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Informal Debt Agreements: A Path to Financial Relief
At Debt Angel Solutions, we understand that debt can feel like a relentless and insurmountable burden which weighs heavily on your mind and wallet. That’s why we’re here to empower you with knowledge and practical solutions.
As specialists in Informal Debt Agreements, we know what options are available and how to achieve the best results for your personal situation. One of the most beneficial aspects of Informal Debt Agreements is that they do not appear on your credit file like payment defaults nor do they have the long-term consequences of Formal Debt Agreements such as bankruptcy. Our mission is to Debt’O’Nate your debts and provide much-needed relief.
Our services include:
Debt Negotiation
Think of us as skilled mediators, working quietly behind the scenes. We’ll engage with your creditors, seeking reduced interest rates, partial or full waivers, reduced settlements, loan variations and favorable long-term solutions. Our aim? To create breathing room and lighten your debt load.
Debt Management
We step in as your champion & ally. Our seasoned professionals will analyse your financial situation utilising our industry know-how to create your individualised Get-Out-Of-Debt-Strategy. Together, we’ll break the debt spiral, ensuring you regain control of your finances.
Debt Reduction
Our strategies focus on reducing your overall debt load, renegotiating favorable terms, and making your overall financial landscape more manageable.
What Are Informal Debt Agreements?
Put simply, an Informal Debt Agreement is a plan we negotiate and establish directly with your creditors that can include:
- Stopping the endless collection calls: as your authorised representative, we will deal with your creditors directly to give you much needed time and breathing space.
- Freezing or reducing interest rates and debt repayments: This crucial step prevents your balance from ballooning further making your debt even more overwhelming, which comes as a welcome relief.
- Customised Terms: The specifics of an informal debt agreement vary based on your unique circumstances, the type of debt you carry, and the creditor involved. Some common examples include:
- Payment Breaks: Sometimes, life throws curveballs. An informal debt agreement allows you to pause payments temporarily, giving you breathing space to catch up on other bills and regain your footing.
- Loan variations: This aims to make repayment terms more manageable. Perhaps we extend the repayment period or tweak the amount. The goal? To ease your burden while maintaining a structured approach to getting rid of your debt.
- Serviceability Agreements: After a period of reduced or no payments, you demonstrate your ability to service and maintain the loan consistently. Once achieved (usually over six months), a request can be made for the arrears amount to be “capped”—a graceful way to add it to the end of your credit contract rather than having to come up with the full arrears upfront or over an agreed period of time.
- Debt Waivers: In particularly challenging financial situations, creditors may even partially or fully waive your debt.
No Legal Formalities: Unlike formal debt agreements, which can impact your ability to work, travel and even find a home, there’s no legal requirement for you to report informal debt agreements. This means you can seek relief without long-term damage to your credit file.
Informal debt agreements are tailored solutions that can change and evolve with your personal circumstances. By helping you avoid debts being sold, legal proceedings like court judgements and bankruptcy, you can move forward discreetly and with flexibility. Negotiation is our secret weapon & Informal debt agreements open alternative doors to discussions with creditors. This can get creditors off your back, giving you a buffer, reducing the burdens of pressure, stress and debt simultaneously.
Benefits of Informal Debt Agreements
- Flexible Payment Arrangements: Allows for negotiation of flexible payment terms designed to accommodate your financial capacity.
- Avoids Legal Proceedings: Helps prevent legal actions like bankruptcy or court judgments against you.
- Protection from Relentless Pursuit by Creditors: Provides a buffer against potentially aggressive creditor actions, reducing pressure and stress for the clients.
- Debt Reduction Potential: Offers potential for reduced debt balance through negotiations with creditors.
- An Alternative To Bankruptcy: Maintains financial arrangements privately, bypassing the public records linked to formal agreements and averting the aftermath of bankruptcy declaration.”
- Potential Credit Rating Improvement: Provides a chance to maintain or improve your credit score compared to formal insolvency arrangements.
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