For more information about our personal credits using Part 9, call us or visit our website. Take the ball by calling us on 1300 351 008 or fill out our online form and we give you a free debt assessment. No no. A partial debt contract has a negative impact on your credit history, just as a bankruptcy can do. A registration of your debt contract is posted for five years, including the registration of your outstanding or cancelled debts. This can make borrowing extremely difficult for people in this situation. You also have to prove that, according to the agreement, you have made all your rents on time, that you yourself have saved some money and that you no longer have credit problems. If you are unable to meet your debts, you may want to consider bankruptcy or an alternative to bankruptcy called the “debt agreement.” These are formal legal options that are available under the Bankruptcy Act 1966. Once you have been released from your debt contract, it will remain in your credit file for five years and you will need to indicate your DA if you are applying for financing.
Even if you have your debt contract, consumer banks will generally reject your financing application because of your previous credit history. This, where non-bank lenders, can help to specialize in the help you get to get a loan if you have previously been rejected by other banks. In addition, some of our lenders may review your application if you are discharged after one day of Part 9 debt contract. The reason must be substantial enough to justify the agreement – as a serious illness. AFSA will process your proposal after assessing it, verifying your eligibility and finding that all documents are complete. AFSA writes to your creditors and advises you to have proposed a debt contract and provides them with a copy of your proposal and explanatory statement. There is nothing to prevent you from applying for a loan or credit card while you have a debt contract, but you may not have the success you hope for. A Part IX debt contract is a formalized and legally binding agreement between you and your creditors to repay debts.