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:
“We as a nation need to be reeducated about the necessary and sufficient conditions for making human beings human. We need to be reeducated not as parents—but as workers, neighbors, and friends; and as members of the organizations, committees, boards—and, especially, the informal networks that control our social institutions and thereby determine the conditions of life for our families and their children.”
—Urie Bronfenbrenner (b. 1917)
“A good debt is not as good as no debt.”
—Chinese proverb.
“Parents vary in their sense of what would be suitable repayment for creating, sustaining, and tolerating you all those years, and what circumstances would be drastic enough for presenting the voucher. Obviously there is no repayment that would be sufficient . . . but the effort to call in the debt of life is too outrageous to be treated as anything other than a joke.”
—Frank Pittman (20th century)
“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.”
—Shirley Chisholm (b. 1924)