Part IX refers to part 9 under the bankruptcy act of 1966. Consequently, a debt agreement is a binding agreement between yourself and your creditors. Hence, the agreement is to repay the unsecured debts & avoid the need for full bankruptcy. Furthermore, debt agreements are intended for:
Debt agreements are a serious step to resolve your debt and should not be considered lightly. In particular, you should obtain independent advice regarding debt agreements. With this in mind, you can make contact with a financial counsellor or legal service to obtain advice. What’s more, see below links to the Money Smart Government website for information.
The government has strict policies and thresholds with regard to debt agreements. Hence, there are thresholds for:
Loan Saver Network highly recommends speaking to a financial counsellor if you are considering a part IX debt agreement.