Another Term For Debt Agreement

While the agreement is in effect, interest on your unsecured debts will be frozen and no enforcement action can be taken against you or your property. Once the terms of your debt agreement are concluded, you will be released from any unsecured debt contained in the agreement. Bankruptcy: a legal procedure in which the courts will amortize all your debts, with the exception of a few exceptions that you will not be able to repay within a reasonable time. All the assets you have are usually sold, with a few exceptions, to pay off your debts. You are usually discharged from bankruptcy in a year, although you may be required to pay your debts for several additional years through an income payment agreement or an income payment order. Administrative Order: Assuming you have a District Court judgment against you, this is a way to pay off your debts, which must be less than £5,000 in total, by making a monthly payment to the court that handles payments to all your creditors. In order to submit a proposed debt agreement to AFSA, the debtor must meet the criteria set out in Section 185C. Balloon payment: This means that to meet the terms of your hp or conditional sales contract, you may need to make a final lump sum payment, normally at the end of the contract term. . .

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