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What is an Informal Agreement

An Informal Agreement is an agreement between you and your creditors that you will pay a mutually agreed amount against your debt over an agreed period of time. In most cases interest and other “non-payment” penalties are frozen during for the duration of the agreement.

Because this is an arrangement between you and your creditors it cannot affect your credit file and none of the usual restrictions that apply to insolvencies or bankruptcies apply. There is no restriction on travel or work licenses, and you are not listed on the National Personal Insolvency Register.

You do not suffer the consequences of being a bankrupt or being in a Part IX Debt Agreement.

The repayments that are agreed are carefully calculated to be what you can afford – we go through your income and expenses very carefully and the result is a payment plan that allows you to settle your debt without putting undue pressure on your finances.

Our experience shows that this is one of the best ways of settling a debt, where both you and your creditors come away feeling as if you have achieved a great result!

What is Full and Final Settlement

Quite often a creditor will accept less than the debt amount in order to settle the matter. There are many costs associated with debt collection and your creditor may accept an offer of part of the debt and decide that this is sufficient payment. Once this payment is made, the total debt is paid in Full and Final Settlement and no more is owing.

We are able to negotiate on your behalf with creditors because there is a feeling that once a professional is involved the creditor can no longer “bully” their debtor into paying and this gives us time to Assess, Reset and Restart Life.

As with an Informal Arrangement once an agreement has been reached in Full and Final Settlement the creditor cannot list you as a defaulter and thus your credit file cannot be affected.


Contact Us

Company: Debt Smash
ABN: 16 608 954 641
Phone: 1300 069 733
Address: 4/54 Beatty Road, Archerfield, 4108, QLD