What’s a Debt Agreement and Do I Qualify?

If you’re struggling to pay your debts and want to avoid going bankrupt, a debt agreement might be a suitable option for you.

A debt agreement is a formal and binding agreement that we can propose to your creditors.  It contains a proposal to pay back a sum of money that you can afford over an acceptable time frame.  Sometimes we can negotiate a lower total amount to be paid back than you currently owe.

Some Benefits of Debt Agreements:

  • Stop the harassing phone calls – Immediately!
  • Can be made with one easy weekly or monthly payment.
  • Allow you to get on with your life.

Here’s how it works.

Firstly we will let all creditors know that we will be proposing a debt agreement on your behalf.  Once this happens, the harassing phone calls will be stopped.  We’ll advise your creditors that they will need to deal with us from this point on.

We propose an agreement to pay back some or all of your debt with your creditors (the people you owe money to).   The amount we propose may be less than the total amount owing and will be an amount that you can afford to pay back (by installments).  We’ll discuss this with you before submitting the proposal.

If the majority of creditors (by percentage of money owed) agree to the proposal, the new debt agreement becomes legally binding.

When we have an agreement, we’ll let you know and you’ll begin making one weekly payment directly to us.  We’ll distribute the amounts owing to each creditor on your behalf.  This makes life much easier for you!

Do you qualify?

To qualify for a debt agreement, you must meet the following criteria:

  • You are unable to pay your bills when they fall due,
  • You have not been bankrupt or had a debt agreement within the last 10 years, and
  • Your income and unsecured debts fall within certain amounts (these change from time to time).

Please note: A debt agreement is an act of bankruptcy and there are consequences in choosing this option.  This includes being recorded on your credit history and noted in NPIIPlease contact us to find out if this is the best option for you.

 Contact Us For a Free Consultation

When you request a free consultation, you’ll feel a sense of relief because you know you’ll be taking the first step to getting your old life back.

“Constant calls from debt collectors and people I owed money was making me very stressed.  I hung in there because I didn’t want to go bankrupt.  Then I found out about this service and decided to act.  It’s the best decision I have made for a long time.  I am now getting my life back and looking forward to my new freedom.  Thanks!  (Mary, NSW).

Don’t delay until it’s too late, fill in the form on the right or call us on 1300 653 962 and let’s get your life back on track!