What is debt settlement in Norway?

Debt settlement in Norway (Norwegian: gjeldsordning) is an agreement between you and your creditors on how to repay as much of your debt as possible over a limited period of time, usually 5 years, in return for a write-off of the outstanding debt. The agreement can also cover debts to the public sector and can usually only be entered into once in your lifetime. The amount owed to creditors is calculated based on the debtor’s expenses and income.

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Reasons – Debt settlement in Norway

Widespread access to credit and loans puts you at greater risk of getting into serious financial trouble. It is easy to lose control of your debts and at some point you may no longer be able to keep up with your payments. For this reason, we can help you with debt settlement in Norway so that you can regain control of your finances.

Debt is not just about unpaid loan instalments. They also include unpaid debts to other institutions or companies that have initiated collection proceedings against you. You can probably come to an agreement with many of them and cancel the debt. If you do not know how to do it – let us do it for you.

Who can apply for debt settlement in Norway?

If you are unable to reach an agreement with your creditors, you can apply for debt relief in Norway. You can apply for this regardless of what your debt problems are. The law stipulates that only those with serious debt will be given the opportunity to regain control of their financial situation by entering into a debt settlement agreement. In order to determine if a debtor is permanently unable to meet their financial obligations, their income, expenses, and assets are all taken into consideration. The law requires that the debtor’s solvency problems be permanent. In view of this, it is not enough that from time to time there is not enough to pay the bills.

As a rule, you cannot expect to apply for debt settlement more than once.

Debt Settlement in Norway
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Consumer bankruptcy and debt settlement in Norway

Many people are of the opinion that once a consumer bankruptcy is filed, the debt is forgiven. This opinion is wrong, debt is not written off. Therefore, the best solution is Debt Settlement. A settlement can be reached through a voluntary agreement with your creditors, that is, those to whom you owe money. If your creditors are unwilling to enter into such an agreement, the court may order a forced debt settlement.

The purpose of this procedure is to give you back control over your finances. Write to us!

The Debt Settlement Agreement Act in Norway

Norway has a Debt Settlement Agreement Act (gjeldsordningsloven). The purpose of the agreement is to enable people in serious debt to regain control of their financial situation. According to the act, people with serious and permanent problems in paying their debts can have their debts cancelled in return for paying some of them back. The Act is based on the principles of social economy, according to which people who are no longer able to settle their financial obligations should be given a chance for a new start. If a debtor is given the opportunity to write off his debt, he may become more motivated to find a job, for example. Without the possibility offered by the aforementioned law, any income earned by the debtor would have to be used to repay the debt. For many debtors, this would be very demotivating.

According to the Act, a debtor must meet a number of conditions in order to enter into a debt forgiveness agreement in exchange for partial repayment of debts over a period of up to 5 years. The Act does not allow the debtor to achieve only a financial benefit for himself. Therefore, it restricts the ability to enter into such an agreement if it would harm other members of society or be unfair to other debtors.

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What will we do for you?

We offer comprehensive support to help you get out of financial trouble. By choosing to work with us, you will be able to start your life anew. We have extensive experience in improving financial situations. We handle debt relief in Norway even in extremely difficult cases. We want you to be able to enjoy your financial independence again. This is what you can achieve if you choose to work with us. What can we do for you?

  • We will prepare an exit strategy from your debts.
  • We will negotiate with your creditors.
  • We will stay in touch with you during the debt relief process.
  • We will prepare a debt exit strategy.

.When working out this type of agreement, experience is essential. If you don’t have it, you probably won’t be able to come up with a solution that satisfies both you and your creditors. Trust us and let us handle the negotiations for you. Contact us!

A chance for a fresh start

Such legal solutions are based on the principles of social economy. If you are no longer able to pay your debts, according to legislators, you should still deserve a new, better start. The assumption is that the debtor, who takes advantage of this opportunity, will be more motivated to take a new and, above all, better paid job. Contact Lorentzen Consulting and find out more!


Can you keep the property?

There are options for preserving your property. However, if you own the property, we recommend trying other options first.

If you own a home that is of an acceptable standard for your needs, including square footage, you may be entitled to keep your home for the duration of the debt settlement. It is also important that this solution is not to the detriment of your creditors.

Have questions about what to do or want to learn more about the process itself? Contact us now.

Debt settlement in Norway – documents

The absolute minimum are the documents listed below. However, it is worth noting that the list of required documents may vary.

We value quality, professionalism and responsibility. Trust us and you’ll know you’ve made the right choice!

Lorentzen Consulting AS is synonymous with reliability. This obliges us to offer services of the highest quality. Over many years of experience, we have acquired the necessary knowledge and skills to help you. Remember – the sooner you contact us, the more effectively we can guide you through the process.
Contact us today for a free, no obligation review of your case. Together we will find the best solution for you.

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