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Part 9 Debt Agreements
Part 9 debt agreement (debt agreement DA) is a form of bankruptcy/insolvency that is placed under the bankruptcy section of your credit file. A Debt agreement is a legally binding agreement between you and your creditors. A debt agreement is a way for you to settle your debts without becoming bankrupt.
- You will need to make ongoing payments toward the debts via an administrator
- Creditors unable to charge any further interest.
- Creditors must speak to the administrator as your representative.
- Debt Agreement stays on your credit file for 5 years or 2 years after the end date, whichever is the later.
- Applying for a debt agreement is determined as an act of bankruptcy, therefore if your debt agreement is rejected by your creditors you can apply to the court to make you bankrupt.
- You will be listed on the National Personal Insolvency Database - https://www.afsa.gov.au/online-services/bankruptcy-register-search/npii
- Debt agreements may prevent you from obtaining further finance.