The Insolvency and Trustee Service Australia (ITSA) recently conducted research with people who entered debt agreements under ITSA’s latest debt agreement system introduced in July 2007. What did they find? They found that debt agreements achieve the goal that ITSA set out to accomplish – to help Australians address their unmanageable debt and to better manage both their personal finances and household budget. In fact, 91% of people reported that their debt agreement helped them gain control over their debts and nearly 87% said it both assisted in managing household expenditure and to pay the household bills.

 

The research confirms that Australian Debt Agreements has achieved one of its own goals, as it reveals that more people are now far better informed about debt agreements than in the past and that accurate budgeting has allowed people to more easily meet their agreed repayments to settle their debts.

 

Another encouraging outcome of the survey is a realisation that the debt agreement industry has matured, and that increasing numbers of people are happy with their debt agreement administrators – something Australian Debt Agreements can confirm. ITSA continues to work closely with Australian Debt Agreements to ensure that people experiencing financial difficulty are put onto the right track to solve their financial concerns.

 

More proof that Debt Agreements Work!

Another positive piece of news to come from the survey for those wanting to apply for a debt agreement is reports of increased confidence from creditors regarding the administration of debt agreements throughout Australia. Australian Debt Agreements places a significant amount of energy into building strong relationships with debtors based on trust and by doing so, we have found that more and more people have been comfortable with full disclosure of their problems as they are genuinely interested in getting out of debt and avoiding bankruptcy. Australian Debt Agreements has been able to provide accurate household budgets that help ensure that all debtors have the ability to pay towards their proposal whilst at the same time, have enough cash left over each week for other household expenses.

 

ITSA reports that the number of people lodging debt agreements in Australia is increasing and that debt agreements now represent 20% of the total personal insolvency activity in Australia. As the global financial crisis extends its reach throughout the country, entering a debt agreement has become a more common approach to managing spiraling interest repayments and unmanageable debt and will continue to do so.

 

For more information about how a debt agreement can assist you, contact Australian Debt Agreements by either filling out the enquiry form  or by calling 1300 123 328 today.

 

Topics Covered: Debt Agreement, Debt Consolidation, Debt Consolidation Loan, Clear Your Debts, ITSA.

Source: Insolvency and Trustee Service Australia (read the media release here)