A debt agreement is a binding agreement between a debtor and their  creditors where creditors agree to accept a sum  of money which the debtor can afford. (This means you can make an offer to pay off your creditors by making one regular payment. The amount you pay is based on what you can afford, it is not based on what you owe.)

 

Most people benefit by the Debt Agreement because it,

1. Allows you to make one payment that you can afford to cover all included debts.

2. The interest is frozen which means you can actually finish paying of the debt within a matter of years.

3. You get to sleep, you stop worrying about debt and generally you feel better.

 

A debt agreement is an option to assist debtors with unmanageable debt.  You are released from your  debts when you complete all payments and obligations under the agreement.