Personal Insolvency Agreement: When to get help

Getting help with personal insolvency agreements is an option that you can definitely save you from the woes of bankruptcy. A personal insolvency agreement (PIA) or Part X allows you the flexibility to pay your debts with creditors without the stress and smear of bankruptcy. However, proposing a personal insolvency agreement is bound by laws and guidelines that you must religiously adhere to. Furthermore, entering into one should mutually protect the interests of both parties. It is, thus, wise to seek help to ensure your interests on the matter.


When to Get Help

1. Advice and Mentoring. Personal insolvency agreement help comes in many forms. Basically, you need personal insolvency help because you are in deep debt. It is difficult to maintain an objective and balanced mind in an exhausting situation. You need advice on how to settle your debts over a prescribed period of time given your capability to pay. Debt Helpline Australia is a division of DCS Group offers free consultation to see if you are eligible to this type of agreement as well as the best options that you can get if you opt for personal insolvency agreement. Their line is also open for free phone consultation.

2. Preparation of Legal Documents. Help with Personal Insolvency Agreements also extends to preparation of legal documents including your proposal. Your proposal might seek for payment of an amount lower than the original loan plus penalties. It will also include assets that you can transfer as payment to creditors. The process will entail legal documents and terminologies that can be explained by experts in this area. You need, most of all, legal experts to draw up the needed documents such as the Statement of Affairs and the agreement itself.

3. Meeting with Creditors. You are going to need personal insolvency agreement help in the form of representation in meetings with creditors. During the meeting, you are going to talk about the period of time you are going to pay your debt, the frequency and the amount of payment. You would feel more confident and comfortable to have an ally with you during these meetings to convince your creditors to accept your proposal. Or an official trustee is delegated to administer the agreement. See more at Debt Helpline

4. Registered Trustee or Official Trustee.  As a basic rule, you can opt for the agreement if your debts exceed $120,000. If your debt is quite considerable, then you need a registered trustee or official trustee to administer the agreement. The trustee will be responsible for distributing your repayments to your creditors as agreed.

The Consequences of Personal Insolvency Agreements

Help with insolvency agreements includes advice on the consequences of personal insolvency agreements. Debt Helpline Australia reminds you that once you enter into this agreement, you will be afforded flexibility in paying your debts. However, the agreement is legally binding. Thus, you must do your obligations stated in the document. The agreement will end once you have complied satisfactorily your obligations. Second, your agreement will be on your record. Although it will show in the future that you have made your payments, you may encounter some problems securing a loan from creditors. It is, however, a better option than filing for a bankruptcy.

Help with personal insolvency agreements is offered by Debt Helpline Australia. Aside from personal insolvency agreements, the company also offers help in debt agreements, debt relief and credit card debt solutions. If you have problems in these areas, the company can offer fast and reliable solutions so you are free from the bondage of debt obligations.

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