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Formal Debt Agreements

Do you have Bad Debts? Are you getting calls from Debt Collectors? Stressed out?

Need to fix your debts? Been turned down for finance in the past? Thinking about bankruptcy?

Before you do anything, Debt Fix can help.

What a lot of people don't realise is that there is an alternative to bankruptcy, that offer relief and protection from creditors. A Formal Debt Agreement is a simple way to pay your debts; it’s legally binding allows you to settle your debts over time at an affordable rate.

Debt Fix has helped hundreds of people turn their situation around. Unlike some other companies that say they will help and then charge a non-refundable fee, Debt Fix will never add to your financial problems, that’s why we have a NO FIX, NO PAY policy.

Added to this, the first consultation is obligation free. We will assess your situation, run through some options and then its up you. This way, its OBLIGATION AND RISK FREE.

Debt Fix is a government registered Debt Agreement Administrator. As a Registered Practitioner, Australian Credit Licence holder and Licenced Finance Broker we have a range of options which are bound to suite you no matter what your situation. Our years of experience has seen us deliver relevant debt solutions and helpful advice to thousands of hardworking Australians.

Click here to find out the advantages and disadvantages of a debt agreement.

Find out more about our other solutions

 

Please note: Debt Agreements are for people who are struggling with an unmanageable level of debt, people who can’t get a consolidation loan and people who would prefer not to be Bankrupt. Like any option, it has benefits and consequences and it’s important that you are aware of all of these before you commit to this option.

Some of the benefits include:

  • One affordable and sustainable payment
  • An alternative to bankruptcy
  • No more debt collection
  • You keep your property and assets
  • For many people, Debt Agreements have been able to rescue them from bankruptcy
  • Your debts are settled quickly – usually between 3-5years

Consequences include:

  • Your credit history will be impaired temporarily
  • Your name will appear on a national register (NPII)

Note: In March 2014 the Privacy Act was amended to impose time limits on the retention of personal insolvency information by credit reporting bodies. As part of the review of Part IX of the Bankruptcy Act 1966, the Government decided that, in respect of debt agreements and debt agreement proposals, similar retention periods to those applying to CRBs would apply in respect of information on the NPII.

To achieve this, amendments to the Bankruptcy Regulations 1996 are being currently prepared which will have the effect that information relating to debt agreements and debt agreement proposals will be removed from the Index in the following circumstances:

Removal of formal debt agreement and related information from the Index

(1) If a debt agreement ends under section 185N of the Act, the Official Receiver must remove the debt agreement, and information relating to the debt agreement, from the Index within 1 month after the later of the following days:
(a) 5 years after the day on which the debt agreement was made;
(b) the day on which the debt agreement ends.

(2) If a debt agreement is terminated under section 185P, 185Q, 185QA or 185R of the Act, the Official Receiver must remove the debt agreement, and information relating to the debt agreement, from the Index within 1 month after the later of the following days:
(a) 5 years after the day on which the debt agreement was made;
(b) 2 years after the day on which the debt agreement is terminated.

(3) If an order is made under section 185U of the Act declaring all of a debt agreement void, the Official Receiver must remove the debt agreement, and information relating to the debt agreement, from the Index within 1 month after the later of the following days:
(a) 5 years after the day on which the debt agreement was made;
(b) 2 years after the day on which the order is made.

Before you decide upon a debt agreement, you should  speak with an expert and run through all your options. This way, you can be confident it is the right choice for you.

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