2.3 An administrator must also confirm that it has reasonable grounds to believe that a debtor is likely to meet its obligations when they are due when an amendment to the debt agreement is proposed in accordance with subsection 185M (1DB) of the Act. 3.21 The Inspector General`s decision focuses on determining whether a person has the necessary level of competence (including knowledge) to perform the duties of a debt agreement manager. The following discussion focuses on the state of knowledge and business systems that an applicant must demonstrate for registration as a debt contract manager, in accordance with the nature of the tasks expected by an administrator. Administrator tasks have generally been classified under the following headings. 3.8 Adults may be registered as administrators if they: (b) obligation to respond in a timely manner to appropriate requests from debtors and creditors Subsections 4(3) –5) – Transmission of information to debtors Only justifiable unsecured debts such as medical bills, memory cards, credit cards and certain private credits may be included. With the conclusion of your debt agreement, your unsecured debt will be frozen. This means that no interest or fees can be levied on your unsecured debt, while the debt agreement is in effect. This allows you to repay your debts over a set period of up to 3 or 5 years via weekly repayments based on accessibility. Once the terms of the debt agreement are successfully concluded, you will be released from any unsecured debt contained in the agreement.
During the voting period, creditors cannot demand payment of the debt against you or your property, but can initiate or pursue legal action to obtain a judgment. The judgment may not be enforced without the authorisation of the Court of Justice. 3.18 The deductible or deductible in a corresponding PI insurance must be set at a level low enough for the registered administrator`s business so that it is able to pay in the event of a claim. The first relevant date is the processing date, i.e. the date on which AFSA accepts your debt agreement for processing and sends it to the vote of creditors. . . .