The hardship arrangement will appear for 12 months on your credit history and your payment history will appear for 24 months.
Your interest and fees can usually be stopped. This means you can start repaying your debt, not just interest and fees.
With a decade and a half of experience in the industry we’ll help you on the path to a debt free future, in just 5 steps.
Your payment plan is based on what YOU can afford. Making sure you can still live and enjoy your life, whilst becoming debt free.
Rental agencies and insurance companies will often not approve applications when you have been in an insolvency arrangement. With an Informal Agreement, you can confidently answer this question with a "NO."
Informal agreements do not affect your employment. If you are asked if you’re in an insolvency agreement or have ever been, you can confidently say "NO."
No more worrying each time your phone rings. Your creditors will have to call us, instead of you.
An Informal Agreement is an agreement with your creditors that will help you overcome your debt struggle.
Without the severe consequences of formal agreements, like Debt Agreements and Personal Insolvency Agreements and of course, Bankruptcy itself.
Without the long-lasting impact on your Credit Report.
Without any effect on your employment.
Chris’s expected repayments to his 5 creditors, before his Informal Agreement, totalled $1,605 per month - this amount was not affordable for Chris. The payments we were able to negotiate with Chris’s creditors, resulted in repayments of $800 per month.
We were able to demonstrate Chris’s hardship and have his creditors see that as well and so accept the Informal Agreement Proposal. We were also able to negotiate with Chris’s creditors to have all interest and fees frozen on his accounts.
Because Informal Agreements require creditors to agree to your offer, it is wise to have Beyond Debt on your side.
Whilst an Informal Agreement is not a legally binding agreement, once your creditors have agreed to it, it is highly unlikely they would cancel it. The best way to ensure this never happens, is to make your repayments on time.
The term of each plan is tailor-made for your circumstances, depending on what your creditors agree to and what you can afford.
Once Beyond Debt have been appointed, we will advise your creditors that they are now dealing with Beyond Debt only, meaning you can answer your phone without the fear of creditors calling.
There is no set rules for what can and can't be included in an informal agreement. Generally secured debts can not be included but give us a call to see what we can do
An Informal Agreement will usually stop any further legal action in relation to the debts involved.