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Who is qualified to help me with debt problems?

By Administrator 01 September, 2016

If you have unmanageable debt and need to settle it with an insolvency arrangement, you need the assistance of a qualified professional. To begin with, you will want someone with plenty of experience dealing with creditors and a background in accounting. In addition, there are some minimum qualifications that need to be held in order for a company to be able to administer a formal debt solution for you.

Debt Agreement

If you wish to enter into a Debt Agreement, you will need the services of a Registered Debt Agreement Administrator (link to http://www.debtfreeaustralia.com.au/what-is-a-registered-debt-agreement-administrator/). In order to become a Debt Agreement Administrator one needs to hold, at the bare minimum, a Certificate IV in Accounting. They must apply with ITSA for the title and undergo a police check, and show that they are capable of carrying out such duties as:

  • Ensuring that debt agreement proposal documents provided to ITSA are correct
  • Responding in a timely manner to requests from creditors for information
  • Ensuring creditors are informed about defaults
  • Paying out all monies received from a debtor under an agreement
  • Keeping thorough accounts, books and records

 

Personal Insolvency Agreement or Bankruptcy

Both a Personal Insolvency Agreement and Bankruptcy require a Registered Trustee (link to http:// http://debtfreeaustralia.com.au/what-is-a-registered-bankruptcy-trustee/) to administer them. The process of becoming a Registered Trustee is decidedly more difficult than that of becoming a Debt Agreement Administrator. One must have tertiary qualifications in both accounting and commercial law and submit an application that contains two referee reports confirming their knowledge and abilities, as well as have relevant employment history and a demonstrated ability to be able to perform the functions of a Registered Trustee. This application is lodged with the Inspector-General in Bankruptcy, who then convenes a committee to consider the application. More information on the role and responsibilities of a Registered Trustee can be found here (http://www. Debtfreeaustralia.com.au/understand-the-role-of-a-trustee-in-bankruptcy.html).

If you require a formal debt solution it is extremely beneficial for you to know what sort of qualifications the company heads hold, because that will determine exactly what they are able to do to help you. Due to the difficult process of becoming a Registered Trustee, many companies will only have a Debt Agreement Administrator. What this means for you is that if you need a Personal Insolvency Agreement or a Bankruptcy, some companies might actually charge you for doing a small amount of work and then pass you over to another company who has a Registered Trustee on site. Some companies may even try to push you towards a solution that is not in your best interest because they would rather retain your business.

Here at Debt Free Australia we have the privilege of having both a Debt Agreement Administrator and Registered Trustee running the company, which means that no matter what your individual circumstances and needs, we will be able to help you. And we will do so from beginning to end, without passing you over from one company to another. For genuinely impartial advice on all of your formal debt solution options, call us today on 1800 676 598.