Beyond debt Informal Agreement

Informal Agreement (IA)

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What is an Informal Agreement

An Informal Agreement is a debt agreement 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.

Take the first step to free yourself from debt

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 3 steps.

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Example of an Informal Agreement client

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.

PROVEN SOLUTIONS

How would an Informal Agreement benefit you?

Ready to Become Debt Free?
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Make one regular payment

Your payment plan is based on what YOU can afford. Making sure you can still live and enjoy your life, whilst becoming debt free.

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Stop debt collector calls

No more worrying each time your phone rings. Your creditors will have to call us, instead of you.

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Usually, stop interest and fees

Your interest and fees can usually be stopped. This means you can start repaying your debt, not just interest and fees.

no default notations

No impact on your credit file

Informal agreements are not listed on your credit file, not further affecting your ability to access credit.

Effect on your job

Keep your job

Informal agreements do not affect your employment. If you are asked if you’re in an insolvency agreement, you can confidently say no.

Keep Your Assets

Get a rental property and insurance

Sometimes, rental agencies or insurance companies will want to know if you’ve ever had financial difficulties, with a Hardship Management Plan, you can confidently answer this question.

HOW IT WORKS

The Informal Agreement process in just 5 steps

1

Call Beyond Debt for a consultation.We will evaluate your financial situation so that you can decide whether a IA is right for you

2

You engage Beyond Debt to act on your behalf

3

We perform an assessment of your financial position and determine a more accurate repayment amount and one which is more affordable for you

4

A Hardship Management Plan proposal is put together and forwarded to your creditors

5

An agreement is negotiated with your creditors

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Who can do an Informal Agreement?

  • Anybody experiencing verifiable financial hardship.
  • This can be due to a decrease in income and/or an increase in expenses.
  • It means you have to cut back significantly on living expenses to make your normal debt repayments and usually this just isn’t possible without considerable hardship.

Common reasons for the hardship are:

  • Poor budgeting skills along with overuse of credit.
  • Illness or injury, of yourself or within the family.
  • Loss of a job and the new job does not pay as much.
  • Your living arrangements have been impacted by divorce or separation.
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Take control of your debt today

Get in touch for a free consultation. We are fully aware of just how much courage it takes to ask for help. We listen, we understand, we care and we do not judge.

FREQUENTLY ASKED QUESTIONS

A Couple Things People Ask

Once creditors have approved my Informal Agreement, can they cancel the plan whenever they feel like it?

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.

How long will the plan last?

The term of each plan is tailor-made for your circumstances, depending on what your creditors agree to and what you can afford.

Will my creditors call me?

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.