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Here’s the deal on Informal Debt Agreements - and why they could be risky
So, what exactly are
Informal Debt Agreements?
Alright, picture this: You’re struggling to pay debts, so you reach out to a company to negotiate with your creditors on your behalf to a payment plan.
Sounds simple, right? Well, it may not be that simple.
These payment plans or informal debt agreements come at a cost and there may be serious risks you need to be aware of, so you’re protected under Australian law.
Let’s talk about the risks
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Feeble agreement: There’s no guarantee that all your creditors will agree to your offer and if you miss a single payment the whole thing may come crashing down like a stack of cards.
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Huge fees: Some debt management firms will charge you a massive up-front fee before any agreement is in place. It’s important to recognise the risk that you might pay a massive fee before any payment plan / agreement is made potentially putting you further in debt.
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Uncertainty: Your creditors are not compelled to agree to anything. That uncertainty (on top of struggling to pay debt), only adds to anxiety.
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Untrustworthy advisors: If you need debt help or information about debt consolidation, you may come across unregulated, unlicensed advisors. Some advisors provide untrustworthy advice, purposely targeting vulnerable people in times of financial crisis and pressure.
What are the warning signs?
Untrustworthy advice comes in many forms and some common red
flags include:
- Creating an unnecessary sense of urgency.
- Charging a huge fee before any work is done.
- Giving false or misleading statements about your rights.
- Suggesting that an informal debt agreement / payment plan won’t affect your credit.
- rating.
- Promising outcomes that seem too good to be true.
- Unregulated.
There’s a safer way to handle this
At Debt Fix, we believe in giving you solid, reliable options that:
- Come with legal protection: No more worrying about creditors changing their minds.
- Provide real relief: Solutions that last, so you can breathe easier.
- No fix, no pay: Debt Fix has “No Fix, No Pay” performance guarantee.
- Protect your future: We’re talking about your financial peace of mind here.
- Regulated: It’s important to know where to go for help that you can trust. Debt Fix is regulated which means that when you speak with Debt Fix, your interests are put first and you will be given options which will help you make the right decisions for your situation.
You’ve got this - and we’re here to help you
Let’s be real: debt can feel like a mountain. But here’s the good news - you don’t have to climb it alone. Since 2005, we’ve helped thousands of Aussies take control of their finances with solutions that actually work.
You deserve to feel secure and confident about your future. Let’s take that first step together.
