A DEBT AGREEMENT is a binding agreement between debtor and their creditors where creditors agree to accept a sum of money which the debtor can afford.Payment by the debtor is based on their capacity to pay having regard to all their income and household expenses.
A Debt Agreement is an option to assist debtors with unmanageable debt.
they are released from their debts when they complete all payments and obligations under the agreement.
A debt agreement--
weekly or monthly payments from the debtor's income.
deferral of payments for an agreed period.
the sale of an asset to pay creditors.
a lump sum payment to be divided among creditors following sale of asset/assets.
No comments:
Post a Comment