Even though you have never had to deal with debts yourself, almost everyone has heard of the Debt Restructuring Natural Persons Act, in short the WSNP. But what is the WSNP and what does this law entail? Who is the WSNP for? To start with the last question: the name of the law actually says it already. The WSNP is intended for natural persons, or simply people of flesh and blood. The counterpart of a natural person is a legal person, a legal construction with which, for example, an organization can act as a person. An organization or company can therefore never use the Natural Persons Debt Restructuring Act.
With the Debt Restructuring Natural Persons Act, everyone is given the opportunity to ultimately build up a debt-free future. Of course this does not happen overnight, you need a long breath for it: three to five years. The law is intended for people who have ended up in problematic debts and can no longer pay them off. This is not about payment arrears with the energy supplier and the Wehkamp, but really with large, problematic debts: debts of the caliber “grown far above your head”, so.
How do you qualify for the Natural Persons Debt Restructuring Act?
Do you want to appeal to the Natural Persons Debt Restructuring Act? Then you must submit a request for this to the court. If you don’t know how to do this yourself, a professional debt counselor can help you with this. You must also enclose certain documents with your application. If you are admitted to the WSNP, the judge will assign an administrator and a judge-judge. Agreements are made with the creditors by the administrator . These agreements specify how much and when reimbursement will take place. The creditors are obliged to agree with the restructuring plan.
If you have complied with all agreements during the term of the debt restructuring process, the court will terminate the debt restructuring and the remaining debts will be canceled. So you start with a clean slate.
Obligations during the WSNP:
- Creating new debts is prohibited;
- You must adhere to the agreements made;
- You must do your best to collect as much money as possible to pay to your creditors. You may therefore be required to look for another job, move to a cheaper home or sell material goods.