In some ways it is but in other ways it isn’t.
How is it the same?
You only make one ongoing payment that covers all of the Debts in the Debt Agreement.
It will bring all overdue debts up to date.
It should make your budget easier to deal with.
How is it different?
You don’t pay any interest.
Having a bad credit rating does not get in the way of getting a Debt Agreement.
It is not a loan, it is a new Legal Agreement for all of your unsecured debts. All of your creditors vote to decide if it will be approved or rejected. You need to get 50.01% of the voting dollars for it to be approved.
It is specifically for people who can’t manage their loans and credit cards unless they do something to change.
Please call us for a free and friendly chat on (if you have minimal credit on your phone ask us to call you back).
Phone now for a friendly chat,
NSW 02 9623 7860
QLD 07 3613 9648
VIC 03 9993 0116