Essentially, the Informal Payment Plan, otherwise known as the IPP, is another term used to describe a debt management plan. This is simply an informal agreement between you and your creditors that enables you to restructure your debt repayments in a way that you can actually afford.
Can an IPP Wipe Out My Debts?
In some cases, interest and charges may be frozen and the total amount owed might be reduced according to what you can actually afford. This depends very much on your creditors and your personal circumstances.
Do My Creditors Have to Agree to an IPP?
Your creditors do not have to agree to an informal payment plan. Whether or not they do will depend on your creditors, on your personal circumstances and on the proposed repayment plan itself. This is why it’s critical to put together a realistic proposal for negotiation with your creditors. At MoneySolve, we can guide you through the entire process and negotiate with your creditors on your behalf.
Why MoneySolve for my Informal Payment Plan?
At MoneySolve, we can draw upon a team of qualified Insolvency Practitioners and Advisors with a wealth of expertise in helping people to deal with their debt problems. We deal with a whole host of creditors on a daily basis and our understanding of the system helps us to arrange the best informal payment plan terms for you. We pride ourselves on our free, confidential advice and we will never judge you.