A Personal Insolvency Agreement is an agreement for people whose income and or debts are above the statutory thresholds that are set by the government from time to time.
We recently helped a couple (Amanda & David) solve their debt crisis be setting up and administering a Personal Insolvency Agreement for them.
Their problems started when David lost his job. For around 12 months he could only find casual and part time work. By the time he was able to find full time work again, they had fallen way behind in their debt repayments and they feared that bankruptcy was their only option.
After explaining the differences between Bankruptcy and a Personal Insolvency Agreement Amanda and David chose to proceed with a Personal Insolvency Agreement.
We were able to set up a Personal Insolvency Agreement for Amanda and David within 6 weeks of them contacting us for help and now the agreement has saved them from having to sell their house.  They also enjoyed a reduction on the amount of debt outstanding.
If you have been struggling with debt give us a call at Debt Free Australia for an obligation free assessment. Call today on our toll free line on 1800 462 767.