Not every individual is eligible to apply for a Debt Agreement. To qualify for a Debt Agreement, a debtor must:
- Have unsecured debts of less than $118,063.40
- Earn an income of less than $88,547.55 p.a. (after tax) or $119,138 p.a. (before tax)
- Have available equity in assets of less than $236,126.80.
If you exceed any of these amounts you would need to consider another type of arrangement, which is called a Personal Insolvency Agreement. For more information on Debt Agreements and how ISA can help you to propose one, contact us today on 1800 003 883.