In both cases, you first try to enter into informal agreements with your creditors and ensure that you understand the consequences of entering into a debt contract and the risks involved in not entering into them. You should also note that you will have difficulty getting credit or refinancing once you are in a debt contract. Always seek advice from an independent financial advisor first. Before you compete or consider a debt contract, you should explore your other options for managing uncontrollable debt. Depending on your financial situation, the agreement of a debt contract may be unavoidable. If we have completed a full financial analysis and come to this conclusion, we can help you conclude a formal debt contract. In fact, we can manage everything to make your life less stressful than it already is if you wish. You will be able: You will have placed a standard against your name for seven years of lime as you submit your debt contract. The debt contract will last between 3 and 5 years, which means that when you finish the payment, you will probably have an additional two to four years during which you still have the default in your credit file. Creditors are contacted in writing by AFSA and invited to vote either in favour of supporting or rejecting your proposed debt contract. You are also asked to provide the amount of outstanding your account, to indicate whether the account is secure or unsecured, if your account is common or if there is a guarantor, or if you have other debts to that creditor. When your debt contract is concluded, your unsecured debts will be frozen. This means that when the debt contract comes into effect, no interest or fees can be collected on your unsecured debts.
This allows you to pay off your debts over a fixed period of up to 3 or 5 years, through weekly repayments depending on accessibility. After successfully concluding the terms of the debt agreement, you will be released from any unsecured debt included in the agreement. Ordering your debt at a longer time at a more affordable interest rate, if your assets are secured by a debt contract, is a decisive advantage over bankruptcy. It allows you to stay in your home (and keep your car) while solving your debt problems, allowing you to make the freedom to make a change for the better. Your access to financial products is severely restricted and you do not have easy access to credit If the proposal is accepted by creditors, it is the debtor`s manager who is responsible: a debt contract (also known as a Part IX debt agreement) is a formal way to settle most debts without going bankrupt.
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