A Deed of Settlement can be used in all types of undisputed debt recovery to help in the resolution of a matter and avoid unnecessary legal action. Both parties are tied into an agreement for a fraction of the price of legal action, while still securing the interests of both parties.
A Deed of Settlement is a document that both parties agree to sign containing a Payment Plan that the debtor must adhere to. If the debtor does not make payments as per the agreement, there will be consequences. Because of these consequences, our clients can be more lenient when it comes to the time frame of repayment dates.
Moreover, a Deed of Settlement offers benefits for both sides.
If the Deed of Settlement is not adhered to, it ensures the debtor cannot decide they “dispute” the debt later on for the purposes of drawing out legal action. As listed above, there are many options available to the creditor should this occur.
If you are not sure if a deed of settlement is the right option for your business, Slater Byrne Recoveries is here to help. Our team will analyse your specific financial situation and provide practical recommendations that match your needs.
Get in touch with us at 1300 794 290 for a free consultation.
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