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David HillChief Operating Officer
0403 037 664
Simplify Financial Stress With a Debt Agreement
Debt agreements are a flexible, legally binding arrangement between you and your creditors, designed for individuals unable to meet their debt obligations. It consolidates your debts into a single, affordable repayment plan, offering relief while avoiding the long-term consequences of bankruptcy.
If you’re struggling with persistent creditor demands, overdue payments, or financial uncertainty, a debt agreement in Australia could provide the breathing room you need to move forward. Our nimble, expert team helps you assess your situation and put a plan in place that works for you.
Benefits of a Debt Agreement in Australia
A debt contract offers several key benefits, making it an effective solution for managing financial challenges. It reduces stress by consolidating multiple obligations into one manageable repayment plan, ensuring a simpler and more organised approach.
Additionally, it provides asset protection, helping you avoid losing personal belongings or property. With legal protection in place, creditors are prohibited from pursuing further action, giving you the breathing room to focus on recovery. The repayment terms are tailored to your financial capacity, ensuring affordability and setting you on a sustainable path toward financial stability.
How Mackay Goodwin Can Help
At Mackay Goodwin, we bring decades of expertise, understanding the ins and outs of what a debt agreement is. Here’s why we’re the trusted choice:
Proven Expertise
Our team includes qualified insolvency professionals and ASIC-registered practitioners. We’ve helped thousands of Australians regain control of their finances through effective debt agreements, company restructures and other tailored solutions.
Tailored Advice
We understand that every situation is unique. By taking the time to assess your financial position, we develop a debt agreementthat aligns with your needs and goals.
Comprehensive Support
Beyond debt agreements, we offer support with related services like corporate debt restructuring, small business restructure , and voluntary administration, giving you a complete suite of options to improve your financial outlook.
Action-Oriented Approach
We prioritise clear, decisive action to reduce financial stress and get you back on track as quickly as possible.
Debt Contracts vs. Bankruptcy: Key Differences
While both options provide relief from debt, a debt agreement offers a more flexible and less intrusive solution compared to bankruptcy. Here’s how they differ:
- Flexibility: Debt agreements allow you to retain control of your assets and financial decisions.
- Credit Impact: Bankruptcy has a more significant and longer-lasting impact on your credit score.
- Legal Protection: Both options stop creditors from taking further action, but debt agreements are less disruptive to your daily life.
If you’re unsure which option is best for you, our team can guide you through the decision-making process.
Solving Financial Challenges With a Debt Agreement
What do debt agreements solve? Debt agreements in Australia are particularly effective for addressing common financial challenges such as:
- Overwhelming Debt: Simplify multiple obligations into one affordable repayment plan.
- Creditor Demands: Stop legal action and regain peace of mind.
- Cash Flow Problems: Free up your budget to cover essential expenses.
Whether you’re facing unpaid bills, persistent demands, or financial uncertainty, a debt contract can provide the relief you need to rebuild.
Experience a flexible pathway to settling your debt.
Entering into a debt agreement allows you to repay your creditor/s with one repayment that is affordable to your financial situation. The interest free pathway can vary from a three to five year period whilst repaying a percentage of your total debt to creditors.
1. Get in contact
Send an enquiry or give us a call. We will assess your current financial status and provide you with expert advice on how we will settle your debts.
2. We work with you
We begin to act on your behalf providing a debt agreement is the appropriate pathway for you. Our team will submit all paperwork and checks for you. Whilst we negotiate an affordable repayment to your creditors.
3. One repayment
You will make one affordable repayment to your creditors, bringing you one step closer to financial freedom.
Why Act Now?
Acting early can significantly improve your financial outlook. A debt contract allows you to address challenges before they escalate, preserving your assets and protecting your future. By contacting Mackay Goodwin sooner, you’ll have more options and avoid more drastic measures like bankruptcy or liquidation.
Taking timely action also reduces stress by preventing further legal action from creditors. With Mackay Goodwin by your side, you’ll regain control of your financial situation and move forward with confidence.
Next Steps: Secure Your Financial Future
Take the first step toward financial freedom today. A debt agreement could be the solution you need to regain control and move forward. Contact Mackay Goodwin for a free consultation, and let our experienced team help you create a path to stability and success.
Don’t let financial stress hold you back. The right support at the right time can make all the difference.
Reach out to us today and take control of your future.
FAQs
What is a debt agreement, and who is it for?
A debt agreement is a legally binding arrangement between you and your creditors to repay a portion of your debts based on your capacity. It’s designed for individuals facing unmanageable debts who want an alternative to bankruptcy. You must meet specific eligibility criteria, including income and debt limits.
How long does a debt agreement take to implement?
The process of setting up a debt agreement in Australia typically takes 4–6 weeks. This includes assessing your financial situation, preparing the proposal, and gaining creditor approval. Once approved, repayments follow a structured schedule, providing immediate relief and long-term financial management.
Does a debt contract stop creditor harassment?
Once a debt agreement is in place, creditors are legally prohibited from pursuing further action. This includes phone calls, letters, or legal proceedings. The agreement provides breathing room for individuals to focus on repayments and regain financial stability without external pressures.
How does a debt agreement impact your credit rating?
A debt agreement is listed on your credit file for five years or longer if the agreement is not completed within that time. While it impacts your credit rating, it is less severe than bankruptcy, making it a more viable option for individuals seeking manageable financial solutions.
Get in touch
Speak to one of our experts now for a free consultation. Enter your details below or call 1300 750 599.