Debt Agreements

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Commonly Asked Questions about Debt Agreements

What happens after part 9 of the debt agreement?

Your Part 9 Debt Agreement will be removed from your credit file and your name removed from the NPII after 5 years. This leaves you with a clean slate to rebuild your finances. Immediately after your Part 9 Debt Agreement discharge, you might find your credit score to be quite low.

How does a debt agreement work?

A debt agreement will release you from most unsecured debt when you complete all your obligations and payments. Secured creditors however may seize and sell any assets (e.g. house) which you have offered as security for credit if you are behind in your payments.

What are the 4 types of debt?

Different types of debt include secured and unsecured, or revolving and installment. Debt categories can also include mortgages, credit card lines of credit, student loans, auto loans, and personal loans.

Can you get a loan with a debt agreement?

You can apply for a home loan and buy a house when you are under a debt agreement, but it may be difficult to get approval. Lenders consider a debt agreement as an act of bankruptcy that shows youve had problems previously paying back loans, making you a higher risk applicant.

What happens if I dont pay my debt agreement?

Creditors can commence or continue recovery for the payment of debts that you owe (including interest). Creditors can apply to make you bankrupt through court.

Can I get out of a debt agreement?

If your circumstances change and you want to end the agreement, talk to your debt agreement administrator about a termination proposal. They need to submit forms with us for your creditors to vote on and if: The majority in value vote yes, the agreement will terminate and you will be liable to pay the debts.

Do debt agreements affect credit scores?

Your agreement appears on your credit report for 5 years from the start date of your agreement. This can sometimes be longer and may affect your ability to obtain credit. For more information regarding your credit report, contact a credit reporting agency.

What is the debt agreement?

A debt agreement is one of two agreement options available. A debt agreement, also known as a Part IX (9), is a legally binding agreement between you and your creditors. A debt agreement can be a flexible way to come to an arrangement to settle debts without becoming bankrupt.