Informal agreements are often a good way to deal with a smaller number of creditors that are willing to work with you. Whilst they are not legally binding they demonstrate the company’s commitment and proactive approach to addressing its inability to settle its debts as and when they fall due.
BRI can assist you with an informal agreement by formulating an achievable and realistic plan to present to creditors.
Time to Pay (‘TTP’) Arrangements with H M Revenue and Customs (‘HMRC’) are a similar style of informal agreement but relate only to HMRC. TTPs are a good way to deal with HMRC debt if a company doesn’t owe much to other creditors and isn’t under significant other creditor pressure. HMRC have certain parameters in which they can accept reasonable and realistic offers such as length of time and amount.
BRI are here to help all companies or individuals who have received formal requests for payments of a debt that cannot be paid. We have a vastly experienced team who have strong contacts within HMRC and have dealt with a number of aggressive creditors.
Dealing with distressed creditors quickly is of great importance in determining a company’s/individual’s financial future.
Therefore please do contact us if you would like further information and assistance regarding any aspect of your business’ debt. There is no charge for doing so and it is without obligation.