Debt agreement

A debt agreement is a way of making regular payments towards your debts at an amount you can afford. Your creditors will be asked to vote on your offer and this amount can be less than your normal payments and in most cases add up to less than what you currently owe.

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 The benefits of a debt agreement include:

  • Payments based on what you can afford
  • You may be able to pay back less than what you owe
  • You may not have to pay any more interest
  • We speak to your creditors, so they can call us instead of you
  • No more phone calls, letters or harassment
  • One simple payment every week or fortnight
  • Could save you thousands
  • Get you back on your feet and take control

10 years ago we developed our debt agreement process so that Australians who are having trouble making repayments (but can make some sort of payment) have options available to them other than Bankruptcy.

Credit Repair Australia have helped thousands of Australians with over $95 Million worth of debt, so you can rest assured that we have sufficient experience in providing sustainable debt solutions. The Australian Financial Security Authority (a government body), are responsible for regulating debt agreement administrators to ensure high standards of practice and procedure in the industry.

What is a debt agreement?

This means that if you are struggling with your current payments, but can afford to make some sort of offer for regular payment, your offer will be put to your creditors for them to vote on. Should creditors accept your offer, it is possible that you could end up paying back less than the full amount of your debts.

A debt agreement isn't the same as debt consolidation because you aren't actually borrowing more money, however it is a way of consolidating your repayments. One other benefit of consolidating your payments instead of your debt is that you may not have to pay any interest. 

What is unsecured debt?

A debt agreement focuses on your unsecured debts. These are things like credit cards, personal loans, store cards, phone and utility bills. Dealing with your unsecured debt through a debt agreement can give you freedom to keep up with secured payments (like a home loan).

Unlike bankruptcy, a debt agreement allows you to keep your house, car and other assets so long as you stay on top of the payments.

How does a Debt Agreement work?

First we work with you to create a budget and find out what you can afford, we then develop your offer into a proposal. We submit this proposal to be approved by a Government department, before it’s sent to your creditors to vote on.

Our Debt Agreement process is legally binding. Therefore, if the majority in value accept, all of your creditors will receive payments based on the offer. Even if they voted no or didn’t vote, you will only have to pay the amount offered to them.

Who can enter a Debt Agreement?

Most people can enter a debt agreement, however there are set limits on your debts, assets and income. We conduct a free financial assessment to ascertain if a debt agreement is the right option for you, to help you make an informed decision.

Credit Repair Australia are extremely successful in using debt agreements to help people get out of debt. With over 90 staff, we have assisted over 150,000 Australians since 2003.

If you are having trouble with repayments but can make some sort of regular payment, give us a call now on 13 FIXED (133 493) or get in touch through the contact page .

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