Building a debt arrangement proposal

A proposal to creditors should explain where the money would come from and when it could be paid. Separate funds already available from expected income. Draw up a schedule that allows for living costs. If a relative offers a contribution, clarify its amount and conditions.

If the proposal depends on selling an asset, record its estimated value, any loan secured against it and the likely time to sale. This lets the reader distinguish cash in hand from a projection. The Commissioner's guide explains how an individual files an arrangement application and provides the Commissioner with a copy.