As a registered Debt Agreement Administrator, Debt Busters are authorised to prepare and lodge a debt agreement proposal on your behalf. Debt agreements allow you to make regular repayments based on what you can afford – not what is owed. Plus, we deal with your creditors directly, so you don’t have to worry about that.
How It Works
A debt agreement is a legally binding agreement between you and your creditors. It provides the opportunity to repay one fixed weekly, fortnightly or monthly amount, based on what you can afford – not what is owed. Once your debt agreement is accepted, your creditors agree to freeze the outstanding balance of your included debts and cease any further interest, charges, and fees. In simple terms, it is a formal payment arrangement where creditors agree to clear the remaining balance of the listed debt at the end of the debt agreement. This means you will save considerably when compared to paying the debt in full over the same period of time.
Advantages of a Debt Agreement
A debt agreement can provide much-needed relief if you’re unable to manage your debts. Advantages include:
- Avoid bankruptcy;
- Paying what you can afford, instead of what you owe
- Your debts won’t gain interest
- Unsecured creditors can’t continue to pursue you
