Payment scheme

The commencement date of the debt adjustment and the payment scheme are included in the court’s favourable decision. Debts incurred before the commencement of debt adjustment are included in the adjustment.

During your payment scheme, try to ensure that your finances are balanced and your income is sufficient to cover your everyday expenses. Plan your finances regularly and monitor your income, expenses and spending. You can use our financial literacy tools to help you. Planning your finances makes it easier to comply with the payment scheme.

The payment scheme includes your debts, a payment schedule, and provisions on an additional payment obligation if your income increases during the scheme. An additional payment obligation may arise if your income increases during the payment plan. Read more about additional paymet obligation.

When the payment scheme commences, enforcement is stopped and you start to pay your debt directly to your creditors in accordance with your payment scheme. Your creditors will provide you with the payment details.

Payment scheme duration

Most often, the duration of a payment scheme is three years. Your payment scheme may be drafted for five years if a debt adjustment is granted to you based on compelling reasons. The payment scheme may be even longer, if you retain your owner-occupied home during the scheme, for example.

If your creditor is a private individual, they have the right to request the court to prolong the payment plan by two years for the part of the credit they have extended to you. If the payment scheme is prolonged based on such a request, the debtor subject to the payment scheme will make monthly payments to the creditor for the duration of the prolonged period.

Paying debt adjustment payments

During debt adjustment, the payments are made directly to each creditor according to the payment scheme. The payments are due on the last day of each month. Make sure that you have the payment details of each creditor. If you need more information, ask the relevant creditor.

You should consider opening a new bank account for the payment scheme payments from which to make the monthly payments to your creditors. Transfer your available funds to the dedicated account each month.

In order for your debt adjustment to succeed, it is important that you comply with the payment scheme. If necessary, you have the right to defer the payments by three or five months until the end of the payment scheme. The number of months is specified in your payment scheme. You must notify your creditors if you must defer payments. Read more on the page ‘Changes to a payment scheme ’.

If the payment scheme confirmed by a district court includes an order to sell assets, comply with the decision.‍

Changes to a payment scheme

In some cases, a payment scheme confirmed by a district court can be changed.

The changes must be applied for during the payment scheme. Your payment scheme cannot be changed if your income increases during the payment scheme. Increased income may lead to an obligation to make additional payments.

A debt not included in the payment scheme by mistake

A debt may go unnoticed when your payment scheme is drafted which leads to the debt being left out of your payment scheme by mistake. Debts left out are added to your payment plan retroactively. When they are added, the payment amount and a payment schedule are determined.

Debts left out of a payment scheme can be added only with the consent of the relevant creditor. Debts left out can also be added to the payment scheme by a decision from a district court. Discuss your situation with a financial and debt counsellor.

Temporary payment difficulties

If you have temporary difficulties making your payments, you may defer the payments for a maximum of three or five months during the payment scheme. Your own payment scheme specifies the number of deferred months. Deferring payments prolongs your payment scheme, because the deferred payments must be paid at the end the payment scheme. Notify the creditors whose payments you must defer. You do not need to justify the deferment to the creditors.

Contact financial and debt counselling or a Financial advice clinic as soon you think you may have to defer payments.

Long-term payment difficulties

If your ability to pay decreases for a longer period, you can apply for your payment scheme to be changed. Your ability to pay may decrease in the following cases, among others:

• You lose your ability to work or develop a chronic medical condition
• Your expenses included in the payment scheme permanently increase
• Your family situation changes

If you become unemployed, the primary remedy is to defer the payments under your payment scheme to the end of your payment scheme. Your payment scheme specifies the number of months available for the deferment.

If you have difficulties complying with your payment scheme due to a reduced ability to pay, discuss your situation with a financial and debt counsellor.