Is Your Debt Consolidation Loan Really a Bankruptcy?

A debt agreement is not a debt consolidation loan. Furthermore, Part 9 refers to the Part 9 clause under the bankruptcy act of 1966. As such, it is registered on the national personal insolvency index (n.p.i.i) as a form of bankruptcy. Therefore, if you are under an insolvency agreement, it will appear on your credit file under bankruptcy.

Keep in mind; a part ix debt agreement is not debt consolidation or full bankruptcy. However, simply applying for a part ix debt agreement is an act of bankruptcy. As such, if your debt agreement is rejected, you may apply to become bankrupt.

Debt consolidation mortgage or loan is where you obtain finance to combine your debts into a single loan payment.