A Part IX, or Debt Agreement is a means to compromise your current repayments on unsecured debts so that they are included within one package.
It is NOT a loan, just a re-negotiated way to repay your debts and avoid Bankruptcy. It is initially put forward as an offer to your Creditors, who will consider and vote on whether they want to accept it. As long as the majority in dollar value agree, then the offer is accepted and binding on all unsecured creditors. Your credit will be affected as a listing is recorded which will remain for 5 years or until the Agreement is completed, whichever is longer.
Here is a look at some of the advantages;
A Debt Agreement is not the right solution for everyone, however let us help you find the debt solution that is right for you. Contact us for an assessment of your circumstances and to find your Life After Debt ®.
Need debt help?
Life After Debt® can provide a free, no obligation assessment of your circumstances and available options; One option Life After Debt specialises in is called a Part IX Debt Agreement. This is a means to freeze the interest and combine all unsecured debt into one manageable repayment via a negotiation with your Creditors. There are eligibility criteria, however the team at Life After Debt® can provide guidance on whether you qualify and if this option is appropriate for you. If you are simply unable to repay your debts, and you believe this will be unchanged for some time, you may wish to consider your options under Bankruptcy. https://www.afsa.gov.au/insolvency/i-cant-pay-my-debts