Your financial situation may change during the period of your debt settlement. The Debt Settlement Act outlines rules on how to handle such changes.
When you enter into a public debt settlement agreement, a budget is created for your finances.If your financial situation changes, you must inform your creditors. Contact the Enforcement Officer for assistance. They will also assess whether the agreement needs to be amended.If you fail to make the required payments, you risk losing the debt settlement. You can also lose the settlement if you withhold critical information.If Your Expenses IncreaseCreditors typically have the right to be informed about changes to your budget. Examples include:
Changes in rent
Having a child, with associated costs for daycare, after-school programs, or activity school
Increased dental expenses
Medical expenses not covered by the exemption card
A need for a car
Regardless of the situation, you should contact the Enforcement Officer if your expenses increase. They can help you determine whether you need to inform creditors or amend the agreement. The officer can also assist in creating a new budget.If Your Income IncreasesIf your income increases, contact the Enforcement Officer. They will help you determine whether to inform creditors or revise the agreement. You can also get help with creating a new budget.Claims Not Included in the Agreement?Do you have claims that arose before the debt negotiations began but were not included in the agreement? Contact the Enforcement Officer, who will assess whether these claims can be added to the agreement as "overlooked claims."
