INTERBANK DEBT RELIEF PLANNING

Interbank Debt Relief Planning (IDRP), is also known as leading debt relief planning. It is different from IVA and DRP, Interbank Debt Relief Planning is a method of debt restructure arrangement that can be resolved through direct negotiation with the largest creditor and then formulate a new debt repayment plan. Once the relevant negotiation is completed and both parties agree, the creditor with the largest total amount of debt will take over all the large and small debts. And the debtor only needs to arrange payment directly to the creditor according to the debt repayment plan. Therefore, IDRP is dubbed by the market as a leading debt relief plan, with this important characteristics of its arrangement.

Professional IDRP application and procedures

Our company specializes in dealing with various debt issues in the past. For IDRP applicants, we analyse your financial situation and repayment ability attentively, comprehensively and thoughtfully. We will then formulate the best monthly repayment amount for you, establish the most suitable payment period, and all related details, so that to develop a comprehensive IDRP repayment plan for you to get rid of debt. After that, we will negotiate directly with the largest creditor on your behalf to optimize the relevant proposals and achieve a win-win situation. We will also submit the final proposal to the largest creditor and other relevant creditors, then the largest creditor will unify all the debts after agreement are obtained. Then our company will complete all the procedures, you only need to repay the agreed amount to the largest creditor monthly with the fixed interest and amount according to IDRP repayment. In this case, the debt repayment is easier and more straightforward.

To put it briefly, the best advantage of applying for IDRP is the debt restructuring  arrangements can be done by negotiating only with the first creditor, and the entire application process is therefore more straightforward and simple. If you need any assistance in applying for IDRP, you are welcomed to contact our HKDRS professional team!

IDRP Application Eligibility

IDRP is suitable for:

• Debtors can apply for IDRP as long as there are more than one creditor
• Can be applied even if the debt is less than 100,000, but the debt amount should be at least ten times of the debtor’s monthly salary
• There is no need to notify employers, and therefore suitable for professionals and sensitive industries (such as lawyers, disciplinary forces, licensed accountants, etc.)

Benefits of IDRP:

• All debts are unified by the creditor with the largest debt amount, which will make the repayment easier, more convenient and direct
• Part of the credit cards can be kept (which subject to the approval of the largest creditor)
• IDRP does not require court processing for any related applications
• Will not notify the debtor’s employers and this does not affect your current job situations, such as promotion opportunities or future progressions