ley de Emjuiciamiento civ., arts. 1,130 to 1,155.
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Note added at 5 hrs (2006-02-20 14:15:25 GMT)
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An Individual Voluntary Arrangement (IVA) is an alternative debt solution to ... Indvidual bankruptcy includes individuals, partners and sole traders. ...www.debt-help-uk.org.uk/debt_solutions_bankruptcy.asp
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