PDSolutions Phone - 1300 353 203 Email - info@pdsolutions.com.au
We have put together a list of comment questions. If your question is not answered here, please forward your enquiry and we will get back to you.
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What is a Debt Agreement?
It is a legally binding financial agreement with all your unsecured creditors. Upon completition of the terms of the agreement, you will be released from your unsecured debts. Your Administrator will manage your consolidated debt repayment schedule with your unsecured creditors.
What are the benefits of a Debt Agreement?
You will be required to make weekly / fortnightly / monthly payments to satisfy your unsecured debts. All interest will cease, and legal action from your creditors will cease.
Who is ITSA?
ITSA, Insolvency and Trustee Service Australia.
Is a Part IX Debt Agreement same as Bankruptcy?
A Debt Agreement is an alternative to bankruptcy. It does not impose the same restrictions as Bankruptcy and creditors may allow you to retain some of your assets or continue to operate a business.
What is Insolvent?
A person is insolvent if they cannot pay their debts as and when they fall due.
Who is eligible?
Our aim to our clients is to eliminate debt, we don’t lend out more debt to pay debt, unless you quailfy for morgtage refinancing.
What is secure debt?
Some examples of a secured debt is a mortgage on a house or finance on a car (most car loans are secured).
What is unsecured Debt?
Some examples of unsecured debts are credit cards, store cards, some personal loans, disconnected telephone/mobile accounts, overdrawn bank accounts and more.
Will the debt agreement affect my credit rating?
Once you have proposed a debt agreement or enter into a debt agreement, you are registered on the national personal insolvency index (NPII), this may affect your ability to obtain credit. Our clients will stay on the NPII for seven years, the status listed on the NPII may be changed during that seven years.
Between the date ITSA accepts my debt agreement for processing and the deadline date do I pay my unsecure creditors?
You may continue to pay unsecure creditors. We strongly encourage you to continue to pay your secured creditors ie mortgage and car lease.
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It is a legally binding financial agreement with all your unsecured creditors. Upon completition of the terms of the agreement, you will be released from your unsecured debts. Your Administrator will manage your consolidated debt repayment schedule with your unsecured creditors.
What are the benefits of a Debt Agreement?
You will be required to make weekly / fortnightly / monthly payments to satisfy your unsecured debts. All interest will cease, and legal action from your creditors will cease.
Who is ITSA?
ITSA, Insolvency and Trustee Service Australia.
Is a Part IX Debt Agreement same as Bankruptcy?
A Debt Agreement is an alternative to bankruptcy. It does not impose the same restrictions as Bankruptcy and creditors may allow you to retain some of your assets or continue to operate a business.
What is Insolvent?
A person is insolvent if they cannot pay their debts as and when they fall due.
Who is eligible?
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• Not been bankrupt, utilised a debt agreement or given an authority under section 188 of the Bankruptcy Act in the last 10 years;
• After tax income of less than $66,284.40;
• Unsecured debts of less than $88,379.20;
• Property that would be divisible among creditors if the debtor were bankrupt valued at less than $88,379.20.
Our aim to our clients is to eliminate debt, we don’t lend out more debt to pay debt, unless you quailfy for morgtage refinancing.
What is secure debt?
Some examples of a secured debt is a mortgage on a house or finance on a car (most car loans are secured).
What is unsecured Debt?
Some examples of unsecured debts are credit cards, store cards, some personal loans, disconnected telephone/mobile accounts, overdrawn bank accounts and more.
Will the debt agreement affect my credit rating?
Once you have proposed a debt agreement or enter into a debt agreement, you are registered on the national personal insolvency index (NPII), this may affect your ability to obtain credit. Our clients will stay on the NPII for seven years, the status listed on the NPII may be changed during that seven years.
Between the date ITSA accepts my debt agreement for processing and the deadline date do I pay my unsecure creditors?
You may continue to pay unsecure creditors. We strongly encourage you to continue to pay your secured creditors ie mortgage and car lease.
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Professional Debt Solutions
ABN: 20100 382 421
PO Box 2243 Noosa Heads QLD 4567
Phone - 1300 353 203
Fax - 07 5449 7662
Email - info@pdsolutions.com.au
ABN: 20100 382 421
PO Box 2243 Noosa Heads QLD 4567
Phone - 1300 353 203
Fax - 07 5449 7662
Email - info@pdsolutions.com.au