Creditors generally are prepared to work with an insolvency advisor because the whole financial position is presented in a formal manner utilising accepted documentation.

An informal debt agreement is available to individuals who:

• Have been bankrupt in the previous 10 years;
• Who earn too much to propose a formal debt agreement;
• Who have had a previous formal agreement cancelled or terminated;
• Whose debt level is beyond the thresholds imposed;
• Those who cannot afford the fees of a trustee to propose a Personal Insolvency Agreement.