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Debt Agreement
Debt
Agreements
Debt Agreements offer a solution to Australians experiencing
difficulties in meeting their financial commitments, but not wishing
to declare bankruptcy. Debt Agreements allow the applicants to make
repayments at a more affordable level.
Debt Agreements are fully supported by Government Legislation and all
stages of the process need to be approved by the Government.
You effectively consolidate all your unsecured debts such as
- Credit Cards
- Personal Loans
- Store Cards
- Repossessed Cars
- School Fees
- Childcare Fees
- etc.
It consolidates all your individual debts into the one overall amount.
This arrangement provides relief from creditors and any legal action
is stopped. Your interest charges on your outstanding debts will stop
accumulating once a Debt Agreement is approved. There will be no
ongoing interest charged on the consolidated debt.
Qualifying Criteria for a Debt Agreement
- you cannot have a take-home pay (after tax income) of more than
approximately $1,135.08 per week
- your unsecured debts cannot exceed $78,915.20 - approximately
- you cannot have assets of more than approximately $78,915.20 and
- you cannot have been an undischarged bankrupt nor had a DA in
place over the last 10 years.
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