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Qualification Criteria

A Debtstroyer Agreement is negotiated privately with your creditors, and as such, falls outside the thresholds and restrictions imposed for other debt relief solutions. There are no limits to the income you earn or the value in assets you own, however, there are some guidelines outlining who is better suited for a Debtstroyer Agreement.

Read through the qualifying criteria below. If it sounds as though your situation fits with a Debtstroyer Agreement give us a call on 1300 385 911 .

Debts

There are no set thresholds on the amount of debt you have before you can enter a Debtstroyer Agreement.

However, in order to enter into a Debtstroyer Agreement, you must be experiencing genuine financial hardship through extenuating circumstances. In other words, you must be able to prove you are in a position where you cannot repay your bills through no fault of your own. Some examples of this include:

  • Unexpected and ongoing health and medical issues
  • Financial burdens from a relationship breakdown
  • A permanent loss of income or permanent reduction in income
  • Business/Industry failure
  • Approaching retirement with no ability to repay debts

You are not eligible for a Debtstroyer Agreement if you have come in to financial hardship through mismanagement of funds. Examples include:

  • Gambling or speculation
  • Excessive use of credit
  • Mismanaged budget
  • Wanting to consolidate debts

Income

A Debtstroyer Agreement is negotiated privately with your creditors so your personal information remains confidential. There are no income restrictions to prevent you from entering a Debtstroyer Agreement and the Agreement won’t have any impact on your ability to work.

A Debtstroyer Agreement is particularly suited for people who work in licensed industries where a formal declaration of bankruptcy would limit their ability to work.

However you must be able to maintain the repayment plan you put forward to your creditors for the agreed amount of time.

Assets

There are no restrictions on the assets you own. During a Debtstroyer Agreement you may own property, vehicles, tools and investments.

However, if you have secured debts over these assets, you must maintain the repayments on the debts or your creditors are within their rights to take recovery action on these assets.

Impact on Employment

A Debtstroyer Agreement is negotiated privately with your creditors so your personal information remains confidential. There are no income restriction to enter a Debtstroyer Agreement and the Agreement won’t have any impact on your ability to work.

A Debtstroyer Agreement is particularly suited for people who work in licensed industries where a formal declaration of bankruptcy would limit their ability to work.

History

Your credit history has no bearing over your eligibility to enter a Debtstroyer Agreement. If you have previously been Bankrupt or in a Part 9 Debt agreement, you may still enter a Debtstroyer Agreement.

If you have only recently fallen into financial hardship and your credit file is not yet effected, a Debtstroyer agreement won’t have any negative bearing on your credit score. It is possible to complete a Debtstroyer Agreement and maintain a good credit score.

Your credit score may be impacted by secured creditors or debts which were already behind before you entered the agreement.

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