Part Nine Agreement

Discussion in 'Articles & Tutorials' started by russ_brunson, Feb 27, 2011.

  1. russ_brunson

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    Sep 12, 2010
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    What is a Part 9 Agreement?

    A "Part 9" is another name for a debt agreement. As you may know, a part 9 debt agreement is a great alternative to going bankrupt and offers a flexible solution that allows the borrower to negotiate a structure of periodic payments out of your salary which is set at a level that you can afford. This is a process whereby you can enter into a legally binding arrangement with your creditor or creditors concerning the payment of the money owed to them.

    Part 9 debt agreements are one of the primary services offered by Santoro & Co which will help you deal with your debts. Sydney based Santoro & Co. is a tax, insolvency and accounting practice firm which has over twenty years of experience of servicing both business and individuals.

    Part Nine agreements are so called because such debt agreements are regulated by Part 9 of the Bankruptcy Act in Australia. We will assist you to work out a debt agreement that you will discover relatively easy to pay off. These debt agreements usually require you to pay the amount off within 3 to 5 years. In addition, you are likely to be protected from any creditor enforcement action since all your creditors will be legally bound by its terms once it is approved. Creditors will not be able to increase the rate of interest they charge at a later date or insist that the debt be paid off immediately.

    Santoro & Co has a team of business advisors who will help you work out a Part 9 debt agreement based upon your current income and expenditure. Get in touch with us for more information regarding our services.

    Part ix debt agreement

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