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What's the Difference

What Is The Difference Between Debt Agreement, Personal Insolvency Agreement, Bankruptcy?

Find out the difference

Icon of handshake, depicting Debt Agreements.

Debt Agreement

Icon of a Personal Insolvency Agreement.

Personal Insolvency Agreement

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Will it stop further enforcement action from my creditors? YES YES YES
Will the interest on my debts stop? YES YES YES
Will my creditors be forced to write off debt I can’t afford to repay? YES YES YES
Will it stop my creditors from calling & chasing me? YES YES YES
Will it bind all creditors into the arrangement? YES YES YES
Will I be able to buy any assets whilst subject to the arrangement? YES YES NO
Will the repayments be affordable? YES YES POSSIBLY NOT
Will there a review of my income whilst I am in the arrangement? NO NO YES
How long will the arrangement take? 3 – 5 YEARS 3 – 5 YEARS 3 – 8 YEARS
Can I keep my house? YES YES NO
Will I be able to travel overseas? YES YES NOT WITHOUT PERMISSION
Will I be able to act as a company director? YES NO NO
Will it be recorded on my credit file? YES YES YES
Will it avoid the stigma of bankruptcy? YES YES NO
Do the people providing the service need to be licensed? YES YES YES
Will it affect my job? NO POSSIBLY POSSIBLY

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Australian External Dispute Resolution Scheme:

Financial Ombudsman Service Limited
GPO Box 3
Melbourne VIC 3001
Phone: 1800 931 678 (free call)