What happens next?

Once your creditors accept the proposal and you conclude your obligations under the debt agreement, you are released from liability for your debts. The release under the debt agreement does not apply to anyone who was jointly liable with you for your debt, or a guarantor of the debt. Nor does it affect the rights of a secured creditor to deal with the security on your secured debts.

After a debt agreement is put in place you must comply with it. A debt agreement ends when all your obligations under the agreement have been discharged.

An agreement may be varied at the request of the debtor or creditors, if accepted by a majority of creditors with 75% of the value of debts.