What happens if my debt agreement is terminated?

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May 18, 2020
What is a Part 9 debt agreement?
May 20, 2020

Applying for a Debt agreement is determined as an act of bankruptcy. Therefore, if your debt agreement is terminated, you can then apply to be made bankrupt. Certainly, a creditor can apply to a  court to make you bankrupt  As a result, bankruptcy may result in:

  • Certainly, the sale of your assets to settle your debts.
  • Also, any waived interest payments from the debt agreement will be re-instated. Hence, you would be required to repay your debts in full; including interest.
  • Finally, high-risk pricing would be applied to any finance, resulting in higher interest rates.

For advice about your Part 9 Debt Agreement call Loan Saver Network today on 1300 796 850.