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Saving Your Home with a Debt Agreement

You can use a Debt Agreement to save your house.

 

Saving Your Home with a Debt Agreement

When experiencing extreme financial pressure, it is quite normal to be worried and stressed. People worry about how the financial pressure can be fixed and are concerned that everything will crash in a heap? For people buying a house, there is increased anxiety over the prospect of losing the house.

For these situations, a Debt Agreement can be a useful tool and a good alternative to Debt Consolidation to manage and resolve the financial pressure being experienced. A Debt Agreement enables the total amount owing to be compromised and stops interest from being charged on the outstanding debt. By putting order back in the camp, the extreme financial pressure subsides, allowing your anxiety and stress levels to return to normal.

How a Part 9 Debt Agreement can protect your home:

In addition to the potential for your debt to be compromised and for the reduced amount owing to become interest-free, the other benefits of a Debt Agreement are:

# Financial Order is restored: your debts fall under the Debt Agreement causing you to have just one monthly payment. Your Debt Agreement will last for five years and during that time you will make one monthly payment for the 60 months of your Debt Agreement. During this time, you can budget, save and get on with your life.

# You have certainty: Worry subsides whilst your Debt Agreement remains in place, your creditors are bound by your Debt Agreement and cannot commence or continue debt collection against you.

# Your debt is released: at the end of your Debt Agreement (typically 60 months), all debts caught by your Debt Agreement are finished, yes, the debt will no longer exist.

The combined effects of restoring financial order, giving you certainty and your debts being paid off in a controlled manner not only enable you to stop stressing, but it also protects your home from those creditors who are caught by your Debt Agreement. Going forward, your focus is reduced to meeting the required monthly payments of your Debt Agreement.

Further reading:

Click here to check whether you qualify for a Debt Agreement.

Click here for information on how a Debt Agreement is put in place.

Click here for what’s required for a Debt Agreement to work.

Click here for what you need to know about Debt Agreements.

Click here for details of risks you should be aware of when proposing a Debt Agreement.

 

 

Part 9 Debt Agreement Enquiries:

For answers to your questions or if you would like to discuss starting a Debt Agreement you are welcome to give us a call on 1300 060 122 or email: helpdesk@nichollsco.com.au

Alan Nicholls - Registered Trustee

Alan Nicholls’ no obligation help desk

Nicholls & Co provide a free, no obligation ‘help desk’ for people considering bankruptcy – we discuss and explain bankruptcy and answer questions for anyone who is considering bankruptcy. The Nicholls & Co help desk can be accessed by phone  
1300 060 122  or helpdesk@nichollsco.com.au . Alan Nicholls, Registered Trustee in Bankruptcy is also available to answer your questions to enable you to decide if bankruptcy is right for you.