Informal Payment Arrangements
If you can no longer pay your debt or are struggling to pay it off, an informal payment arrangement may be the best option for you.
An informal payment arrangement is similar to a formal debt agreement, but isn’t considered an act of bankruptcy. It will freeze the interest on your debts and stop creditors from calling. This means your informal payment arrangement will not go on record or negatively affect your credit file. It’s a positive way to settle debt with your creditors, ensuring that everyone is happy with the final outcome.
It also gives you the time and freedom to settle your debts at a reasonable pace – often at a reduced final amount.
You should be aware that informal payment arrangements are only a temporary solution and the terms need to be renegotiated with all of your creditors every 1-6 months and you will need to provide us with regular updates of your financial position.
Your assigned Visage team member will negotiate on your behalf with your creditors, creating an informal payment agreement that results in a regular and affordable payment plan.
We will seek your creditors agreement to:
- pause all future interest charges;
- consolidate your outstanding amounts;
- accept a reduced debt settlement, allowing you to pay a single, manageable rate until your debt is completely eliminated; and
- not record any details of the arrangement on your credit file
Want to know more about how this differs from a formal debt payment arrangement? Get in contact with a member of the Visage team ASAP.
Negotiating a Formal Debt Arrangement with your Creditors
Negotiating your debt with your creditors is one of the simplest and most effective ways to regain control over your financial worries. With our negotiation team on your side, we can potentially reduce your total debt repayment by up to 50%. The Visage team deals with hundreds of creditors including banks, finance companies, and credit card providers on an ongoing basis; so we know the approval process required to get negotiations accepted quickly and without hassle for you.
Our team of expert and experienced debt negotiators can help you with a plan and payment solution that’s right for you.
It is a formal payment arrangement where creditors agree to clear the remaining balance of the listed debt at the end of the debt agreement – meaning you will save considerably when compared to paying the debts in full over the same period of time. However even after the debt is settled, your credit file will show an entry of the negotiated debt which leaves a record of it Your credit file will display the debt as paid.
How we initiate your debt negotiation
- Firstly, we analyse your financial ability to pay off the debt. We do not recommend you offer more than the amount you can afford to pay.
- Then we inform your creditors that we are now representing you and that they are to speak and correspond with us regarding any demands for payment or collection action. We’ll deal directly with all your assigned creditors and put together a settlement proposal, taking your individual financial circumstances into account.
- We will then negotiate the debt amount and terms to pay back your creditors. Whether it’s a single debt settlement payout or a weekly, fortnightly or monthly payment, we’ll help you put together a customised payout plan.
- Once your creditors have accepted your new payment plan, including the total payment and duration, you’ll begin to make payments and regain control over your financial future.
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