It is important that you understand what you agree to and the consequences you have before entering into debt contracts. Debt traders are here to help you assess your financial situation and identify which debt solution is best for you. Private insolvency is a legal term that describes your financial situation. If you are unable to pay debts when they are due, you are in default. The agreement of a debt contract or the declaration of bankruptcy is an act of insolvency. If you have entered into a private insolvency contract for Part X or Part 10, the same credit criteria apply as if you had been in a Part 9 debt contract. Part IX of the debt contract is provided for by the Bankruptcy Act 1966. Rather than declaring bankruptcy, you enter into a binding legal agreement with creditors to settle your debts in a defined way. You also have to prove that, according to the agreement, you have made all your rents on time, that you yourself have saved some money and that you no longer have credit problems.
Debt Negotiators offers competent debt management solutions tailored to your individual characteristics. If debt consolidation has been denied to you because of your poor credit rating and they are dealing with troublesome creditors who are asking for payments, then a debt contract may be the option for you. Drowning in bills? A debt contract is a great solution to solve your financial problems and has many great benefits! We know a few specialized lenders who can help you if you are currently in a debt agreement. If a debt contract is an option you`re considering, you don`t have to do it alone. A debt contract can avoid the full effects of bankruptcy. Nevertheless, the conclusion of a debt tariff has serious consequences, as with any bankruptcy. A debt contract is not an agreement to lend money or a consolidation credit and cannot free you from all kinds of debts. There are debts you have to pay. The first relevant date is the processing date, the date on which AFSA accepts your debt contract for processing and sends it to the creditors who will be put to the vote.
35 days from that date or 42 days, when the proposed debt contract is processed in December, is the last day of the vote. This date is called the deadline. A debt contract is not the same as a debt consolidation loan or informal payment agreements with your creditors. And you don`t get a passport on all kinds of debts. You must always repay what you owe for a debt contract is designated as a bankruptcy deed. Therefore, if your debt contract is terminated, you can file for bankruptcy. Certainly, a creditor can ask a court to bankrupt you.