Is a Part IX Debt Agreement right for you?

What is a Part 9 debt agreement?
May 20, 2020
What are the pros and cons of a Part 9 debt agreement?
May 20, 2020

A debt agreement can avoid the full effects of bankruptcy. Nevertheless, entering into a  Debt Agreements has serious consequences as with any insolvency.

Part 9 Debt Agreement benefits

  1. For the most part, an insolvency agreement can assist you in gaining control of your debts.
  2. Certainly, harassing phone calls will stop; as the debt agreement administrator manages your debts.
  3. Furthermore, you will repay what you can afford based on a budget you submit for assessment.
  4. Subsequently, will have a negative effect on your credit file and credit score.
  5. Regardless, you may not be able to obtain future credit for up to 7 years

Is a Part IX debt agreement suitable for you?

  1. Firstly, are you having issues making your loan repayments on time?
  2. Secondly, you haven’t been in bankruptcy in the previous ten years?
  3. Thirdly, you have unsecured debts below the set amount of $116,662 (as of 29th Jan 2020).
  4. Finally, your after-tax income is less than the threshold amount of $87,496.50 (as of 29th Jan 2020).

If you answered yes to these questions, then a debt agreement may be suitable for you. However, Loan Saver recommend speaking to a financial counsellor to advise the most suitable solution.