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An option to stop further accrual of interest on unsecured debts up to certain limits. Repayments are based upon a household budget to ensure ability to meet the new commitment. A legally binding agreement giving certainty of repayment to both Creditors and Debtors. Ceases all legal action for recovery of debts.
It is likely you would qualify for a debt agreement if:
- You have not been bankrupt, utilised a debt agreement or given an authority under Part X of the Bankruptcy Act in the last 10 years
- You have an after tax income of less than $85,012.20 per annum
- You have unsecured debts of less than $113,349.60
- You are insolvent
Note: amounts are subject to indexation
Debts suitable for a Debt Agreement:
- Unsecured personal loans
- Credit card arrears
- Disconnected phones
- Short falls on reposession/mortgage foreclosure
- Arrears in electricity accounts
You may still qualify for a legislated Debt Agreement even if you:
- Are receiving Centrelink or pension
- Have Court action threatened or pending
- Have a bad Credit record
Unsecured debt negotiations
An option whereby we negotiate on a client’s behalf with creditors to restructure existing repayment arrangements or negotiate full and final settlement of debts. This can be in conjunction with a re-finance package and may not affect debtor’s credit history.
The individuals circumstances and that of their family are paramount when considering any action under bankruptcy. Sometimes it is the best or only solution, to assist a client moving forward in life.
Contact us for more information on re-financing options on 03 6334 1477.