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. Only demonstrable unsecured debts, such as medical bills, memory cards, credit cards and some private loans, can be included. If you need debt relief but aren`t sure which solution is right for you, call us! Debt Rescue Case Manager takes your situation into account and adapts the best solution for you. You explain the benefits and consequences of a Part 9 debt agreement so that you can make an informed decision before the proceedings. If you need to be debt-free, call us on 1800 560 572. Your debt or joint debt must be included in your debt contract. However, the coach remains responsible for the entire debt.
If you are currently unable to pay your debts and want to protect an asset, such as a home. B, you can submit a part IX debt agreement proposal that your creditors must consider. The proposed debt agreement contains details of how you will settle your outstanding debts. The agreement will be on your credit report for 5 years and will affect future credit opportunities. If your creditors vote in favour of rejecting your debt contract, you may be able to submit another proposal. The new filing depends on the reasons for rejecting the proposal and the possibility of reaching an alternative agreement with your creditors. However, once the proposal has been rejected, the debt will be revived and your creditors will be able to resume their recovery activities against you. If no proper agreement can be reached with your creditors, you should consider alternatives such as bankruptcy. The consequences of a failure of a debt agreement can be severe. The timetable for solving the financial problem is extended in an unacceptable way, with consequences for the person who has financial problems, and that person`s family. Exposure to the risks of medical problems, depression, relationship breakdown, etc., is higher. If a debt deal fails, you have lost all the time that the debt contract has brought and you will need bankruptcy to solve the financial problems, which will take another three years.
If you are struggling with debts, chances are you will know the horrible feeling in your stomach, the fear of answering your phone and the constant panic associated with opening the mail. Debt is not just a financial problem. It will manifest and cause problems with your relationships, your family and your health. So if someone has told you about a solution that can eliminate your stress and anxiety to solve your debt problem, you can jump quickly.