I would be very grateful if someone could help me on any of the following issues.
I have been doing a bit of googling but I have been unable to find any detailed information.
1. Who are the parties that thrash out the agreement? Are the creditors involved in the process or can they in anyway veto the agreement?
2. How exactly is the amount to be paid every month arrived at? Is it based on earnings from the past month? Past year?
3. What happens in the case of someone who decides to limit their earnings to the Reasonable Living Expenses? Is this "allowed"?
4.What happens in the case of someone whose earnings fall resulting in an inability to pay the agreed amount?
I have been doing a bit of googling but I have been unable to find any detailed information.
1. Who are the parties that thrash out the agreement? Are the creditors involved in the process or can they in anyway veto the agreement?
2. How exactly is the amount to be paid every month arrived at? Is it based on earnings from the past month? Past year?
3. What happens in the case of someone who decides to limit their earnings to the Reasonable Living Expenses? Is this "allowed"?
4.What happens in the case of someone whose earnings fall resulting in an inability to pay the agreed amount?