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Personal Insolvency Agreements


Personal Insolvency Agreements Some of you might be wondering, just what is a Personal Insolvency Agreement? Personal Insolvency Agreements were established by the Commonwealth Government in 1996 as a flexible option for people to settle debt without becoming bankrupt. Unlike a Debt Agreement there are no asset, debt or income limits Under a Personal Insolvency Agreement you make an offer to your creditors based on what you can afford to with the rest of the debt legally written off. All of your repayments are rolled into one repayment and all the interest is frozen. The important features of a Personal Insolvency Agreement are •Once agreed to it is legally binding creditors cannot change their minds •Calls and letters from chasing repayments will stop •Your home is protected provided you maintain the payments Personal Insolvency Agreements do have consequences. •Your credit rating will be affected for 7 years •You will have to live on a budget •You will have to pay a fee for your Trustee to administer the agreement If you do have a large amount of debt Personal Insolvency Agreements may be a good option for you to make a legally binding compromise between you and your creditors.

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