I have now successfully completed my agreement

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). We must lodge the final documentation with AFSA within 5 business days of you completing your obligations under your insolvency agreement.

AFSA will then process the documentation and update the National Personal Insolvency Index stating that you have fully complied with the insolvency agreement.

AFSA will also provide a certificate of completion.

Will I receive any correspondence when my agreement has completed?

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). We must lodge the final documentation with AFSA within 5 business days of you completing your obligations under your insolvency agreement.

AFSA will then process the documentation and update the National Personal Insolvency Index stating that you have successfully completed and satisfied the terms of your insolvency agreement.

AFSA will also provide a certificate of completion.

Once the certificate of completion is issued by AFSA you will be officially debt free.

How do my creditors get their money and what are dividends?

The administrator of your insolvency agreement is responsible for admitting claim as submitted by your creditors and paying frequent dividends to your creditors. Most insolvency agreements stipulate that dividends will be paid on a quarterly basis.

What about my credit rating?

Your credit rating will most likely be effected for up to 7 years from the date that you enter into the insolvency agreement, however, once you have successfully completed your insolvency agreement a notion on your credit file should appear stating that you have successfully completed fully complied with the insolvency agreement.

Please note that you cannot apply for credit until your insolvency agreement has been successfully completed. If you apply for credit beforehand you will commit an offence under the Bankruptcy Act which could lead to prosecution.

If you apply for new credit after you have successfully completed your insolvency agreement you may need to provide a copy of your certificate of completion from AFSA.