How To Get Out Of Debt With A Debt Agreement
- An online or over the phone assessment qualifies if you are able to proceed.
- An information pack gets sent to your address.
- You fill in the questionnaire, providing details about your financial situation.
- Once received, documents get drawn up & a sustainable weekly figure is calculated.
- Proof of debts, income and assets get collected.
- Final draft Agreement gets sent to administrators to lodge with AFSA (formally ITSA).
- The creditors need to vote whether to accept the terms of the agreement or not (the vote is determined by the majority based on dollar value).
- Once accepted, the agreed weekly figure gets paid towards the agreement until the agreement is satisfied (max 5 years).
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