Loans After Debt Agreement
If your creditors vote to reject your debt agreement, you may be able to submit another proposal. The new proposal will depend on the reasons for the rejection of the proposal and the possibility of reaching an alternative agreement with your creditors. However, once the proposal has been rejected, the debt will be revived and your creditors will be able to resume their collection activities against you. If no proper agreement can be reached with your creditors, you should consider alternatives such as bankruptcy. For more information about our private loans with Part 9, give us a call or visit our website. A debt agreement falls under Part IX of the Bankruptcy Act 1966. Under a Part IX debt contract, your creditors agree to receive a sum of money that you can afford to pay for a certain period of time to settle your debts. The reason must be substantial enough to justify the agreement, as a serious illness. A Part IX debt agreement means that lenders may be reluctant to provide you with a car loan if you have a Part IX agreement, or you will receive higher rates to repay the loan. You can either extend the period of the debt agreement or file a proposed amendment to make payments you have made to date accepted as full payment.
This terminates your debt agreement. Start the ball by calling us on 1300 351 008 or by filling out our online form and we give you a free debt assessment. If your creditors agree to your Debt Agreement Proposal, you`ll know exactly how much you`ll have to pay each week or two weeks or months for the duration of your agreement. This way, you can budget and plan your finances.