A Debt Agreement is a legally binding agreement with your creditors whereby you manage lots of debts with one manageable regular payment.
Interest is frozen for the term of the Debt Agreement.
The Debt Agreement might also result in you paying less than you actually owe (generally 60% to 80%).
If you stick to the payments, you will end up debt free without having to go bankrupt.
However, you will have to qualify to enter into a Debt Agreement. And it might not suit your circumstances.
On the brighter side, imagine no longer having to deal with all the creditors you owe money to – just one regular payment to look after all of them. You will only have to deal with your Debt Agreement Administrator. No more debt collectors or annoying phone calls.
Setting up a Debt Agreement involves a fair amount of paperwork. This is necessary so that creditors are adequately informed when it comes for them to vote in favour of the proposed Debt Agreement. And yes, there are some fees involved in setting up a Debt Agreement.
Contact us and we will see if you qualify for a Debt Agreement.