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What is a Debt Agreement?

If you're in debt and struggling to meet your financial obligations, there are alternatives to filing for Bankruptcy. You can improve your financial future with a Debt Agreement by consolidating your unsecured debt repayments into one affordable repayment.

Having a bad credit history can often deter lenders from approving applications for debt consolidation and if you are in the red or struggling to meet your repayments as they fall due, then you do have options available to you.


Part 9 Debt Agreements

If you're struggling to make repayments to creditors, we can assist you in your application for a Part 9 Debt Agreement.

A Debt Agreement is legislated by the Australian government and is one option for dealing with un-manageable debts. All Debt Agreements are tailored around affordability and can be structured for weekly, fortnightly, or monthly payments.

If you are accepted, a debt agreement becomes legally binding (under Part IX of the Bankruptcy Act 1966 in Australia) between you and your creditors.


Who can propose Debt Agreements?

You may be eligible to propose a Debt Agreement if you meet the following criteria:

  • Have not been Bankrupt in the past 10 years
  • Have an after tax income limit of less than the prescribed threshold limit
  • Have unsecured obligations of less than the prescribed threshold limit
  • You are insolvent

What are the benefits of a Debt Agreement?

  • Freeze your interest rates on unsecured debts
  • Prevent further legal action against your unsecured debt
  • Be released from your debt once agreed payments have been made
  • Make repayments in a way that you can afford, reducing further damage from debt
  • Avoid Bankruptcy

How will a Debt Agreement affect me?

Entering into a debt agreement will be recorded on your credit file for a minimum of 5 years or until you have completed your obligations under the terms of the debt agreement after 5 years. This will affect your ability to obtain a future credit.

You will need to disclose to creditors when applying for credit that you are in a Debt Agreement.

If your Debt Agreement is accepted you will be required to make regular payments over an extended period of time. This will require you to stick to budget.



Bankruptcy

We are committed to serving all our clients with your best financial interests in mind. If you’re struggling to repay your outstanding financial obligations and are falling further into debt, we will work with you to assess your situation and arrive at a debt solution most suitable for you.

Only after exhausting all other possible avenues such as Debt Consolidation, Debt Agreements and other repayment strategies will we consider the act of filing for Bankruptcy.



Implications of filing for Bankruptcy

Many often believe that filing for Bankruptcy is the only viable solution to resolve their inability to repay their debts.

Declaring Bankruptcy has a number of far-reaching implications that can be detrimental to your financial future. We will work closely with you to thoroughly investigate all other avenues to financial freedom before considering filing for bankruptcy.



Filing for Bankruptcy may lead to:

  • Sale of your assets – not all but most to cover the costs of your outstanding debts
  • You being required to make contributions due to the level of your income
  • Potential impact on your current or future employment
  • Ruins credit history meaning ineligibility to secure future loans or credit
  • Restricted permission to travel overseas for three years

We are trusted Bankruptcy strategists

Once we have exhausted all other viable avenues for your debt repayment and management, you may have to file for Bankruptcy. We can help you through this process, advising on the best way to rectify your financial situation by filing for Bankruptcy.

Offering expert advice, guidance and support for those suffering from financial hardship and filing for Bankruptcy, we will only use this option as a last resort only and is dedicated to rectifying your situation by other means.

For more information on Bankruptcy and TurnMyLifeAround’s financial services, or to book an appointment please contact us today.


Debt Consolidation Loans – Consolidate your Debts

Are you paying off multiple loans causing you to financially struggle? A Debt consolidation loan might be the solution that can help you to get back on track. We are expert debt consolidators who specialize in securing you a repayment affordable for you.

With a debt consolidation loan, multiple loans can be merged and reduced in to one single monthly repayment. If you are struggling with your current debt, accumulating missed payments and extra charges, consolidating debt can prevent your finances from spiralling further out of control.

If you're desperately looking for a stress-free way to get out of the red with your credit card, Debt Negotiators offer a range of Debt Consolidation Services. We can assist by streamlining your finances into one low interest debt consolidation loan, helping you repay your creditors faster and more effectively.

A debt consolidation loan from us will allow you to pay off your existing creditors, while scheduling regular and affordable repayments towards your loan.



Find an unsecured debt consolidation loan and pay off your debts

As one of Australia's most reliable debt consolidation broker companies, we can help clients nationwide secure debt consolidation loans to help pay off their finances.

One our expert Debt Solutions brokers will work with you to assess your financial situation and work out a budget for your repayments.

Once a repayment schedule and budget has been created, we will source a lender for you to make the entire process of consolidating your bad debts easy and hassle free for you.



Enquire Online or call 1300 305 509 and one of our friendly debt consultants will explain how we can help you today!