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Personal Insolvency Agreement Case Study

Jason was a pilot with an income of $200,000 per annum. Jason entered in a marketed investment scheme 4 years ago, which provided accelerated tax deductions. Jason received a letter from the Australian Tax Office advising that the deductions on the investment scheme had been disallowed and he owed $250,000 to the Australian Tax Office, inclusive of penalties.

Jason had 3 investment properties none of which had sufficient equity to allow him to refinance or sell and use the equity to pay down debt.

The Problem

Jason could not afford to maintain his repayments on his personal loans and credit cards, which totalled $95,000, his monthly payments on his investment property loans, and to pay $250,000 to the Australian Tax Office.

Despite numerous meetings, Jason had not been able to successfully settle the matter with the Australian Tax Office. He now feared legal action and bankruptcy.

The Solution

Jason was ineligible to submit a Debt Agreement because his income and liabilities exceed the Debt Agreement threshold amounts. However, Jason was eligible to submit a Personal Insolvency Agreement.

Fox Symes assisted Jason in the preparation and submission of a Personal Insolvency Agreement with his creditors through a registered Trustee.

The Personal Insolvency Agreement would mean Jason would pay $3,000 per month for 36 month to his unsecured creditors as full and final settlement of his debts. Jason was able to avoid the stigma and repercussions of bankruptcy by offering creditors around 30 cents in the dollar.

With the assistance of Fox Symes, creditors accepted the Personal Insolvency Agreement.

More information on Personal Insolvency Agreements

Fox Symes can assist you with a Personal Insolvency Agreement.

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 are in debt and want to know more about the solutions available to you contact us on 1300 098 127 or fill out the short contact form.

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  1. 1 Do you have a home loan? We can still assist even if you do not have a home loan.
  2. 2 Do you have unsecured debts of $7,000 or greater? Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.
  3. 3 Do you receive a regular income?
  4. 4 Have you been bankrupt in the last 13 years?
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Fox Symes is the largest provider of debt solutions to individuals and businesses in Australia. We help over 100,000 Australians each year resolve their debt and take financial control.

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Unfortunately, we are unable to assist you.

For further assistance we recommend you:

  • Speak to your Creditors
  • Call AFSA on 1300 364 795
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Unfortunately, we are unable to assist you at this time.

Please contact us for assistance once you have secured a regular income.

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Unfortunately, we are unable to assist you.

You need to have over $7,000 in unsecured debt to apply.
For further assistance we recommend you:

  • Speak to your Creditors
  • Call AFSA on 1300 364 795
  • Speak with a Financial Counsellor
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Australian residents only.

  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.
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Australian residents only

FREE Phone Consultation

Australian residents only.

  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.