Here at Insolvency Services Australia, we provide low-cost insolvency services for both personal and business-related insolvency matters. Many people believe that once they are deemed insolvent they will have to declare bankruptcy. However, this is not the case. There are other options to explore if you wish to avoid bankruptcy, one of which is a Debt Agreement.
A Debt Agreement is an arrangement you can make with your creditors to pay back a percentage of your unsecured debt over a period of 3-5 years. For low-income earners who cannot afford to pay their debts in full, this can be a good alternative to bankruptcy. Once the agreed amount has been paid by yourself, your creditors will not be able to recover the rest of the money you owe.
By entering into a Debt Agreement your unsecured debt problems could end. You will not be charged any more interest or fees, you will have one fixed payment to make every week/fortnight/month (depending on what you and your Debt Agreement Administrator have agreed on), you will have the opportunity to be free of unsecured debt within 3-5 years and you can avoid the negative stigma of declaring bankruptcy.
If you feel that entering into a Debt Agreement might be the right option for you and would like to avoid bankruptcy, feel free to contact us on 1800 003 883. We offer a free online debt assessment that could assist you in deciding on the best course of action, and can advise you about Debt Agreements free of charge and obligation.