Debt

Is It Possible to Get a Loan After a Part 9 Debt Agreement?

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A Part 9 Debt Agreement offers an alternative to bankruptcy, which often has lasting implications, and the Part 9 Debt Agreement is not actually a loan, rather it is a formal agreement between a borrower and their creditors, in which a set amount of monthly repayments is agreed upon. Once the agreement is in place, all interest payments are frozen, which means your debt will not grow due to interest.

 

What is a Part 9 Debt Agreement?

The Part 9 Debt Agreement is an ideal solution for a person who cannot get a debt consolidation loan, yet they wish to repay their debts, and you can find Part 9 Debt Agreement information online from an established loan provider.

 

Obtaining a Loan With a Part 9 Debt Agreement

Most people automatically assume that they are not able to take out a loan if they have a Part 9 Debt Agreement, yet there are online loan providers who can help a person with a Part 9 Debt Agreement obtain a loan. There are not that many loan providers who will consider a loan application from a person who is currently in a Part 9 Debt Agreement, but with a Google search, you can find one of Australia’s leading online loan providers who might be able to help. It is important to understand that a Part 9 Debt Agreement is not a loan, rather it is an agreed timeframe for the borrower to repay their debts, and with all parties concerned signing the agreement, it is a legally binding document.

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Drawing Up a Part 9 Debt Agreement

The agreement is a legally binding document that outlines the borrower’s proposal to repay the debt, and this agreement would be signed by all creditors. There are online loan providers who can help you to put together the Part 9 Debt Agreement, and in most cases the creditors are prepared to freeze the interest to help the borrower clear their debt. If you find it difficult to save money, there are some tips on how to manage your finances, which might prove to be helpful.

 

 

Debt Free

Once the Part 9 Debt Agreement has been completed, it will no longer be a mark on your credit score, which would make applying for any loan a lot easier. There are online loan providers who have helped thousands of citizens to enter into a Part 9 Debt Agreement with their creditors, which is a much better alternative to bankruptcy.

 

The Advantages of a Part 9 Debt Agreement

There are many benefits for the borrower if they have a Part 9 Debt Agreement, such as:

 

  • All interest payments are frozen from the start of the agreement.
  • Providing you adhere to the terms and conditions of the agreement, your creditors cannot take steps to force you to pay more than the agreed amount.
  • Any assets cannot be confiscated.

 

A Part 9 Debt Agreement might be the best way for you to repay your debts, and by discussing your circumstances with a financial expert, you will find out whether or not a Part 9 Debt Agreement is the best way forward.

A Part 9 Debt Agreement might be the best way for you to repay your debts, and by discussing your circumstances with a financial expert, you will find out whether or not a Part 9 Debt Agreement is the best way forward.

 

 

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