Informal Debt Repayment Agreements
Most defendants who cannot pay the enforcement officer in full at once enter into negotiations with the officer to pay by installments. This process is informal but cheaper and quicker than an application to the court.
Payment by this method relies on the co-operation of the creditor and the enforcement officer. It is therefore important not to offer more than you can afford or to fall behind with the payments you agree. If you do fall behind with the payments and the enforcement officer has seized goods, they may remove them to the sale room for auction.
Read more about this topic: Debt Restructuring
Famous quotes containing the words informal, debt, repayment and/or agreements:
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“The difference between de jure and de facto segregation is the difference open, forthright bigotry and the shamefaced kind that works through unwritten agreements between real estate dealers, school officials, and local politicians.”
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