An Informal Agreement is a debt agreement that will help you overcome your debt struggle.
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 IA payments we were able to negotiate with Chris’s creditors, resulted in repayments of $800.10 per month.
We were able to demonstrate Chris’s hardship and have his creditors see that as well and so accept the IA Proposal. We were also able to negotiate with Chris’s creditors to have all interest and fees frozen on his accounts.
Because Hardship Management Plans 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 the IA, 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.