How long will a debt agreement appear on my credit file and the National Personal Insolvency Index?

·         A debt agreement is an act of Bankruptcy

·         A notation will appear on your credit file for a period of

     Completed debt agreements (all of debt agreement obligations discharged)

-          The period of 5 years that starts on the day on which the agreement is made; or

-          The date the obligations are complete, whichever is later.

    Terminated debt agreements (obligations not discharged)

-          The period of 5 years that starts on the day on which the agreement is made; or

-          2 years from the date of termination, whichever is later

 

    Debt agreements declared void by order of the Court

-          The period of 5 years that starts on the day on which the agreement is made; or

-          2 years from the date of the Court order, whichever is later

 

·         A notation will appear on the National Personal Insolvency Index (NPII).  The time it will remain listed varies depending on how the debt agreement comes to an end:

 

   Completed debt agreements (all of debt agreement obligations discharged)

-          5 years from the date the debt agreement was made; or

-          The date the obligations were completed, whichever is later

 

   Terminated debt agreements (obligations not discharged)

-          5 years from the date the debt agreement starts; or

-          2 years from the date of termination, whichever is later

 

   Debt agreements declared void by order of the Court

-          5 years from the date the debt agreement starts; or

-          2 years from the date of the Court order, whichever is later

 

   Withdrawn, rejected, cancelled or lapsed debt agreement proposals

Will remain listed on the NPII for 1 year from the day that:

-          You withdraw the proposal

-          The proposal is rejected by the required majority of creditors

-          The acceptance of your proposal was cancelled by the Australian Financial Security Authority

-          The proposal lapses

 

·         A debt agreement may affect your business. 

If you trade under a business name that isn’t your own, you must disclose the agreement to all people you do business with.