Low-income earners can make the most of debt agreements where they cannot pay everything, but also want to avoid declaring bankruptcy. Debt agreements, while not as severe as bankruptcy, at not to be entered into lightly.
Someone should consider a debt agreement only if they have investigated all other options available to them. It’s important that someone entering into an agreement understands the terms, including the severe affect the debt agreement can have on your credit history and your ability to obtain credit.
A debt agreement falls under Part IX of the Bankruptcy Act 1966. Under a Part IX debt agreement, your creditors agree to receive a sum of money that you can afford, 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.
This is not the same thing as debt consolidation. It’s important to note that your credit history will be negatively affected, and you are less likely to get loans in the future.
You can get a car loan in spite of the Part IX as long as you are at least 12 months into the agreement, though only with select providers, such as nmoni.
A Part IX debt agreement means that lenders may be more reluctant to provide you with a car loan if you have a Part IX agreement or you may receive higher rates to pay back the loan.
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To apply, you need to submit an application form and provide us with 90 days of bank statements which can be generated automatically using a secured link. We will also require a copy of your driver's licence or photo id along with Medicare Card and a document/bill with your current address on it.
For Employed clients we will require 2 most recent payslips and for Self Employed/Contractors/Sub Contractors clients we will require at least one most recent tax return.
Once we have received all the required documents, you will have an outcome within a few business hours.
When reviewing an application we will check the details you have provided us on the application form against your bank statements and will check if the applied loan is unsuitable for you. Responsible Lending criteria applies.
On approval, we provide a free, no-obligation quote and if satisfied, you can move onto taking the loan offer. The loan contract documents can be easily signed electronically so there is no paper work involved.
Once we receive the signed documents, we disburse the funds into your account straight away.
If you have any question feel free to call us on 03 9468 8200 or chat with us now.
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