Legal tip 554. Debt reductions by Courts

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29 Jun 2011 00:00 by mariadecastro Star rating in Algeciras (Cadiz). 7925 posts Send private message

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Legal tip 554. Debt reductions by Courts 
29 June 2011 @ 08:28 

Colleague Carlos Guerrero posted today in his blog a real case about a successful creditor´s meeting procedure for an individual which has ended with an anticipated agreement proposal

According to Carlos Guerrero the quickest way to make an individual´s creditors meeting a successful event is through the approval of an anticipated creditor´s meeting agreement. It is an agreement that you reach with most of your creditors in order to bring new deadlines to the repayment of your debts, without interests and even with some writing off of debt.

In the case that Carlos Guerrero has recently won, he obtained writing off of 50% of the debt and a postponing of 5 years for the repayment of the remaining.

Conditions of the agreement

Debt before the creditor´s meeting: 10,3441. 75 € in personal loans and credit cards

Cost of the procedure: 4000 € for Lawyer and 500 € for Court agent

Habitual home: The debtor kept paying mortgage installments along the procedure

Saving obtained: 51720, 87€

Banks which have accepted the debtor´s proposal: Carrefour financiera, Citibank, MBNA, Banco Cetelem and Santander Consumer

Banks which have been forced to accept it: BBVA and La Caixa

Length of the procedure: 5 months

La Barrosa beach, Chiclana by Alfonso Jiménez at Flickr.com 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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