Informal Debt Settlement
If you’re wondering how to get out of debt, an informal debt settlement is one of the first options you should consider
Helping you Negotiate the Terms of Debt
What Is An Informal Debt Settlement?
Explore Before Taking More Drastic Actions
Under an informal debt settlement plan, you may ultimately pay much less to settle your debts through lower interest rates or reduced debt levels. In addition, an informal debt settlement plan can help you with debt consolidation, helping you put all of your various debts into one loan and make one monthly payment. An informal debt settlement is an important alternative to bankruptcy, and is often worth exploring before taking more drastic actions.
How a Licensed Insolvency Trustee Can Help
Terms that Work for Both You and Your Creditors
Dana MacRae licensed insolvency trustee can help you review your budget, assets, income, and debts owed to formulate realistic terms for an agreement with your creditors. Your licensed insolvency trustee can also directly contact your creditors for you, acting an intermediary working to secure terms that work for both you and your creditors.
What You Should Know About an Informal
The First Steps Towards Financial Freedom
Creditors ultimately are under no obligation to agree to your informal debt settlement proposals. In fact, your informal debt settlement is non-binding, which means your creditors can cancel it anytime unless you created a binding legal document that all parties sign.
Ultimately, it’s important you have a trustee that can inform you of the pros and cons of pursuing an informal debt settlement. If you’re wondering how to get out of debt, this kind of debt counselling is necessary to make the first steps towards financial freedom.
Interested In Credit Counseling Solutions?