Collective Debt Settlement

A collective debt settlement is a legal procedure that helps people with serious financial problems to restructure their debts and find a viable solution to pay them off. You must apply for this regulation with the employment court via a petition. In this procedure, a professional will debt mediator appointed who has the task of paying off existing debts in a structural way, while maintaining the opportunity to live in dignity: the debt mediator receives the income that will be used to pay off the debts, while the person under mediation is awarded an amount as living allowance.