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At CNN Debt we suggest a MINIMUM of $10,000 in unsecured debt, for consolidation to be viable for you.
CNN Debt will assist you with all relevant documentation to prepare a statement of your financial situation and work out payments that best suit you.
Benefits of a debt agreement include:
- You only have one regular payment to make, instead of numerous individual payments
- It allows you to make payments that suit your budget and income
- It consolidates all of your unsecured debts and freezes the interest
- No more creditors or collection agencies harassing you
- No more crippling interest rates
- Removes the stress from repaying you debts
We can help you consolidate all your Unsecured Debt such as:
- Credit Cards
- ATO Debt
- Debt Owed on a Repossessed Car
- Over Payments From Centrelink
- Unsecured Personal Loans
- Old Bills
- Court Action
- Bad Credit Reference
There are certain debt's you can't consolidate, such as:
- Secured Debts (i.e. something that can be repossessed if payments aren't made)
- Current Bills for phone, electricity, etc.
- Current Rent
- Traffic Fines
In 1996 the Government introduced legislation called a Part IX Debt Agreement, which offers people in financial difficulty an alternative to bankruptcy.
A Debt Agreement Proposal is a simple process that allows you to come to a compromise with your creditors, and freezes the interest, for all of your unsecured debt.
Conditions for entering into an agreement include:
- You must not have been bankrupt in the last 10 years
- You must not have entered into a debt agreement in the last 10 years
- Your unsecured debt must not exceed $88,379.20 (indexed)
- Your after tax income does not exceed $66.284.40 (indexed)
- We suggest a minimum of $10,000 in debts, for consolidation to be viable for you