This can be arranged where a person is not able to keep up payments under the initial terms of a finance agreement.

Basically a prescribed formula is used to calculate the amount of free income that is available for creditors, this is divided between them on a pro rata basis and the lender are asked to freeze the interest.

The beniefits to the potential borrower are:

It stops the creditors calling you

It can save money on a monthly basis

It saves money by freezing interest and arrears charges

It stops creditors taking a charge over any property that you own

This is offered in conjunction with Brilliant Solutions and is not regulated by the FSA.