Debt Agreement
A Debt Agreement is a legally binding debt restructuring agreement with your creditors. With a Debt Agreement creditors will typically accept less than 100% of their debt and the interest will be frozen.
However, before your creditors will agree, they will need to be satisfied that your circumstances allow you to qualify for a Debt Agreement.
You may qualify for a Debt Agreement if you do not have the means to repay your debts in full, ie you are insolvent.
We can help you establish if you qualify for a Debt Agreement and will put a proposal to your creditors on your behalf, ie you will not have to negotiate directly with your creditors!
If your Debt Agreement is accepted by the majority of your creditors (50% in value) then you will be protected against any further legal action your creditors may otherwise take. For example, your creditors could not force you into bankruptcy or garnishee your wages if you are protected by a Debt Agreement.
We will help you work out precisely what you can afford to pay and then prepare a Debt Agreement Proposal to be sent to your creditors for vote. This process can take up to 45 days after you have provided all of your details to us. Once your creditors have agreed to your proposal you will pay the agreed contributions directly to us and we will disburse those funds (less our fees which will also be approved by your creditors) to your creditors on your behalf. Interest on your debts will also be frozen.
Call today for free and impartial debt advice on our Toll Free line to see if you qualify for a Debt Agreement.
We’ll discuss your situation in a strictly confidential and empathic manner. Our debt advice professionals will discuss your needs free of charge and our advice will be provided without any obligation.
To get more detailed information on a Debt Agreement.
