Yes, we can only help you if you refinance the debt contract in your home loan. In order to ensure compliance with the rules, the administrative costs to AFSA and the management of the safe debt during the term of your contract are included in your debt contract. These fees are included in your payments and may vary depending on the amount of your debt. When your debt contract is concluded, your unsecured debts will be frozen. This means that when the debt contract comes into effect, no interest or fees can be collected on your unsecured debts. This allows you to pay off your debts over a fixed period of up to 3 or 5 years, through weekly repayments depending on accessibility. After successfully concluding the terms of the debt agreement, you will be released from any unsecured debt included in the agreement. The eligibility criteria for entering into a debt contract are: If your creditors vote in favour of rejecting your debt contract, you may be able to submit another proposal. The new filing depends on the reasons for rejecting the proposal and the possibility of reaching an alternative agreement with your creditors. However, once the proposal has been rejected, the debt will be revived and your creditors will be able to resume their recovery activities against you. If no proper agreement can be reached with your creditors, you should consider alternatives such as bankruptcy. If your creditors accept your debt contract proposal, you will know exactly how much you must pay each week or fourteen days or a month for the duration of your agreement.
This allows you to budget and plan your finances. You also do not pay interest on your debt agreement as soon as it has been accepted by the creditor and there are no late fees or penalties. Fortunately, we know of non-compliant or specialized lenders who can accept your application if you have been terminated from the Part 9 debt contract for at least 12 months. If you are unable to meet your debts, you may want to consider bankruptcy or an alternative to bankruptcy called the “debt agreement.” These are formal legal options that are available under the Bankruptcy Act 1966. Suppose you have an unsecured debt totalling $35,000 and you can afford to offer $125 per week to your creditors for 260 weeks, or $32,500. If the creditors accept your proposals, they also appoint us with the management of your debt contract and accept that we can keep part of the repayment for the contract management work. The amount we withdraw will be deducted from the $32,500 and it is not an additional amount or extra you pay. If you are in a debt contract, you do not have access to credit and therefore you must learn to live from what you earn. The reason most people go into debt is that they spend more than they earn. Credit is not your money — it is money that they borrowed and they have to pay back. Not spending more than you deserve is the basis of financial discipline that can lead to wealth creation.
If you apply financial discipline and enter into your debt contract, you can apply the same discipline to create wealth. This debt must be included in your debt contract. However, the surety is not released from the debt, and if you stop paying the creditor, it is likely that he will sue the person under the guarantee. Our main goal is to relieve your financial stress by developing financial solutions that only work for you. All you have to do is meet us.