---
title: When is an informal agreement with creditors not a viable option?
description: There are 2 instances where having an informal agreement with creditors is not viable.
---

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# When is an informal agreement with creditors not a viable option?

## There are 2 instances where having an informal agreement with creditors is not viable.

1. If there is no prospect of repaying the amount of debt you have.
2. If you have numerous institutions to negotiate with.

- [Consumer Proposals](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#main-content)

    - [Assets](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#assets)
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- [Personal Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#main-content)

    - [Assets](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#assets)
    - [Cost and Payments](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#cost-and-payments)
    - [Length of Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#length-of-bankruptcy)
    - [Other](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#other)
    - [Credit Cards](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#credit-cards)
    - [Taxes](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#taxes)
    - [Mortgages](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#mortgages)
    - [Debts](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#debts)
- [Debt Repayment Options](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#main-content)

    - [Do Nothing](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#do-nothing)
    - [Debt Consolidation Loan](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#debt-consolidation-loan)
    - [Informal Agreement with Creditors](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#informal-agreement-with-creditors)
    - [Debt Management Program (DMP) - Offered through Credit Counselling Society](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#debt-management-program-dmp-offered-through-credit-counselling-society)
    - [Orderly Payment of Debts (OPD) - Offered through Money Mentors](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#orderly-payment-of-debts-opd-offered-through-money-mentors)
    - [Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#consumer-proposal-debts-less-than-250000-excluding-principal-residence-mortgage)
    - [Division I Proposal (debts over $250,000, excluding principal residence mortgage)](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#division-i-proposal-debts-over-250000-excluding-principal-residence-mortgage)
    - [Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#bankruptcy)

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