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  1. #1
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    Default Financial hardship...anyone done a part 9 agreement

    I'm asking on behalf of a friend who is having a tough time financially. How exactly does it work. Who is the best company to apply for a part 9 agreement?? Any help or information would be greatly appreciated.

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    How much debt is she in? After seeing a Part 9 in action, I wouldn't go that way personally. In that situation, there was more asserts than debt, but the creditor assigned sold everything cheap and left someone close to me in a huge hole. Once the process started, they lost all control and the creditor didn't understand the industry (it was a business) so they were royally screwed.

    If it's a large amount personally I'd just go bankrupt. It's not as bad as people think and can help you get back in your feet as the debts are gone and you're not trying to pay people when you don't have the funds to do it.

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    I did a part 9 about six years ago with fox symes ..I was in debt about 13 grand , mostly credit cards and a personal loan .. They took over and negotiated with the people I owed money too , nothing of mine was sold including my car ... I rent ... Now not only am I not in debt it taught me how to save .. I'm way better off .. As far as I know it does affect your credit untill you pay it off .. Then it just says on your file you had one and paid it .. In my situation it was a god send .. Since then I now have a car loan of 12000 and a small credit card .. 2500 for emergencies .. So it def hasn't affected my credit that's for sure .. I also now have a great savings account .. It might be different if you own a house I'm not sure

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    Depending on the size of the debt. ..and her income. .a debt agreement may not be best option. I suggest that she get free advice on it. There's actually a great debt help group called christians against poverty. They are like fox symes etc but just a charity. They will look at income and debt and negotiate with creditors etc. And let you know what the best options are.

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    Lots of welfare agencies help too.

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    Find a financial counsellor in your area. They are free. Try the fcan website for financial counsellors close to you. Don't do anything without seeing someone first. MoneySmart also have info on financial counselling.

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    Default I work in hardship

    I work in a bank and I would get your friend to go to a charity such as money smart https://www.moneysmart.gov.au/managing-your-money/managing-debts/financial-counselling/find-a-financial-counsellor this link will help her find one closest and she can see if they can negotiate with the creditors on her behalf. They do wonderful things and are volunteers they really want to help people.

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    I personally don't think bankruptcy is an equitable solution to debt problems. you've racked up the debt, you pay it back. how is it fair to your creditors to not repay what you owe?

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    Default Financial hardship...anyone done a part 9 agreement

    Quote Originally Posted by turquoisecoast View Post
    I personally don't think bankruptcy is an equitable solution to debt problems. you've racked up the debt, you pay it back. how is it fair to your creditors to not repay what you owe?
    A bit harsh? A part 9 is a step before bankruptcy. But it is an act of bankruptcy. At least in a part 9 the creditors get their money, or the majority of it. It's an agreement.
    Last edited by preggasaurus; 21-04-2016 at 22:15.

  10. The Following User Says Thank You to preggasaurus For This Useful Post:

    Ngaiz  (21-04-2016)

  11. #10
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    Quote Originally Posted by turquoisecoast View Post
    I personally don't think bankruptcy is an equitable solution to debt problems. you've racked up the debt, you pay it back. how is it fair to your creditors to not repay what you owe?
    Unless you've been faced with it perhaps you shouldn't render an opinion. Things can change so quickly in life that you cannot imagine happening.
    People are seeking help not judgement.

  12. The Following 3 Users Say Thank You to Tamtam For This Useful Post:

    Best Things  (22-04-2016),crt22  (22-04-2016),Ngaiz  (21-04-2016)


 

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