You must disclose all your debts, secure and unsecured, all rental agreements, rent purchases and all rents. A debt agreement will only deal with demonstrable unsecured debt. No no. It is your creditors who decide whether to accept or reject your proposal. However, as a debtor, it is your responsibility to abstain completely and completely from your financial situation; submit your best offer and commit to respecting the terms of the proposal. If the proposed debt agreement is adopted by the creditors, you must respect the agreement and ensure that it is concluded on the date indicated in the proposal. All unsecured creditors have the right to vote. A secured creditor can only vote for an unsecured portion of its debt. For example, if you have a guaranteed loan for a car for which you owe $24,500 and your car is valued at $19,000, the secured creditor has the right to vote on the unsecured portion of that debt. In this example, it is $5,500.
This is due to the fact that the value of your car is less than the amount you owe and that this part or lower amount is considered an unsecured debt. Only demonstrable unsecured debts, such as medical bills, memory cards, credit cards and some private loans, can be included. 2.7.10 An applicant must demonstrate knowledge of a director`s obligations in order to respond in a timely manner to reasonable requests from creditors regarding the status of individual agreements; and respond in a timely manner to appropriate requests for information from debtors. These formal options can free you from debt, but they have serious long-term consequences. You may influence your career and your ability to obtain loans or credits in the future. A debt contract usually stays in your credit file for at least five years from the beginning of the contract. In some cases, this may take longer and affect your ability to get credit. 2.7.14 A registered trustee entitled to compensation must indicate this remuneration as a percentage of the total amount the debtor must pay for supporting claims and must receive compensation in proportion to the duration of the agreement.
This is part of the trustee`s obligation to manage the debtor`s assets in accordance with the terms of the agreement. 2.3 When an applicant is a business, the inspector general must agree to the application because he is satisfied that the applicant passes the basic aptitude test and is able to perform the duties of debtor contract manager satisfactorily. The registration of a company as a manager is conditional on the condition that any person who assumes overall responsibility for the management of the activities of the company`s debt contract is a registered debtor contract manager or a registered agent. Therefore, in practice, a person who assumes overall responsibility for the management of the activities of the company`s debt contract and who is not a registered agent must be registered as a manager to allow a company to move to registration. Before you opt for a bankruptcy application or a debt contract, talk to a financial advisor. The AFSA sends each creditor a completed report, copies of the debt contract and a statement of reasons, a request and a voting form. Properly manage and settle money, including payment of money received by debtors under agreements, on the credit of a single paid bank account and keep the accounts, books and records necessary to establish a complete and correct presentation of the management of the debt contract; 2.5.2 An existing director who does not intend to appoint a director in the proposed debt contracts after July 1, 2007 does not need to be registered and may continue to manage existing agreements until July 1, 2007 until they are finalised.