Informal Arrangements

If you require a shorter term arrangement, our experienced team can also assist with setting up an informal arrangement with your creditors giving you peace of mind and taking this burden off your hands.

What is an Informal Debt Arrangement?

As mentioned above, when your financial problems are shorter-term, negotiating with your creditors for personalised terms of payment may be the best course of action. This is what is called an ‘informal arrangement’ whereby creditors will be informed of your current financial situation and terms of your payments, loan amounts or freezing interest for a period of time will look to be agreed to in order to provide you with more time, and a more comfortable payment schedule for circumstances.



Things to consider when looking into an Informal Debt Arrangement

There are a few things that the team here at Debt Savvy want you to know about informal arrangements:

  • To get an informal arrangement with your creditors is not always easy - Being an informal arrangement, not all creditors may agree to it. Further to this, an informal arrangement is not binding.
  • If one or more of your creditors reject the the offer this could jeopardise the entire informal arrangement.
  • The more creditors involved, the less likely that an informal arrangement will be successfully executed.



How we can help you with an Informal Arrangement

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The team here at Debt Savvy have years of experience in negotiating informal arrangements and can assist you by preparing a proposal to your creditors as well as liaising with your creditors on your behalf.