A1 Debt Assistance - Best Bankruptcy Service

Call  1300 79 74 73  For immediate help!

e:   info@a1debtassistance.com.au 

Part 9 Debt Agreements

A Part 9 Debt Agreement can give you some relief from your debts if you are insolvent and qualify under the Commonwealth Government regulations. But make sure you understand everything before paying your application fee. A1 Debt Assistance do not prepare Part 9 Debt Agreements.

NOTE: If you are contemplating entering into a Part 9 Debt Agreement, it is very important that you have a steady job and regular income, as you will need to make regular payments over a lengthy period of time, subject to the amount of debts you may have. If you default on these payments, your creditors can take action against you and may send you into involuntary bankruptcy.

Visit our Case Studies page and read Case 4, this mentions a client who looked at Part 9 for his debt solution - only to realise later how much sooner he ccould have got his life back on track. He was not in a position to continue his Part 9 payments.

Under a Part 9 Debt Agreement, you can consolidate your debt repayments into one payment, which should be based on your weekly budget. Make sure to be conservative when you work out your budget, otherwise this will cause you pain in the end and you may still end up having to seek protection via voluntary bankruptcy. A1 Debt Assistance specialise in Voluntary Bankruptcy.

Part 9 Debt Agreements are governed by ITSA and form a part of the Bankruptcy Act. In many cases, a Part 9 Debt Agreement is the last chance for clients to avoid bankruptcy but it is not suitable for everyone and as such it can keep the pressure on you for much longer than you can handle. Many Debt Agreements fail prior to their completion.

It should also be pointed out that on average in Australia, 25% of regular debt agreement payments go into fees to manage the debt agreement. This is the reason why some businesses promote lucrative Debt Agreements over Bankruptcy, when in fact bankruptcy is the better option for their clients.

e:   info@a1debtassistance.com.au 

How does a Part 9 Debt Agreement affect my credit rating?

A Part 9 Debt Agreement will give you a bad credit rating for 7 years, exactly the same as bankruptcy; however, with bankruptcy you are not required to pay back your debts - other than those not covered under the bankruptcy act. eg Child Support, HECS, Centrelink and Fines.

Given the ever eroding job security for workers, you need to think hard before entering a Part 9. If you were to be unlucky and lose your job in the next few months or years, you may have only prolonged the suffering and will still be faced with bankruptcy if you default on your repayments under the Part 9 Debt Agreement.

Bankruptcy can free you of your debt burden within days!  

e:   info@a1debtassistance.com.au 

 1300 79 74 73

A1 Debt Assistance is a family business, working from a home office. As such, our overheads are much lower than most and our fees are amongst the lowest in Australia.

On another note:

Extra Income opportunity for car owners: A1 Car Ads

 

You may also consider registering for the chance of a little extra income if you have a reliable car.
Visit www.a1carads.com.au

A1 Car Ads is a business that promotes your car as an advertising space to Companies Australia wide. Go to the website and see for yourself if that is something that may interest you.


For further information regarding voluntary bankruptcy, click on our Voluntary Bankruptcy page and read the information so that you can better weigh up your options. If you are still not sure, why not call us for a free telephone consultation and talk to us about your situation.

So, if you feel your debts are out of control, contact A1 Debt Assistance for informed advice.

FREE confidential phone consultation, call us now.

Phone:             1300 79 74 73

Email: info@a1debtassistance.com.au


Thank you for visiting - A1 Debt Assistance

Troy & Karen