The first relevant date is the processing date, the date on which AFSA accepts your debt contract for processing and sends it to the creditors who will be put to the vote. 35 days from that date or 42 days, when the proposed debt contract is processed in December, is the last day of the vote. This date is called the deadline. No no. It is your creditors who decide whether to accept or reject your proposal. However, as a debtor, it is your responsibility to abstain completely and completely from your financial situation; submit your best offer and commit to respecting the terms of the proposal. Bankruptcy usually lasts only 3 years (although it can be increased to 5 or 8 years in certain circumstances) and you only have to pay income contributions (payments on your debt) if you exceed a certain threshold (see www.afsa.gov.au and select the current amounts). If you want to keep control of your finances, the best thing you can do is organize some kind of budget for your budget. If you keep an eye on your money and debt, you know your limits and avoid committing yourself. There are many useful apps that you can download to your phone to help you keep an overview of expenses. During the voting period, creditors may not demand payment of the debt against you or your property, but may initiate or sue for a judgment.

The judgment cannot be carried out without the leave of the Court. With a debt contract, your creditors agree to accept a sum of money that you can afford. You pay this over a certain period of time to pay off your debts. Many lenders can only accept your application if you have been released from the debt agreement for up to two years. You can borrow up to 80% of LVR (value of the property) if you have been in the contract for at least 12 months and have made perfect repayments in the last six months. Banks want to see how much you can manage your debts before they lend you money. This is why a lack of activity on your credit file could lead them to deny you a new credit. To help him along the way, apply for a small loan through a legitimate lender. Make sure you can pay the refunds and you are not going towards a payday or a cash lender.

By maintaining the repayments of this small loan, you show lenders that you are able to manage your money and, after 6 months, your score should have improved markedly. You are now able to apply for a larger credit. B for example a home loan, at a normal rate. We are happy to confirm that you qualify. Fill in your contact information and we`ll contact the next steps to get you out of debt. A person or organization called a debt agreement manager would help you propose the agreement and then distribute your repayments to your creditors.