Steps to completing set-up Debt Agreement (DA)
- Ask any questions that you may have to ensure that a Debt Agreement is the right solution for you. (week 1)
- Review the Professional Services agreement (PSA) we send you. (week 1)
- You commence making your payments to us under the PSA above. (week 1 to week 10)
- You should stop all direct debits that you may have in place for the unsecured debt/s that are forming part of the DA. You may need to open a new bank account and get your pay put into the new account to achieve this. (week 1)
- You sign the Government Prescribed Information [Stage 1] (week 1)
- We contact any of your creditors who are harassing you and get them off your back as well as getting from them any details/information you may not have. (week 1 to week 4)
- We gather the information and supporting documents from you so that the DA proposal can be prepared. (week 1 to week 4)
- You sign the Government Prescribed Information [Stage 2 – this must be signed before you can sign the DA proposal] (week 5)
- The DA proposal may now be signed as long as at least 1 full working day has passed since the Stage 2 Government information (above) has been signed. (week 5)
- DA is filed with the Government who will take up to 4 days to process it and put it into voting [voting is a 5 week period] (week 6)
- Government advises everyone of the voting result (week 11)
- (Upon Approval) You start paying the 156 or 260 weeks (5 years) of DA payments into the trust account (week 12).
The above timelines are approximate. Hold-ups beyond our control, which includes you not responding when required will cause the process to be longer.
100% informed
We want you to be 100% informed of the process and everything involved.
Contact the licensed Administrator, Keith Dorahy, direct on 0421 866 422 with any question or query.
