Debt Solutions
Part IX Debt Agreements

What is a debt agreement?

A debt agreement is a simple means of making an arrangement with all of your unsecured creditors. The arrangement is legally binding on both you and your creditors. You will not be released from your obligations until such time as the terms of the debt agreement are completed.

With your co-operation, we will formulate a written proposal that is submitted to the office of the Insolvency Trustee Service of Australia (ITSA), a federal government agency. You can propose to pay your creditors by installment, make a lump sum payment at some future time or even give assets, to be converted to cash, in part or full payment.

Your creditors must vote on the proposal that is submitted to them.

Upon its acceptance, your registered Administrator will manage your payment schedule to creditors. You just pay an agreed regular weekly or fortnightly amount that is affordable to you in terms of your budget, which we will assist in providing.