Negotiated Debt Settlements

This is an informal application to reach a settlement with your creditor where you cannot afford to pay a debt. It is more suitable in circumstances where there is only a single creditor. The agreement is not governed by the courts and the time to reach a decision on an offer is not set out in law which means they usually take longer to be confirmed than a formal arrangement.

Once the agreement is reached, signed and the settlement figure is paid within the terms and timelines set out, then there is no further recourse by the creditor against the individual to collect the balance of the debt.

Where there is more than a single debt owed, we recommend an individual work through the formal insolvency process which has defined timelines and is court legislated.