Debt Agreement

Debt Agreements have helped thousands of Australians get free of debt since they became possible in 1996. By entering into a Debt Agreement you can avoid the stigma and the other restrictions and obligations of Bankruptcy. Debt Agreements are most suitable for people who have unsecured debts which exceed $10,000 to two or more creditors and you earn a regular income.

A Debt Agreement is a legally binding agreement with your creditors which must first be approved by them. In most cases we recommend a Debt Agreement over a three to five year period. We will put your proposal to your creditors and in many cases they will accept to receive something less than full payment. Once approved by your creditors, a Debt Agreement will protect you against any further legal action which they may have been entitled to take against you, which may have resulted in your Bankruptcy.

With a Debt Agreement, you agree with your creditors what you'll pay over the term of your agreement. The interest on your debts is frozen at the time your agreement is accepted by your creditors. This will enable you to make one single payment each month over the period of your Debt Agreement. We will distribute the surplus funds to your creditors after we deduct our fee which will also be approved by your creditors.

For more information on a Debt Agreement please refer to Frequently Asked Questions.

Do you qualify for a Debt Agreement? Find out by giving us a free call on 1800 98 10 70.