What happens if my debt agreement is terminated?

Applying for a Debt agreement is considered 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, terminating the debt agreement will re-instate any waived interest payments. Hence, you would need to repay your debts in full, including interest.
• Finally, lenders would apply high-risk pricing 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.