What Happens If My Debt Agreement Is Rejected
PDS specializes in debt contracts, with ONE EASY TO MANAGE PAYMENT PLAN AND NO FURTHER INTEREST during the debt contract (if the debt contract is terminated, interest and fees can be reintroduced). Let our caring and friendly advisors work with you to relieve the stress of debt. Bankruptcy usually lasts only 3 years (although it can be increased to 5 or 8 years in certain circumstances) and you only have to pay income contributions (payments on your debt) if you exceed a certain threshold (see www.afsa.gov.au and select the current amounts). If you are really unable to pay off your debts when they mature, you may be able to agree with your creditors to pay a reduced amount, defer certain repayments, reduce the interest rate and/or reduce your repayments. If you are in a financial emergency and cannot repay your loans (including credit cards), you may also have rights under the National Credit Code: See fact sheet: Financial emergency. With a debt contract, your creditors agree to accept a sum of money that you can afford. You pay this over a certain period of time to pay off your debts. These formal options can free you from debt, but they have serious long-term consequences. You may influence your career and your ability to obtain loans or credits in the future.
If you are in debt, then a debt contract can be a very good solution for you. Not everyone has the qualder and is only one of many solutions, depending on the circumstances. We have been facilitating debt agreements since 1996 and we know exactly what works for you. If your IVA has been rejected, it may be possible to re-offer a debt contract if you are able to offer an alternative debt repayment rate. If you think this is the case, please contact us online or at 1300 912 197 to discuss your options. Two years later, she lost her job and had to ask to change her payments on the debt contract. The debt agreement was originally supposed to last 3 years, and the change lasted 5 years. She had only two years to make her personal loan when she first registered. Six months later, she became pregnant and was unable to pay at all. After another six months, the debt contract was terminated, and all their creditors are once again reducing the debt and interest. Since a significant portion of her repayments were used to cover the costs of managing the agreement, she is in a worse situation than ever! You must provide us with information and documents.
In principle, we must justify your income, your debts and your ownership of assets that you own. We also need copies of your current pay slips, bank statements, rental documents or mortgage payments, etc. To find out if Debt Savvy can help you regain control of your finances, or if you want to talk about a rejected debt contract, simply contact one of our advisors. Fill out this form or call 1300 912 197 After your proposal is adopted by your creditors, all interest that will allow you to repay your debts for an extended period of time at an amount per week, fourteen days or months that you can afford. It is important to note that your name appears on the National Personal Insolvency Index (NPII) and your credit file indicates that you are solving your financial problems with a Part IX debt contract.