The feeling of being in debt is overwhelming enough, let alone with the additional pressure of trying to understand all of the different options available when facing insolvency. The team from Debt Agreement Advice Centre, the leading specialists in personal debt, have years of experience in assisting over-indebted Australians to find a solution to their financial problems.
Two of the alternatives available to help you avoid declaring personal bankruptcy include Debt Agreements and Personal Insolvency Agreements. The debt specialists at Debt Agreement Advice Centre are trained experts in setting up and maintaining both of these types of agreements.
A Debt Agreement is an arrangement you can reach with your creditors to repay a percentage of your debt over a period of 3-5 years. Our debt specialists recommend this as a good option for those who cannot afford to pay all of their debts in full, but can afford to pay in part and wish to avoid bankruptcy. When your Debt Agreement is accepted by the majority of your creditors your debts are frozen, so no more interest or fees will be added to them. So long as you complete your agreement by paying the agreed amount into it, your creditors will be unable to recover the rest of the debt from you. The debt specialists from Debt Agreement Advice Centre will assist you with the entire debt agreement procedure, every step of the way. They will ensure that you understand the entire process and all of its implications, set up your agreement and take it through the voting process, distribute funds to your creditors and handle all correspondence with them.
A second option that is also designed to help one avoid bankruptcy is a Personal Insolvency Agreement. It is essentially the same as a Debt Agreement, in that it freezes your debts and allows you to pay back a percentage over a set period of time. The main difference lies in the amounts of debt, income and unencumbered assets that you have; a Personal Insolvency Agreement was designed for those with higher amounts, which makes the process just a little different. The debt specialists at the Debt Agreement Advice Centre are able to assess your financial position and let you know which agreement is right for you, and from there explain the processes involved and compare the outcomes to bankruptcy so that you can make a fully informed decision.
Our debt specialists can provide you with further information via our hotline on 1800 653 485. The Debt Agreement Advice Centre is available 24 hours a day, 7 days a week, for free and impartial advice on all your financial inquiries. Contact us today.
