A Deed of Settlement can be used in all types of undisputed debt recovery to help in the resolution of a matter and avoid unnecessary legal action. Both parties are tied into an agreement for a fraction of the price of legal action while securing the interests of both parties.
A Deed of Settlement is a document that both parties agree to sign containing a Payment Plan that the debtor must adhere to. If the debtor does not make payments as per the agreement, there are consequences. Because of these consequences, our clients can be more lenient when it comes to the timeframe of repayment dates.
A Deed of Settlement can benefit both sides.
If the Deed of Settlement is not adhered to, it ensures the debtor cannot decide they “dispute” the debt later on for the purposes of drawing out legal action. As listed above, there are many options available to the creditor should this occur.
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