A Personal Insolvency Agreement is a legally binding agreement with your creditors, a process by which a debtor (you) may make a proposal to their creditors which they consider and vote upon at a formal meeting.

Not all creditors need to vote in favour of the proposal for Personal Insolvency Agreement to be approved, however a majority must be in favour of your proposal. Once it is approved by majority od your creditors Personal Insolvency Agreement will become legally binding on all creditors.

If you have unsecured debts such as credit card debt, store card debt, etc and you cannot pay them and you exceed the Debt Agreement thresholds you should consider a Personal Insolvency Agreement.

Recommended time period for a Personal Insolvency Agreement is three to five years. All necessary documents the meeting of creditors will be organized by us on your behalf.

Personal Insolvency Agreement proposal is prepared and presented to your creditors which is accepted in most of the cases. Your creditors will most likely accept a greatly reduced amount of money you owe to them.

Once approved, a Personal Insolvency Agreement will protect you against any legal action your creditors may have been entitled to take against you. Also, the interest on your debts will be frozen, you will only have one monthly payment over the agreed period of your Personal Insolvency Agreement.

To check if you qualify for a Personal Insolvency Agreement contact our debt experts now for free and confidential debt advice.