If you do not sign the contract through all repayments, you will not be released from your debts or interest due. Warning: it is a crime if you are bankrupt or if you are subject to a debt agreement to obtain credits or try to obtain credits in certain circumstances. These offences are subject to severe penalties. If you make all refunds under the contract, you will be exempt from the other ingredients of the contract. If you do not reach the end of the agreement, the agreement will be concluded and the creditors will again make all the fault, plus all the interest that has been incurred in the meantime. This is only a short guide and it is recommended that you consult a financial advisor to discuss the best option for you in your circumstances. See fact sheet: Broker for debt agreements and fact sheet: Get help for a list of additional resources. Bankruptcy usually lasts only 3 years (although it can be increased to 5 or 8 years in certain circumstances) and you only have to pay income contributions (payments on your debt) if you exceed a certain threshold (see www.afsa.gov.au and select the current amounts). The reforms aim to change the criteria for citizens to propose and conclude a debt contract and to change the calculation of payments. Currently, three main thresholds dictate whether a debt contract is an option for those with personal debts: two years later, she lost her job and had to ask to change her payments for the debt agreement.
The debt agreement was originally supposed to last 3 years, and the change lasted 5 years. She had only two years to make her personal loan when she first registered. Six months later, she became pregnant and was unable to pay at all. After another six months, the debt contract was terminated, and all their creditors are once again reducing the debt and interest. Since a significant portion of her repayments were used to cover the costs of managing the agreement, she is in a worse situation than ever! A secured creditor (for example. B a home or home loan) has the right to vote and receives dividends on the unsecured portion of its debt (for example. B if you owe more to your car or real estate credit than the value of the car or house). Professional advisors and debtors are asked to seek appropriate advice on their living conditions. This consultation must be provided by qualified specialists.
