Debt Agreement - How to Apply for a Debt Agreement

Simply fill in the enquiry form on the right for a FREE ASSESSMENT. You are absolutely under no obligation to accept offers that are presented to you by our expert staff. It’s confidential and there is NO CREDIT CHECK.

 

We like to make the whole process simple. The Australian Lending Centre will run you through the following step-by-step process to help you resolve your debt problems:

 

  1. We identify all of the unsecured debt you have, who you owe money to and whether or not you are up to date with your debt repayments.
  2. We determine your eligibility for a debt agreement if you are not in a position to obtain a debt consolidation loan.
  3. We will prepare a household budget and repayment plan that will help you completely pay off your current unsecured debt over a period of time that you can afford (usually within 1-5 years).
  4. Once we have confirmed that you are eligible for a debt agreement, we will need you to send a few documents to prove your income and unsecured debts.
  5. Once we receive your documents, a debt agreement administrator then submits a debt agreement proposal to the Insolvency Trustee Service of Australia (ITSA) who will present it to your creditors to vote on. The acceptance of the debt agreement proposal is based on a majority of your creditors agreeing to the debt agreement proposal.
  6. Once your debt agreement proposal has been accepted by your creditors, it becomes a binding agreement. Then, you will be on your way to becoming debt free!

 

The debt repayment plan becomes legally binding with your creditors and they cannot start or continue legal action against you to recover unsecured debt beyond the pre-specified amount. You must commit to make your debt repayments on a weekly, fortnightly or monthly basis.

 

 

DEBT AGREEMENT QUICKLINKS

 

Debt Agreements - What is Debt Agreement
Debt Agreements - How to Apply for a Debt Agreement
Debt Agreements - Benefits of a Debt Agreement
Debt Agreements - Examples of Debt Agreements
Debt Agreements - Who Can Enter a Debt Agreement

 

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