What is IDRP (Independent Leading Debt Relief)?

The IDRP Independent Leading Debt Relief is a debt restructuring solution that functions similarly to the Individual Voluntary Arrangement (IVA) and the Debt Restructuring Plan (REP).
The scheme provides assistance to debtors with multiple creditors; The debtor only needs to negotiate with the largest creditor and work out a new repayment plan (usually with the bank as the main creditor).
Our specialists will assist debtors in negotiating and developing a repayment plan after the restructuring. Comprehensive Debt Relief Plan.
The advantage of IDRP is that it needs to negotiate only with its largest creditor, avoiding the trouble of multiple negotiating meetings.

IDRP Leading Debt Relief is a simpler version of DRP, as it does not need to negotiate independently with individual creditors.
Our experts will work out a repayment plan according to the debtor’s repayment ability, which includes monthly repayment, interest rate and repayment terms.
“Leading Debt Relief” is an alternative way to Bankruptcy/DRP/ IVA and does not require the debtor to go through any legal proceedings as required by the IVA.

Benefits of IDRP:

The interest burden will be reduced, and the comprehensive repayment plan will be based on the debtor’s ability to repay, so that the debtor can achieve financial freedom, save money, and the debtor will not need to hire a lawyer or file a petition to the court as the IVA Individual Voluntary Arrangement. Through the repayment plan of the IDRP, debtors can save the legal complications associated with their debt. The debtor may consolidate the debt and pay the related arrears to the creditors within the expected time.

Qualifications for application:

The applicant is required to submit all of his personal information for assessment, including：
  • Bank records
  • Amount of loan for debt restructuring
  • Income proofs
  • Tax returns (if any)
***Note***
Not Applicable to the private loan plans of those tier-2 financial institutions. If your information is suitable for the IDRP repayment plan, our specialists will work out a new repayment plan based on the applicant’s ability to repay:
including:
  • Amount of repayment 
  • Interest rate
  • Terms of repayment
Once a repayment agreement is reached, it will be submitted directly to the largest creditor for approval. An agreement will be signed between both parties on the basis of the new repayment plan. The debtor will repay the loan with a fixed rate to the principal creditor in accordance with the proposal accepted therein.

What is the difference between IVA, DRP and IDRP?

Compared with the DRP/IVA Debt Relief/Debt Restructuring Plan, the main difference of IDRP Leading Debt Relief Plan is that it only deals with the largest creditors, instead of having to arrange individual negotiations with other creditors, resulting the application to be much easier. Moreover, it does not involve any legal process.

IDRP is simpler than IVA and DRP, This is a relatively faster solution.

It does not require the debtor to participate in any legal proceedings. A repayment plan with the debtor’s consent will be formulated for the development of the negotiation with the creditors. IDRP allows the creditors to contact the debtors directly.

Under normal situations, the IVA debt restructuring process is a relatively long one that includes legal proceedings and an oath at a law firm. And in the course of the process, the debtor shall appoint a surrogate person who needs to hold professional qualifications.

Frequent Questions

Question 1: How much service charge do I have to pay?
Answer: Depending on the complexity of the case, it is usually calculated on the total interest saved by the client and is included in the monthly repayments.
Question 2: How much is my interest expense reduced?
Answer: The interest payment after the Leading Debt Relief is relatively low, and you can generally save more than 70% of the interest.
Question 3: How long does the whole process take?
Answer: Usually, the processing time is 20-25 working days.
Question 4: Will it affect my credit standing?
Answer: The IDRP does not affect the debtor’s credit reputation.
Question 5: What other options do I have if my application for IDRP is rejected?
Answer: Not all banks and financial institutions accept IDRP. If the creditors do not accept the plan, the debtors can turn to other solutions, such as IVA and DRP.