informal agreement with
creditors

What is an informal agreement with creditors?

The Informal Agreement with Creditors is a debt settlement solution negotiated directly with your lenders. It aims to reduce the total amount of your debt or modify the terms of your repayment (lower interest rate, longer payment period) to suit your actual financial capacity.

Such a process requires careful negotiation and must be put down in writing to avoid any legal ambiguities. At Bresse Syndics, your expert advisor is with you every step of the way, communicating directly with your creditors on your behalf to ease your burden.

Is an informal debt settlement the right solution for you?

If any of the following statements match your current financial situation, an informal agreement may be the ideal option:

• Temporary financial difficulties: You’re experiencing a drop in income but still have the capacity to repay.

• Small number of creditors: Your debts are concentrated with a few institutions or individuals, making direct negotiation easier.

• Refusal to consolidate credit: You have tried to obtain a debt consolidation loan from your bank, without success.

• Avoiding legal insolvency: You want to avoid declaring personal bankruptcy or filing a consumer proposal.

What key situations can be resolved by informal agreement?

Many complex financial problems can be resolved out of court through direct negotiation:

• Stop legal proceedings: You want to stop a civil lawsuit or a notice of seizure filed against you.

• Business or private debts: You owe money to a former business partner or relative, and want to formalize a repayment plan.

• Endorsed debt: You are required to pay a debt that you have guaranteed or endorsed for a third party.

• Protecting your professional reputation: Your job or professional association prohibits you from filing for bankruptcy.

Negotiating quickly and transparently with your creditors is the key to success. By enlisting the support of Bresse professionals, you send a strong signal of seriousness and cooperation to your financial partners.

In a nutshell

The informal agreement is a proposal negotiated with your creditors, aimed at reducing your debt or modifying the repayment terms (interest rate, payment period) to suit your situation.

Such an agreement requires negotiation and must be set down in writing to avoid any ambiguity. Your advisor will guide you through the process and, if necessary, contact your creditors directly on your behalf.