how a debt agreement can help

A DEBT AGREEMENT WILL HELP YOU TAKE CONTROL OF YOUR DEBTS

  • Are you constantly running out of money?
  • Do you have a large amount of unsecured debt, like credit card debt?
  • Do you use your credit card to make everyday purchases because you don’t have access to funds?

If so, these are serious warning signs that you are creating a debt trap for yourself. You may have already run up a debt on multiple credit cards and unsecured personal loans that require a debt settlement strategy to help regain control of your finances and get some debt relief. We have helped 1000’s of ordinary Australians and we can help you too.

Debt Help for Unsecured Debt

If you are struggling with unmanageable debts of $10,000 or more, a debt management loan or a debt agreement could be the solution for you.

Many Australians are battling with credit card debt, where they feel as if they are only paying off the interest; or only making the credit card’s minimum repayments; but feel as if they are not making any progress in paying off their credit card debt.

To speak with one of our experienced debt consultants about debt relief for these types of problems, please call 02 9798 1580.

A Part IX Debt Agreement:

  • Offers you protection from most of your unsecured creditors;
  • Allows you to settle most of your unsecured debts with one lower, affordable repayment over a fixed period (between 1 to 5 years);
  • Can help even if you have been refused credit in the past;
  • Allows you to get on top of your finances once and for all;
  • Is not bankruptcy, rather is an alternative to bankruptcy;
  • Will temporarily impact your credit file sufficiently to prevent you from obtaining further finance;
  • Records your details on a public register;
  • Must be affordable and sustainable;

You may be tempted to ignore the warning signs, however in most cases this just makes the situation worse. The problem won’t go away without a little effort on your part. People who do not act quickly enough eventually get harassed by multiple creditors, debt collectors and even face the threat of legal action, not to mention a growing number of defaults on their credit file.

What is Unsecured Debt?Unsecured debt is any debt that if you fail to pay what you owe to your lender, they cannot repossess any of your belongings. See a list of what qualifies as unsecured debt here.

Our Philosophy at Australian Debt Agreements

We understand that having debt problems has a serious affect on more than just your bank account. Problems with debt can generate distress in personal relationships; affect your lifestyle, health and wellbeing – not to mention negatively affecting your ambitions. Take control of your unsecured debts now and don’t allow debt to destroy your life. Call us today.

Information on Debt Agreements

Our website is designed to provide you with all the information you need about debt repayment strategies including debt agreements. Learn what a debt agreement is; who can enter a debt agreement; the benefits of a debt agreement; how to apply for a debt agreement; and which of your unsecured debts qualify for inclusion in a debt agreement.

Benefits and Consequences of a Debt Agreement

Understanding what a debt agreement is and how it works will help you decide if it’s right for you. Like any option there are benefits and consequences and (with our help) you’ll need to weigh these up so you can make a decision that’s right for you.

Benefits

  • Offers you protection from most of your unsecured creditors;
  • Allows you to settle most of your unsecured debts with one lower, affordable repayment over a fixed period (between 1 to 5 years);
  • Can help even if you have been refused credit in the past;
  • Allows you to get on top of your finances once and for all;
  • Is not bankruptcy, rather is an alternative to bankruptcy;
  • Will temporarily impact your credit file sufficiently to prevent you from obtaining further finance;
  • Records your details on a public register;
  • Must be affordable and sustainable;

Consequences

  • A debt agreement administrator will manage your agreement.
  • You have an obligation to provide information to your debt agreement administrator, such as changes to your circumstances.
  • If you own a business and trade under a business name that isn’t your own, you must disclose the agreement to all people you do business with.
  • A debt agreement will release you from most of your debts when you complete all your obligations and payments, but there are some exceptions.
  • Secured debts will need to be maintained if you want to retain the secured assets
  • A debt agreement will not release another person from a debt jointly owned.

Your name will appear on the public record (NPII) for a limited time depending on the circumstances, and how your agreement ends.

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