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.