With informal debt settlement, creditors expect you to present them with a plan outlining how you can pay them back. Creditors will often negotiate with you, as their goal is to obtain the money that is owed to them. Explain your financial situation honestly and submit a realistic proposal with a reasonable payment schedule.
If you have more than one creditor you will need to negotiate with each of them individually. Sometimes they can be difficult to connect with or to obtain a response from. You may find 70 per cent of your creditors will accept your informal proposal but others may refuse.
Keep in mind — if you negotiate a longer payment schedule with one or more of your creditors you will likely pay more interest.
Our team of professionals can help you explore the best solutions to your debt problems based on your unique situation.
Our Licensed Insolvency Trustees (formerly called Trustee in Bankruptcy or Bankruptcy Trustee) and Estate Managers believe everyone deserves a financial fresh start, while being treated with dignity and respect. We have offices conveniently located in Calgary, Edmonton, throughout Alberta, and across Canada.
To speak to someone now call us at 310-8888 for a free, no obligation, confidential consultation.
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