What is a debt agreement?
A debt agreement is a binding agreement between you and your creditors and falls under Part IX of the Bankruptcy Act 1966.
Under a Part IX debt agreement, your creditors agree to accept an amount of money that you can afford to pay, over a set period of time, to settle your debts.
Once you have paid this money your creditors cannot recover the rest of the money you owe.
A debt agreement is not a consolidation loan or an informal arrangement with your creditors. You should seek independent advice to make sure a debt agreement is the right option for you.
Talk to us and we can see if this suits your situation.