If you can’t meet all your debts, your creditors may consider a debt agreement – aka Part , Part IX or just a Debt Agreement. The first consequence is that you have committed an act of bankruptcy when you enter the debt agreement. A Part Debt Agreement is a sure fire way to clear your financial slate and start fresh. As all of your unsecured debts are in a repayment arrangement, you won’t receive any defaults. Life After a Part Debt Agreement Discharge.
Life after a Part Debt Agreement discharge is all about financial freedom.
A debt agreement is one of two agreement options available. Can I accept part debt? But it comes with consequences. What is a part bankruptcy? Life is full of unexpected events.
They can often result in personal financial strain, which can make meeting credit obligations difficult. If you’re currently in a Part IX or Part Debt Agreement then we can refinance your current mortgage to pay out your agreement. You can borrow up to LVR (of the value of the property) if you’ve been in the agreement for at least months and have made perfect repayments for the last six months.