Similar to a Debt Agreement, a Personal Insolvency Agreement consolidates all of your debts into a single package. Under a Personal Insolvency Agreement, any interest on the debt is frozen, and the amount you repay is based on what you can afford with the remainder being written off. Also, creditors cannot contact you or take any legal action against you once the Personal Insolvency Agreement is in place.
Personal Insolvency Agreements are ideal for individuals who don’t meet the criteria for a Debt Agreement and don’t want to consider the prospect of bankruptcy. Personal Insolvency Agreements have no upper limits on income, debts, or assets, making them ideal for high-income earners.
What is the Personal Insolvency Agreement process?
Beyond Debt assess your financial situation to identify what you can afford to repay
You engage Beyond Debt to act on your behalf
Beyond Debt conducts credit checks, property valuations and contacts all of your creditors
The Personal Insovency Agreement documents will be drawn up.
Once the Personal Insolvency Agreement is drawn up, a meeting of creditors is called, where relevant parties are invited to vote on the agreement. The terms of the Personal Insolvency Agreement become legally binding.
Please note, Personal Insolvency Agreements are designed for individuals who do not meet the criteria for a Debt Agreement. This means that you must have debts exceeding $83,647.20, income exceeding $62,735.40 per-year or assets exceeding $83,647.20
If you don’t meet the above criteria, you might want to consider a Debt Agreement or one of the options listed on our Debt Solutions page.
NB: Personal Insolvency Agreements are administered by Trustees. Beyond Debt outsources the Administration.
Personal Insolvency Agreement
What is a Personal Insolvency Agreement?
Similar to a Debt Agreement, a Personal Insolvency Agreement consolidates all of your debts into a single package. Under a Personal Insolvency Agreement, any interest on the debt is frozen, and the amount you repay is based on what you can afford with the remainder being written off. Also, creditors cannot contact you or take any legal action against you once the Personal Insolvency Agreement is in place.
Personal Insolvency Agreements are ideal for individuals who don’t meet the criteria for a Debt Agreement and don’t want to consider the prospect of bankruptcy. Personal Insolvency Agreements have no upper limits on income, debts, or assets, making them ideal for high-income earners.
What is the Personal Insolvency Agreement process?
Please note, Personal Insolvency Agreements are designed for individuals who do not meet the criteria for a Debt Agreement. This means that you must have debts exceeding $83,647.20, income exceeding $62,735.40 per-year or assets exceeding $83,647.20
If you don’t meet the above criteria, you might want to consider a Debt Agreement or one of the options listed on our Debt Solutions page.
NB: Personal Insolvency Agreements are administered by Trustees. Beyond Debt outsources the Administration.