We can take the stress away from you having to deal directly with your creditors. This is a great way to not only get rid of your debt but potentially pay less on the overall amount owed to your creditors.
A Part 9 debt agreement is a formal agreement between you and your creditors. These aren’t an informal arrangement — instead, this type of contract is governed by legislation, which means once you and your creditors agree you are both bound by legislation. This type of debt solution is a last option to avoid bankruptcy — especially if you have limited income and have no personal assets to liquidate.
As long as your debt amount doesn’t exceed $100,664.20 and your personal, annual income is below $75,498.15, you can qualify for a Part IX Debt Agreement.
If you find yourself struggling to manage your debts, the friendly team at Australian Lending Centre can give you the information you need to see if a Part IX Debt Agreement is right for you.
You should only use this form of debt help under the direction of a trained professional, like Australian Lending Centre. Our specialists can propose a Part IX Debt Agreement with your creditors and file it with the Insolvency and Trustee Service Australia on your behalf. From there, ITSA contacts creditors listed in the agreement to see whether or not they agree to your proposed payment plan.
If you are in need of debt relief, a Part 9 Debt Agreement is a cost-effective alternative to traditional bankruptcy. In comparison to the costs and long-term effects of filing for bankruptcy, this finance solution can:
Too many Australians file for bankruptcy when they only owe less than $10,000 in consumer debt. Rather than tarnish your credit file with bankruptcy, you could consider using a Part IX Debt Agreement. Contact us to see if you qualify. We can tell you right away from your income and personal debt to see if you are a suitable candidate for debt relief through ITSA. Call a specialist today. We can also offer informal alternatives such as debt negotiation or debt management.
Bankruptcy seriously limits your ability to borrow for the next 10 years! A favourable alternative is a part 9 debt agreement, a compromise between you and your creditors. If you are wanting to settle your debt without the stress of dealing with creditors then contact ALC today.
*Amounts saved, if any, are dependent on your individual circumstances at the time you enter into a debt agreement.