What does this mean? When your agreement is drafted, we try and assess the likelihood of your proposal being accepted, however, we can never guarantee a result as it is up to the creditors to accept your proposal. We can always re-submit your proposal if we feel you are able assess their concerns. However, if […]
What do I need to do next? Don’t forget to advise us if you have any changes in your circumstances Ensure that you put aside sufficient money to pay your agreed contributions as stipulated within your proposal Ensure you keep to your budget (this will ensure you successfully complete your agreement) How will my monthly […]
What happens if I miss a payment? If you miss a payment (or you are late in making a payment) and you do not make good the default within a 3 month period, you will be in statutory default of your agreement and your administrator will need to report that default to your creditors. Your […]
Is it possible to finish my agreement early? Yes you may finish your agreement early. All you need to do is make all of the required payments under your agreement. Therefore, if you pay a little extra with each payment you will finish earlier. What is the process involved if I finish my agreement early? […]
Why would I vary the terms of my agreement? You may wish to vary the original terms of your insolvency agreement if your circumstances have changed or wish to offer an early settlement to your creditors. What does the process involve? Before any variation proposal can be submitted to your creditors, your administrator must assess […]
How does my agreement end? Your insolvency agreement will come to an end when you pay all of the contributions as agreed under the agreement. Once you have paid of the contributions as agreed under the agreement please notify us immediately so we can lodge the final documentation with the Insolvency Trustee Service Australia (AFSA). […]
How can an insolvency agreement be terminated? 3 month statutory default If you fail to adhere to the agreed terms of your insolvency agreement will fall into statutory default. If the statutory default is not rectified within a 3 month period, your administrator will need to report this to your creditors. Your creditors may then […]
