All contributions must be made by direct debit or salary deduction. We don’t accept payment by any other method. It is critical that your contributions reach us before the due-date, otherwise you will fall into arrears which will need to be reported to your creditors and could lead to your agreement being terminated.
It is your responsibility to make sure that the payments are made in time and in accordance with the agreement. If you have any concerns regarding this please contact us immediately.
If you own your own home and it was properly disclosed in your proposal, it will be protected under the agreement (assuming you continue to make the required payments).
If you fall into arrears (ie you fail to make payments on time) your agreement may be terminated which could place your home at risk again (ie your creditors could force you into bankruptcy).
Sometimes the agreement provides that you must sell an asset. If your agreement stipulates this requirement, we recommend that you place the asset on the market as soon as practical.
Contact us immediately so we can contact that creditor that continues to call you.
Creditors are not permitted to contact you whilst your agreement is in place.
We have drafted your agreement, so you will have sufficient funds to live comfortably. However, we haven’t allowed sufficient funds which would allow you to:
We strongly recommend that you place your budget on the fridge where you can see it daily so you can regularly review your expenditure. Remember not all items in your budget will be paid each month (like car registration, car insurance, car maintenance etc).
We therefore recommend that you put this money to one-side (or even a separate savings account) so you will have the funds available when you need to access them.
If you need to change your pay date, please contact us immediately. If the funds are not in your account on the due-date you will be charge a dishonour fee and your agreement will fall into arrears.
If there are any changes to your circumstances that could affect your ability to meet your obligations under the insolvency agreement then you should contact us immediately. You should also contact us if you receive any unexpected large payments such as inheritances as these could affect your insolvency agreement.
You should also ensure that you notify us of any address or telephone number changes.
It would have been explained to your during the process of drafting your agreement that is was your obligation and responsibility to inform us about all of your creditors and it is an offence under the Bankruptcy Act not to disclose all creditors. We may need to refer it as offence to the Insolvency Trustee Service Australia for further investigation.
Additional debts may be included in the agreement, however, depending on the value we may need to contact all of your creditors and seek a formal variation to the agreement. The variation would need to be approved by the majority of creditors.
The agreement stipulates when dividends are to be paid. Most dividends are paid quarterly but check your debt agreement proposal.