If you have identified your priority debts and created a financial statement, you should now be ready to make a deal with your non-priority creditors.
Some organisations can help you negotiate with creditors. Remember, you should arrange to repay your priority debts before making any offers to non-priority creditors.
If you have any disposable income based on the financial statement you completed (disposable income is income minus expenditure), you can start to follow the procedures below:
- Send holding letters to all non-priority creditors (see sample letter 1 [Doc, 32kb]).
- Work out pro rata payments to creditors based on the disposable income you have.
- Send offer letters with pro rata offers to non-priority creditors (see sample letter 2 [Doc, 24kb]).