How to Apply for a Debt Agreement

How to Apply for a Debt Agreement to Manage Your Unsecured Debt

We pride ourselves on our friendly service and approachable staff. The information below shows how to get out of debt using a debt agreement as your debt management strategy.

Debt Agreement Process – How We Manage Debt
We like to make the whole process simple and will run you through the following step-by-step process to help you resolve your problems and to manage unsecured debt:

  1. Contact us first – you can fill out an express enquiry form on the right or call 02 9798 1580 to have a free, no-obligation consultation so that we can better understand your current financial situation and to inform you of your debt management options.
  2. We will need to identify all of the unsecured debt you have, who you owe money to and whether or not you are up to date with your debt repayments.
  3. We will then determine your eligibility for a debt agreement if you are not in a position to obtain a debt management loan.
  4. We will prepare a repayment plan that will help you completely pay off your current unsecured debt over a period of time that you can afford (usually within 1-5 years).
  5. Once we have confirmed that you are eligible for a debt agreement, we will need you to send a few documents to prove your income and unsecured debts.
  6. Once we have received your documents, we will submit a debt agreement proposal to the Australian Financial Security Authority (AFSA) who will present it to your creditors to vote on. The acceptance of the debt agreement proposal is based on a majority of your creditors agreeing to the debt agreement proposal.
  7. Once your debt agreement proposal has been accepted by your creditors, we will then finalise your debt agreement and put it into action. Then, you will be on your way to becoming debt free!

The debt repayment plan becomes legally binding with your creditors and they cannot start or continue legal action against you to recover unsecured debt beyond the pre-specified amount. You must commit to make your debt repayments on a weekly, fortnightly or monthly basis.

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