A Debt Agreement, or Part 9, is a formal agreement between a debtor and their creditors where a compromise is reached regarding the repayment of debt.
Debt Agreements are all about providing a solution to people who are experiencing difficulty in meeting their financial commitments.
If you find you are struggling with your debts a Debt Agreement could the best solution for you.
Below we have listed some of the most commonly asked questions about Debt Agreements to help you decide, however, if you would still like to know more, please call 1300 802 905 and talk to one of expert consultants.
How Does a Debt Agreement Solve My Debt Problems?
A Debt Agreement will be able to:
- Combine your unsecured debt repayments into one manageable repayment amount
- Stop harassment from debt collectors
- Freeze interest charges, saving you thousands
- Stop court imposed remedies relating to your debts
Am I eligible for a Debt Agreement?
There are a number of criteria you need to meet to enter into a Debt Agreement, put in place by the Government:
- Your take home pay (after tax income) of under $1,451.88 per week (or $75,498.15 annually)
- Your unsecured debts must not exceed $100,664.20
- You must not have filed for bankruptcy or have had a Debt Agreement in place at any time over the last 10 years
- Any assets you own must not be worth more than $100,664.20
If you fit the above criteria, then you may be eligible to apply for a Government legislated Debt Agreement.
Debt Helpline is a part of one of the largest and most trusted Debt Agreement Administrators in Australia. We help thousands of people every year who are now well on their way to being debt free, if they aren’t already!
Take the first step and find out if a Debt Agreement is right for you. Contact one of our expert debt consultants on 1300 802 905 and feel the weight of the world lift from your shoulders.