Part IX Debt Agreements were introduced for consumers as an alternative to full bankruptcy. They give the option for consumers to consolidate their unsecured debts. If you're currently in a Part IX, your options for borrowing are limited.
Firstly, if you're considering going into a Part IX Debt Agreement, we recommend that you get individual financial advice from a consumer advocate such as a financial counsellor. Financial counsellor's are a free service and can provide you with the different options before you go into a Part IX.
Responsive Lending has the option of three lenders which we can use for customers who are in a Part IX. While their criteria differs, the common factors are below:
- Need to be at least 1 year into your Part IX Agreement
- The payments to the Part IX must have been on time with no dishonours
- No defaults since the Part IX started
- Good bank account conduct - no dishonours or regular overdraws