PROPOSE A DEBT AGREEMENT:
A debt agreement is legally binding arrangement between you and your creditors which must be accepted by the majority (in value) of your creditors. You can offer to pay your creditors in instalments or with a lump sum payment which may be less than the full amount of your debts. You can also propose a freeze on y our 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.
Ask a registered debt agreement administrator to administer your debt agreement, they will charge a fee.
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