Informal Arrangement & Creditors
There are times when your financial problems may be a short-term problem. If so, negotiating an informal arrangement with your creditors may be the best solution for you.
Once creditors are contacted and are informed of your financial position, many, when aware of genuine financial difficulties, will assist you by giving you more time to pay, agreeing to re-negotiate the loan amount, settling for a lesser sum and/or freezing or reducing the interest for a period of time.
An informal arrangement is not always easy. Not all creditors may agree to your offer and it is not binding on all creditors. For example, even though the majority of creditors may agree to a revised payment schedule, one or more creditors may reject your offer and continue to take action against you. This will jeopardize the entire informal arrangement.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.