I wish to vary the terms of my agreement

Why would I vary the terms of my agreement?

You may wish to vary the original terms of your insolvency agreement if your circumstances have changed or wish to offer an early settlement to your creditors.

What does the process involve?

Before any variation proposal can be submitted to your creditors, your administrator must assess the viability of your offer before presenting it to your creditors for their consideration. If your administrator feels you are eligible for a variation, we will prepare a variation proposal, which will then be sent to you for your review and and approval. This must then be signed and returned by you before it can be submitted for voting with your creditors.

My variation has been approved by creditors – what happens now?

Following approval, creditors will be notified of the agreed change and you will be expected to adhere to the revised terms.

My variation has been rejected by creditors – what happens now?

Your original insolvency agreement will continue to be effective until such a time as it is completed or it is terminated.

If the variation was proposed as you were in arrears in payments then we will need to discuss your options and what steps should be taken next.