| Depending upon various factors, including the level of debt and number of creditors involved, in some cases it is feasible to seek to enter into informal arrangements by negotiating with the creditors.
We have assisted individuals who have been pursued by lenders following the repossession of a property to come to a settlement figure in respect of the debt. Additionally, where individuals have only a few creditors, it is sometimes possible to come to informal agreements where the creditors accept a lower figure in full settlement of the liability.
If an individual’s level of debts and disposable income are such that the debts, if restructured, could be repaid in full within a reasonable period of time, we put them in contact with a non profit making debt management organisation, Consumer Credit Counselling Service (CCCS). This organisation was set up with the support of many high street lenders and its fees are paid by creditors as opposed to Individuals. |
