Debt agreement FAQ
Is debt agreement for me?
In short, if you are in a bad financial situation and you cannot
pay your existing bills and loans, than YES, it is for you.
Will my clean credit rating be affected?
Yes, it will. It will show on your credit history for 7 years. Even
so, this is a much better option than declaring a bankruptcy.
What type of debts can be included?
Personal loans, credit cards, repossessed cars, old (previous addresses)
utility bills such as telephone, electricity and gas bills, pay
TV bills, school fees, overdrawn bank accounts. store cards and
more.
Can I include car loan into this agreement?
If your car has not been repossessed as yet, you cannot include
that debt into the agreement.
What if I was bankrupt before?
If your bankruptcy was in the last 10 years than you are not eligible.
I have used debt agreement before, can I use it again?
If it was within the last 10 years, you are not eligible.
What are the positive effects?
- debt collectors cannot contact you any more
- bailiff cannot take action against you
- your debt can be reduced by 50%
- the interest rates are frozen
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