Do you feel yourself spiralling towards bankruptcy? Stop what you’re doing and see if you are eligible for a Part IX Debt Agreement here. It could literally change your life.
Otherwise known as a Formal Debt Agreement, it involves an authorised administrator negotiating a legally binding agreement with your creditors to settle a portion of your unsecured debts over a set period of time.
If approved, your debts will be combined into one with reduced repayments and/or a reduced total debt amount.
This is a great opportunity to become debt-free, although there are a few things to consider, which we discuss further down this page.
A Part IX Debt Agreement is a great solution to manage your debts, however there are some factors to consider. These are discussed in greater depth further down this page, but include:
• Only unsecured debts can be included • Entering into a formal debt agreement will have an impact on your credit history • There is a set eligibility that must be met • Debt agreements fall under the bankruptcy act 1966.
Get debt support today with our help.
A Part IX Debt Agreement is a great solution to manage your debts, however there are some factors to consider. These are discussed in greater depth further down this page, but include:
• Only unsecured debts can be included • Entering into a formal debt agreement will have an impact on your credit history • There is a set eligibility that must be met • Debt agreements fall under the bankruptcy act 1966.
Get debt support today with our help.
You will make payments to the administrator, who distributes the funds to creditors. This means you only have 1 regular payment to worry about.
Once all payments are made, you will released from the included debts. This means your dreams of life without debt can come true.
A debt agreement offers creditors a chance to recover some of their money, which they wouldn’t receive if the client filed for bankruptcy, making them more likely to agree.
Only unsecured debts such as credit cards, personal loans, and medical bills are covered. Secured debts like mortgages are not included.
A Part IX Debt Agreement is listed on the individuals credit file for five years (or longer in some cases), affecting their ability to obtain credit during that time.
To qualify, the individual must be insolvent (unable to pay debts on time) and meet specific debt, income, and asset limits set by the Australian Financial Security Authority (AFSA). They also must not have been bankrupt or entered a Part IX debt agreement in the past 10 years.
A Part 9 Debt Agreement provides a formal legal framework that protects both the individual and creditors, allowing for reduced payments and preventing further legal action on included debts. However, it remains on your credit report for five years, and non-compliance can lead to termination and potential bankruptcy.
Australian Lending Centre work with Debt Fix Pty Ltd to provide Part IX Debt agreements and help Australians out of debt.
Apply with no obligation by hitting the button below. If we can’t help, then we can automatically fast-track you to our partner, Debt Fix who could.
Debt Consolidation
Personal Loan
Car Loan
Purchases
Home, Rent & Improvements
Business Loan
Medical, Family & Education
Living, Utilities & Bills
Life Events