In this day and age, debt is all too common. Knowledge about debt solutions however, is not.
The Debt Agreement Advice Centre (DAAC) aims to help individuals facing financial difficulty by offering honest and trustworthy advice and facts about the most common solutions to debt; debt agreements.
That is why DAAC has summarised their debt agreement research and knowledge to present to you the 10 facts of debt agreements; the good, the bad and the ugly.
- A Debt Agreement is an arrangement which you enter into with your creditors to settle your unsecured debts (typically for less than what you owe).
- Debt Agreements present a legal alternative to bankruptcy.
- Debt Agreements are governed by the Bankruptcy Act and are subject to strict regulations and some eligibility criteria.
- During this time, the interest on your debts is frozen and creditors cannot seize your assets or force you into bankruptcy. Put simply, you are legally protected.
- A Debt Agreement involves a series of regular payments to your creditors over the course of several years.
- Most Debt Agreements run for between 3 to 5 years.
- Debt Agreement will put a default on your credit file for a minimum of 5 years but will then be removed after you successfully complete it.
- A Debt Agreement will protect your house from your unsecured creditors, as well as your car if you own it outright.
- There are no travel restrictions placed upon you during a Debt Agreement.
- Once you successfully complete the Debt Agreement you become debt free!
At DAAC, we stand by our promise that our advice is entirely free and you will not incur any fees with us until we have completed a full financial assessment and we have confirmed that a debt agreement will work for you. We also guarantee that our price to supervise a debt agreement will be the lowest in the industry!
Find out if you are eligible for a debt agreement here, or give DAAC a call today on 1800 653 485 and find out how we can help you.
