Debt Agreement
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Debt Agreements were introduced in 1996 as a low cost alternative to bankruptcy for consumers on a low income with little property. Since this time, the number of debt agreements has gradually increased as a people with debt issues look for bankruptcy alternatives.
A debt agreement can save clients on the brink of bankruptcy and stop the constant barrage of debt collectors not to mention the growing interest charges and penalties that often arise when debts are not paid.
What is a debt agreement?
A Debt Agreement is an agreement to settle debts over time instead of declaring Bankruptcy. Australian Lending Centre's debt solution experts can help negotiate and prepare a proposal so you can settle your debts with a payment plan that you can manage.
Essentially, your debts are consolidated into one affordable payment and distributed to your creditors over time until the debts are settled in full.
Should creditors accept your proposal, your debts are frozen and creditors will not be able to contact you for debt collection or take legal action against you.
Additional Information on Debt Agreements:
Benefits of a Debt Agreement
- Assist you in clearing your debts with the help of Government legislation
- Reorganise your debts to pay only what you can afford
- Prevent or stop legal action - including bankruptcy
- Prevent creditors harassing you in relation to unpaid debts
- Make payments easier with one lower affordable monthly payment
- Allow you to pay back an agreed, fixed amount each month for a set period so you know exactly where you stand
- At the end of the period any remaining debt is written off
- A debt agreement can be your best way out of debt if you have a large amount of unsecured debt.
How do I get a debt agreement?
Your eligibility for a debt agreement will be assessed when you call and talk to our debt agreement experts about your financial circumstances. This enables us to work out what you can reasonably afford to pay back each month and from this information we then put a case to your creditors on your behalf.
Here at Australian Lending Centre we can organise your debt agreement quickly and professionally, taking the financial stress off you and administer the whole procedure on your behalf. Once the debt agreement is set up, Australian Debt Agreements will act as an intermediary on your behalf and conduct all dealings with your creditors. All you have to do is make sure that you keep up your affordable monthly payments in order to complete your debt agreement and look forward to a life free from debt.
Who can take out a Debt Agreement?
A Debt Agreement can be proposed by a debtor who has:
- Not been bankrupt or had a debt agreement or similar in the last 10 years;
- After tax income of less than $66,284.40;
- Unsecured debts of less than $88,379.20.
Call our Debt Agreement experts on 1300 138 188.
A debt agreement could be your best option if you feel that your debts are getting out of control, as it provides a final solution to severe debt problems. Unlike a debt consolidation loan, a debt agreement is a legally binding agreement between you and your creditors that can help you pay off debts.
When your debt agreement is agreed, you pay back an agreed amount over a fixed period (usually 1 - 5 years) after which time you will be debt free.
Financial services overseas - settle your debts (UK), Debt Help (UK)
We can offer a range of debt solutions to best suit your circumstances. Here are the various solutions available you: