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What is a Debt Agreement?

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Published on Dec 12, 2012

A Debt Agreement is one possible solution for you if you are struggling with debt. Not many people have heard of a debt agreement so here is a brief run-down:
A Debt Agreement is a legally binding agreement which you enter into with your creditors, which allows you to settle your unsecured debts with an offer of less than 100 cents in the dollar. Your offer is based on an affordable budget, so you only propose what you can reasonably afford to pay over a period of 3 to 5 years.
Once the debt agreement offer has been made to your creditors they need to vote on it, and if the majority of creditors in value agree then it is accepted. Once accepted, it is legally binding on all parties. Your creditors cannot enforce any legal action to collect the debts, and the accounts are suspended and interest is frozen. The creditors will then be paid a percentage of the frozen amount over the period of the agreement. Upon completion of the agreement you will be released from all debts and any remaining balance of the original debt will be written off.
A debt agreement is usually administered by a registered Debt Agreement Administrator , who collects the payments from you and pays dividends to your creditors, usually on a quarterly basis.
If you would like information about how we can help you with negotiating a debt agreement with your creditors then please call us on our toll free line 1800 98 10 70

http://www.get-debt-free.com.au/debt-...

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