Difference Between Part Ix And Part X Debt Agreement

Yes. If you find that you cannot honor the payments of your debt contract because your circumstances have changed (for example. B if you have lost your job or if your expenses have increased), inform your debt manager immediately. You can request a variation with AFSA. Your creditors can also request a change. If your creditors vote to reject your debt agreement, you may be able to submit another proposal. The new proposal will depend on the reasons for the rejection of the proposal and the possibility of reaching an alternative agreement with your creditors. However, once the proposal has been rejected, the debt will be revived and your creditors will be able to resume their collection activities against you. If no proper agreement can be reached with your creditors, you should consider alternatives such as bankruptcy.

Both Part 9 and Part 10 of debt agreements are ways to manage debt, and both are a step before filing for bankruptcy. However, they are subject to different eligibility conditions, conditions and consequences. A debt agreement will help you deal with insurmountable debt. It will freeze your detectable debts (and interest) and allow you to repay that debt in an affordable and convenient way over a long period of time. Bankruptcy is the formal process that explains why you are not able to pay your debts. There are other debt relief solutions available to you, depending on your circumstances. You may also want to consider; The contract terminates if the debtor fully meets the requirements of the deed and the funds distributed in the form of dividends.