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