As the name suggest, it is an informal way of approaching your creditors to get out of debts. If you know you can't pay all your debts, its important to prioritise your debts and to write to your creditors to see if you can agree on a repayment timetable. Your creditors could ignore it later and ask you to pay in full as it is not a binding agreement.
Please note that the topics covered in this section are a general guide and should not be taken as any recommendation or solution. It is not a full and authoritative statement of the law. Suitability of any solution will depend on your personal circumstances. Please seek appropriate expert advice before relying on them. The information contained in this section is of a general nature and no assurance of accuracy can be given. The Author does not render legal or insolvency services.They are subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
