How do you set up a debt agreement?

You need to:
• complete a Statement of Affairs and your debt agreement proposal, and
• acknowledge that you have read and understood the prescribed information outlining your options and the process for each option.
We will send you these documents, within 3 days, once you have sent us your completed questionnaire and made payment.

Please note that payment is designed to cover the costs of printing and mailing you the forms. You can contact or visit the Insolvency and Trustee Service Australia (ITSA) to obtain the forms as an alternative.

If we act on your behalf, we will appoint a debt agreement administrator to deal with the property or funds as specified in the agreement and distribute the funds to creditors.

If you are eligible for a debt agreement, your creditors will receive a summary of the Statement of Affairs and an explanation of your proposal. Creditors indicate their acceptance or rejection by letter or at a meeting. If rejected by creditors, the proposal lapses.