Debt settlement arrangements
If you can no longer pay your bills and you can no longer make the compulsory repayments, the amicable debt assistance process may offer a solution.
Amicable debt assistance process
As part of an amicable debt collection process, Kredietbank tries to settle debts with all of your creditors. In an amicable process, the creditors voluntarily cooperate in a debt settlement arrangement. The amicable process may consist of debt mediation or debt rescheduling. If your creditors do not wish to cooperate, you can go the legal route.
Debt mediation
Kredietbank mediates between you and your creditors. Your income is transferred to Kredietbank. From Kredietbank you will receive the 'Vrij te laten bedrag' (Vtlb) (the amount made available to you from your income for your living expenses). This is the amount that you will receive every month for (among other things) your household expenses.
The remainder of your income is reserved for your creditors. They are paid once a year. If you keep to the agreements during the mediation period, you no longer have to repay any remaining debt.
Debt rescheduling
Kredietbank pays off all of your debts and you receive a loan (rescheduling loan). You will then have just one debt, which is with Kredietbank. Your financial capacity determines the amount of the loan. During the repayment period of the loan, you repay a monthly amount to Kredietbank.
If you think you qualify for debt mediation or debt rescheduling, register for Help with money problems or debts.
Legal debt assistance process
If the amicable process was unsuccessful, along with Kredietbank you can go to court to ask for debt rescheduling under the Natural Persons Debt Rescheduling Act - WSNP (Wet schuldsanering natuurlijke personen). This is known as the legal process.
My Portal
In My Portal you can track your debt settlement arrangement.