Informal Arrangement

If you are in debt an informal arrangement with your creditors may be an option for you.

Once creditors are contacted and are informed of your financial position, many, when aware of genuine financial difficulties, will assist you by giving you more time to pay, agreeing to re-negotiate the loan amount, settling for a lesser sum or freezing the interest for a period of time.

The difficulty with an informal arrangement is that it is not binding on all creditors. For example, whilst the majority of creditors may agree to a revised payment schedule, one creditor may reject the proposal and continue to enforce legal proceedings and consequently jeopardise the entire informal arrangement.

Needless to say, the more creditors involved, the less likely an informal arrangement will be successful.

Fox Symes know how to negotiate an informal arrangement. We have good working relationships with all institutional creditors. We are able to assist you in preparing a proposal to your creditors and will then liaise on your behalf with your creditors.

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If you are employed and have debts greater than $10,000 please call us on 1300 361 204 or fill in this form. We have live Debt Consultants available to help you now.

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