Debt Agreement

A Debt Agreement is an agreement where you manage lots of debts with one manageable regular payment. This option allows you to be totally debt free, without having to go bankrupt.

Imagine no longer having to deal with all the creditors you owe money to – just one regular payment to look after all of them. You will now only deal with your Debt Agreement Administrator. No More Debt Collectors or annoying phone calls.

There are restrictions relating to amount owed to creditors and income. We can advice you of your eligibility within a few minutes.

The law allows you to do propose a Part 9 Debt Agreement (You might also see it being called “Part IX Debt Agreement”). Here are the benefits:

  • Immediately stops the creditors (lenders who you owe money to) from legally chasing you for money. You can report them to AFSA (Australian Financial Securities Authority) if they do.
  • Stops all further interest being added to your debts.
  • Make one regular payment (weekly, fortnightly, or monthly), which suits your lifestyle.
  • Your payments are based on your budget and what you can afford.
  • All the debts are legally deemed as paid when you finish paying off your Part 9 Debt Agreement. You will however still have a default against your name.
  • You can pay more than the minimum, to help you get rid of the debts quicker.
  • You don’t have to get all your creditors to agree. If most of them agree (meaning, over 50% of the ones who hold the value of your debts), then they all legally have to stick to the agreement.

Setting up this kind of debt agreement can be complicated. It’s a legal agreement and binding on your creditors. There’s lots of paper work involved, talking with creditors, and laws to follow to get a formal debt agreement, which we do for you.

The good news is that we can help you arrange this. We can do all the work, for a very affordable fee. We’ve successfully assisted many people get peace of mind through Part 9 Debt Agreements.