These plans are not legally binding so creditors do not have to agree to the repayment schedules. However, if the arrangement works well the creditor will be more than happy to co-operate.
Your creditors are under no obligation to accept your offer of reduced payments and if they do accept they are entitled to change there mind at anytime.
They can ask for a review of your situation which could cause your payments to increase.
They are not obligated to freeze interests and charges on your account.
They may freeze interest for a limited period of time or charge interest at a reduced rate.
It is possible that the total debt will increase.
It is likely that you would be required to pay your creditors in full over a number of years. It is possible that you will continue to pay them for some considerable time after which an IVA would have been completed. It is also feasible that you will be required to pay greater contributions.
You will have no protection from the courts, and the creditors at anytime can decide to issue a judgement, bankruptcy petition or any other legal process in respect of their debt.
