If you are a creditor[?] in a debt agreement, there is some important information you should be aware of. Your rights to pursue payment for a debt may change. You may also be eligible to receive payments as set out in the agreement.
What is a debt agreement?
It is a binding agreement between you and the person who owes you money (the debtor). Both parties agree on a sum of money. These agreements can be a flexible way for people to settle their debts.
A debt agreement administrator[?] manages the agreement. Practising registered debt agreement administrators.
Confirm someone is in a debt agreement
If you want to confirm someone is in a debt agreement, contact the administrator. If you don’t know who that is, ask the person who owes you money for their administrator details.
If you are unable to obtain the administrator details, you may wish to complete a Bankruptcy Register Search.
What happens now?
If you’re an unsecured creditor you must comply with the terms of the agreement. This means you can no longer pursue the debt or add interest once the agreement begins. There are some exceptions.
For more information see: The person is in a debt agreement, can I pursue payment?
Receiving payments in a debt agreement
The debt agreement administrator is responsible for providing payments to creditors. Contact the debt agreement administrator for information about payments.
If the person in the debt agreement doesn’t make a payment for six months, we may terminate the agreement. Once we terminate the debt agreement, you may continue to recover your debt.