A Delaware Consent Order — Mod/Arrears is an agreement between a debtor and a creditor, approved by a judge, that allows the debtor to make payments on past-due debts over a period of time. The payments are usually made in installments and reduced to an amount that the debtor can afford. This form of debt relief is most commonly used for mortgage arrears, credit card debt and other unsecured loan arrears. There are two types of Delaware Consent Orders — Mod/Arrears: voluntary and involuntary. A voluntary Consent Order — Mod/Arrears is when the debtor and creditor both agree to the terms of the order, while an involuntary Consent Order — Mod/Arrears is when the court orders the debtor to make the payments. If the debtor fails to comply with the terms of the Consent Order — Mod/Arrears, the creditor can pursue legal action against them.
A Delaware Consent Order — Mod/Arrears is an agreement between a debtor and a creditor, approved by a judge, that allows the debtor to make payments on past-due debts over a period of time. The payments are usually made in installments and reduced to an amount that the debtor can afford. This form of debt relief is most commonly used for mortgage arrears, credit card debt and other unsecured loan arrears. There are two types of Delaware Consent Orders — Mod/Arrears: voluntary and involuntary. A voluntary Consent Order — Mod/Arrears is when the debtor and creditor both agree to the terms of the order, while an involuntary Consent Order — Mod/Arrears is when the court orders the debtor to make the payments. If the debtor fails to comply with the terms of the Consent Order — Mod/Arrears, the creditor can pursue legal action against them.
