A financial obligation payment agency is a company that fees a cost to behave for you personally to pay what you owe for you in negotiating or making arrangements with creditors. This can be a voluntary contract between your debt payment agency (acting for you personally) as well as your creditors.
A creditor need not accept your re re payment proposition. Even when a creditor takes your re payment proposal, it could be terminated unless you adhere to all of the terms of this contract. The creditor can resume collection activity then on your financial troubles.
You must be told 
by the agency within thirty days to be informed by way of a creditor that the creditor has do not take part in or has withdrawn from the debt repayment system.
To find out more exactly how debt payment agencies work, start to see the Bill Collection and Debt Repayment tipsheet.
Financial obligation repayment contracts
A financial obligation repayment agreement must:
- be written down, dated and finalized by both you and your debt payment agency
- consist of your title, address and cell phone number and also the title, target, cell phone number if available the fax and current email address regarding the financial obligation payment agency
- Describe all the ongoing solutions which will be supplied
- itemize all the fees you have to spend
- list all creditors that’ll be paid underneath the contract