Informal Payment Arrangements

Endless phone calls from creditors are enough to drive anyone mad.

At Debt Busters, we’re here to help. 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.

  • How Does an Informal Payment Arrangement Work?

    An informal payment arrangement is similar to a 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.

  • How can Debt Busters help me with an informal payment arrangement?

    We’ll negotiate on your behalf with your creditors, creating an informal payment agreement that results in a regular and affordable payment plan. Creditors may agree to pause all future interest, consolidate your outstanding amounts and accept a reduced debt settlement, allowing you to pay a single, manageable rate until your debt is completely eliminated.

    Still not sure about the difference between a formal and informal payment arrangement? Let the Debt Busters team help you today. Get in contact with a member of our friendly team now for helpful and expert financial opinions regarding your payment arrangement.

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Debt Busters is an Australian owned business which was founded in 2005 - since then we have been able to help thousands regain financial control. Debt Busters prides itself on providing a dedicated Client Service Manager to work closer with you and provide a higher level of customised service about your situation.