Monthly Archives: April 2014

Debts which can not be consolidated into a debt agreement

A Debt Agreement is a formally negotiated arrangement administered through the Australian Financial Security Authority (AFSA). These are commonly known as a Part 9 Debt Agreement (being part 9 of the Bankruptcy Act of Australia). Debt agreements are promoted as a means for insolvent borrowers to become debt free without needing to declare bankruptcy. However what is less known is...
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Borrowing to repay debt – know the risks

It is a mystery of the human psychology that those who have unaffordable debt actually start looking for lenders who would be able to lend them more money as way of dealing with their debts. Where else would a person with a problem look to increase the size of their problem as a way of solving it. Individuals who are...
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Do I qualify for a debt agreement?

You may have heard of government legislated debt consolidation. Some people refer to this arrangement as debt relief or debt elimination. What we are discussing is something also known as a Part 9 Debt Agreement. Individuals who have significant unsecured debts which they are unable to afford can seek relief via a Debt Agreement. While debt agreements are often advertised...
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Hardship provisions – know your rights

Recent reports in the media have highlighted consumer concerns about lenders and utility providers failing in their duties under the hardship legislation. Consumers have reported inadequate response and lack of action by essential service providers when responding to reported incidences of temporary financial hardship. What are hardship provisions? The National Consumer Credit Protection Act 2009 (NCCP Act) is legislation governing...
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