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A debt agreement is one way of managing your debts. This will require the co-operation of the persons to whom you owe money. The debt agreement is a negotiated arrangement whereby all parties re-assess liabilities in respect to the debt and its repayments for a period of time and under certain terms. This may be useful if you need some time before you are back in a position to service your outstanding accounts. The debt agreement can involve the freezing of interest rates and the reduction of the quantum of repayments. Entry into a debt agreement is not the same as becoming bankrupt and provides far greater flexibility to the debtor. The practical effect of this may be that harassing phone calls from debt collectors will stop and your property will be secured. A person can apply for a negotiated debt agreement if:

  • They are insolvent, which means they cannot pay bills as they become payable;
  • Your after-tax income is at a particular threshold; and
  • The total unsecured debt is at a certain threshold.

The debt agreement and its proposal are registered on the National Personal Insolvency Index. Nevertheless, debt agreements are unfortunately unavailable to a debtor if he or she has been bankrupt or completed an authority under Part X of the Bankruptcy Act over the past ten years.

Navado Lawyers and Solicitors can assist in providing legal advice relating to the drafting of a debt agreement, drafting the debt agreement itself and providing representation for any negotiation process with unsecured creditors.

Another avenue that a debtor may contemplate is to aggregate multiple debts into one so that it may be easier to service a cumulative debt. There are certain advantages to debt consolidation; for more information, see our “Debt Consolidation” section.

If you believe that you require legal advice in relation to a Debt Agreement, you may wish to contact our Sydney Debt Agreement Lawyers. We can provide you with legal advice at affordable and very often for reasonable fixed legal fees. Please do not hesitate contact us by telelphone on (02) 9233 4048 or email to to make an appointment at our head office in Syndey CBD. Alternatively, we may see you in one of our branch offices. Please peruse our "Locations" tab for a complete list of our branch offices.

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This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.

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