VANGUARD INSOLVENCY

A range of options for those facing financial hardship.

Informal Arrangement

Similar to Debt Management Plans, informal agreements involve direct contact with the creditors and an agreement with the creditors as to the repayment amount. Debts have to be paid in full and the arrangements are not legally binding.


As an informal agreement is similar to a debt management plan, this means contacting your creditors directly and negotiating a monthly payment with them.

You will probably need to prepare a list of assets and liabilities, income and expenditure beforehand.

Creditors may not agree to your offer and may require more money each month.

Under an informal arrangement you will pay your debts in full so a longer time period may be necessary.  You can ask your creditors to suspend interest and charges, although your creditors do not have to agree to this.  An informal arrangement is not legally binding so creditors can still pursue you despite the plan being in place. 

Eligibility


Informal arrangements can only be used to pay ‘unsecured’ debts so any mortgage arrears, court fines, Student Loans and debts due to HMRC (including tax credit overpayments) have to be paid outside of the arrangement.

Your responsibilities


Your creditors can cancel the arrangement if you don’t keep up your repayments.


Call us today to speak with one of our advisors who can help you understand your options and find out the right choice for you. We're here to help on 0800 019 8383.


VANGUARD INSOLVENCY

Find out the right choice for you.

Call us today to speak with one of our advisors who can help you understand your options and find out the right choice for you. We're here to help on 0800 019 8383 .

Opening times

Monday - Thursday: 8:00am - 6:00pm Friday: 8:00am - 5:30pm

Saturday: 9:00am - 2:00pm

Sunday: Closed

Vanguard Insolvency Practitioners Limited, Registered address National House, 80-82 Wellington Road North, Stockport, Cheshire SK4 1HW

Company Registered in England and Wales Number 09610770 - Data Protection ZA 131723

Peter Jackson is authorised to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Data protection registration number ZA103596

The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here. The Insolvency Service, an independent government agency, has produced a guidance leaflet on dealing with your creditors. If you would like a copy, click here.

The Association of Business Recovery Professionals, known as R3, produce a booklet called “Is a Voluntary Arrangement Right for Me?”.  If you would like a copy, click here.

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