The Debt Resolution Agreement serves as a crucial legal instrument in Australian debt management, providing a structured framework for resolving outstanding debts between parties. It is typically used when a debtor seeks to establish formal repayment arrangements with creditors without entering bankruptcy proceedings. This document is essential in situations where parties wish to document their mutual understanding regarding debt resolution, payment terms, and ongoing obligations. The agreement must comply with Australian federal legislation, including the National Consumer Credit Protection Act 2009 and the Bankruptcy Act 1966, and may require registration with relevant authorities depending on the debt amount and circumstances. It includes detailed information about the debt, payment schedule, default provisions, and rights of all parties, making it a comprehensive tool for debt management and resolution.
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1. Parties: Identifies and defines all parties to the agreement, including the debtor, creditor, and any debt administrators or trustees
2. Background: Outlines the context of the debt, including its origin and current status
3. Definitions: Defines key terms used throughout the agreement
4. Acknowledgment of Debt: States the agreed amount of debt and any interest or charges
5. Resolution Terms: Details the agreed payment plan, including amount, frequency, and duration
6. Payment Method: Specifies how payments will be made and processed
7. Default Provisions: Outlines what constitutes default and its consequences
8. Rights and Obligations: Lists the specific rights and obligations of each party
9. Term and Termination: Specifies the duration of the agreement and conditions for termination
10. Governing Law: Confirms the agreement is governed by Australian law and specifies jurisdiction
11. Execution: Formal signing section including witness requirements
1. Debt Administrator Appointment: Required when a registered debt agreement administrator is involved in managing the agreement
2. Security Provisions: Include when specific assets are provided as security for the debt
3. Third Party Guarantor: Required when a guarantor is providing additional security for the debt
4. Hardship Provisions: Optional provisions for dealing with future financial hardship
5. Early Payment Provisions: Terms for early repayment and any associated benefits or penalties
6. Dispute Resolution: Detailed dispute resolution procedures beyond standard legal remedies
7. Privacy and Confidentiality: Additional privacy terms beyond statutory requirements
1. Schedule 1 - Debt Details: Detailed breakdown of the debt components, including principal, interest, and fees
2. Schedule 2 - Payment Schedule: Detailed payment schedule showing dates, amounts, and payment allocation
3. Schedule 3 - Supporting Documents: List of documents evidencing the original debt
4. Appendix A - Statement of Financial Position: Current financial position of the debtor
5. Appendix B - Direct Debit Authorization: If applicable, direct debit payment authorization forms
6. Appendix C - Consent Forms: Required statutory consent forms and declarations
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