B. FORMAL ARRANGEMENTS:
Propose a debt agreement: This is a legally binding agreement between you and the creditors which must be accepted by the majority (in value) of your creditors. You can offer to pay your creditors in instalments or with lump sum payment which may be less than the full amount of your debts. You can also propose a freeze on your debts for a set time to let you get back on your feet. Your unsecured debts, assets and after- tax income must be under certain limits to propose a debt agreement.
Debt administrators charge a fee.
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