If your finances are in a mess, you’ve got defaults and are starting to get threatening letters from creditors, it could be time for a Formal Debt Agreement.
It’s no small matter, as it’s an ‘act of bankruptcy’, but it will stop things getting worse and give you an opportunity to start reducing your debt.
The team at Credit Counsellors Australia can take the stress away from worrying about your debts. By setting up a Formal Debt Agreement with your creditors, we can negotiate a repayment amount that you can handle and also reduce the overall debt that you have to repay at the same time.Get Your FREE Debt Assessment
A Personal Bankruptcy (which is the most serious debt option) is quite damaging. Your ability to borrow in the future will be severely limited for 5 years or more, and your lifestyle will have restrictions too.
While a Formal Debt Agreement is done under the Bankruptcy Act (‘Part IX’), it only stays on the public record for 5 years.
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