Debt Agreement - Part 2

If you are in debt then a debt agreement may be an option for you. A debt agreement is a simple method for you to enter into a legally binding agreement with your creditors. Debt agreements are negotiated compromises with your creditors. Fox Symes is the largest provider of debt agreements in Australia.

How does the process work?

If you are eligible to submit a debt agreement proposal then Fox Symes will help you with your paper work. Once it is completed then we will submit all your paper work to ITSA. ITSA will process your proposal after they have assessed it; that is they have determined that you are insolvent; that the proposal is in the creditors best interest; that you are eligible to submit a proposal; that your income, assets and liabilities are within the threshold limits and that all documentation is complete. ITSA then writes to your creditors advising of your proposal.

Should I continue to talk with my creditors?

Yes. Your relationship with your creditors is important and by talking with them you can explain to them your situation and ask them to support your debt agreement proposal. You may also forward their contact details to us and we will talk with them on your behalf.

What happens if my Debt Agreement proposal is accepted by my creditors?

You are released from all provable debts and your creditors cannot take any further legal action against you.
The debt agreement ends when your obligations under the proposal are satisfied.

What happens if my creditors reject my Debt Agreement proposal?

Should creditors reject your proposal then we MAY be able to resubmit. However this will depend on your creditors and the reasons why they rejected your proposal. Should this happen we will contact you to work out a solution. However if creditors reject your proposal your debts are revived. This means that creditors can pursue you for payment and any interest accrued during the 25-day period.

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Fox Symes is the largest provider of debt solutions to individuals and businesses in Australia. Fox Symes helps over 100,000 Australians each year resolve their debt and take financial control.

If you would like to find out more about a debt agreement contact us on 1300 361 204 or fill out the short contact form.