What is a Part 9 Debt Agreement?

A Debt Agreement, commonly referred to as a section 9, is intended to give people an organised and controllable method of handling their overwhelming debts. It enables debtors to provide their creditors a legally binding contract that specifies how they will pay back their debts over a predetermined time frame, such as three or five years. If approved, you pay back Debt Buddy instead of making separate payments to each of your creditors. Your unsecured creditors protected by the agreement are unable to collect the remaining amount you owe once you have finished making the payments and the agreement has expired.