Personal Insolvency Agreement - Part X Arrangement

A Personal Insolvency Agreement is like a Debt Agreement in that it is another way for you to deal with serious debt problems. A Personal Insolvency Agreement is also an agreement which is administered under the Bankruptcy Act.  A Personal Insolvency Agreement is also known as a Part X Arrangement as it is administered under Part X of the Bankruptcy Act. 

We usually only recommend a Personal Insolvency Agreement if you become ineligible for a Debt Agreement, because you earn more than $63,363.30 (after tax) or you have unsecured debts which exceed $84,484.40.

A Personal Insolvency Agreement is a legally binding agreement with your creditors which must first be approved by them. In most cases we recommend a Personal Insolvency Agreement over a three to five year period.

We will put your proposal to your creditors and in many cases they will accept to receive something less than full payment. Once approved by your creditors, a Personal Insolvency Agreement will protect you against any further legal action which they may have been entitled to take against you, which may have resulted in your Bankruptcy.

With a Personal Insolvency Agreement, you agree with your creditors what you'll pay over the term of your agreement. The interest on your debts is frozen at the time your agreement is accepted by your creditors. This will enable you to make one single payment each month over the period of your Personal Insolvency Agreement. We will distribute the surplus funds to your creditors after we deduct our fee which will also be approved by your creditors.

Do you qualify for a Personal Insolvency Agreement? Find out by giving us a free call on 1800 98 10 70.