Debt Agreements and What You Need to Know - Nicholls Co

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Debt Agreements and What You Need to Know

Debt Agreements and What You Need to Know

  • Debt Agreements are a possible solution for people who have stable employment but are overrun by debt and experiencing severe financial pressure.
  • Debt Agreements are an alternative to bankruptcy.
  • Debt Agreements are legally binding and are provided under the Bankruptcy Act, 1966 which is Commonwealth legislation. When you have a Debt Agreement in place, creditors are bound by the Debt Agreement and cannot undertake debt recovery actions or make application to the Court for you to be made bankrupt.
  • Debt Agreements typically involve a payment arrangement for the debt or a reduced amount of debt without interest accruing. They can also involve funds being provided by a family member or from a sale of an asset.
  • For people who qualify, have stable employment, and can afford to enter into a Debt Agreement, it can be a good solution to overwhelming debt.
  • For a Debt Agreement to be put in place, you do not need to leave your home or attend a meeting of creditors. Whilst creditors vote on whether to accept your Debt Agreement Proposal, this process is carried out electronically without your involvement. This is comforting for you knowing that you are not placed in front of your creditors in a confronting situation to negotiate and feeling the pressure to possibly agree to something you cannot afford.
  • As your proposed Debt Agreement Administrator, we will assist you to prepare your offer to creditors for a Debt Agreement. It is important that you can afford the amount you offer and that the offer is suitable for your creditors to accept.
  • For a Debt Agreement to be put in place it must be approved by AFSA and then creditors. If AFSA consider that your proposal will cause you hardship, then they will not allow it to progress to a creditor\’s vote.
  • If creditors approve your Debt Agreement Proposal (greater than 50% in value of the creditors that vote) then all your creditors will be bound by your Debt Agreement. This includes those creditors who did not vote and those creditors who voted against your proposal.
  • Besides being a legal requirement, it is in your best interest to disclose all creditors in your Debt Agreement Proposal Form. Failure to disclose all creditors could result in AFSA cancelling your Debt Agreement Proposal.

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