An Informal Arrangement

Where an individual has a small number of creditors and there is no immediate threat of legal action, it may be possible for them to agree an informal arrangement direct with their creditors.  This could be of particular interest to individuals who do not wish a third party to be involved in their financial affairs on an ongoing basis.

Chamberlain & Co can provide guidance on the steps you need to take if you wish to negotiate directly with your creditors.

It should, however, be stressed that such arrangements are not legally binding and the creditors concerned cannot be forced to accept them.  They may, therefore, continue with any legal action against you.

If you are not concerned about the involvement of a third party, you may wish to consider agreeing a Debt Management Plan, as a means of dealing with your debt.

Call us on 0800 195 4585 for further details on Informal Arrangements