Afsa Debt Agreement Administrators

In addition, we are fully licensed with the Australian Financial Security Authority (AFSA) for the provision of contractual debt services. Disclaimer: Always consult a financial advisor before going bankrupt, as there are serious consequences that you need to understand, including that any money or else you receive (for example.B. heirs or win) while you are bankrupt, without pay. A financial advisor can also help you negotiate an informal agreement and avoid bankruptcy or a debt contract! Anyone wishing to avoid bankruptcy and with income, debt and assets below a legal limit can apply for a debt contract for up to three years or five years if you own a home. Debt contracts are a formal alternative to bankruptcy under the Bankruptcy Act for insolvent individuals (unable to pay their debts when they mature). As part of a debt agreement, your unsecured creditors agree to accept less than the total amount of debts due in return for a commitment you made to make regular repayments for an agreed period. As of June 27, 2019, debt contracts are limited to a maximum of 3 years or 5 years during which you own or pay your home. A registered attorney will determine if you are insolvent and how much of your incalculable debts are. The advance fees charged by administrators can vary considerably (from about $200 to more than $2000!). Then do your shopping. You can get a list of administrators under AFSA. 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. Paragraph 4, paragraph 2, point a), provides that the registration of the administrator of the debt administrator is conditional on the inclusion, in the notification or promotion, of the full name of the registered liability manager and the registration number of the manager of the registered debtor contract. This applies to advertising or advertising, in any form or means, the services of a registered debtor contract manager, whether the advertisement or promotion is made by or on behalf of the registered debtor contract manager.

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