Beware of entering into Part IX debt agreements

There is growing concern on the numbers of businesses and business models that target vulnerable people struggling with debt. The rapid growth of Part IX debt agreements, which have have risen for the 12th year in a row and now make up 40 per cent of all personal insolvencies, is alarming. Fiona Guthrie, CEO of Financial Counselling Australia said it was ‘quite concerning’ that these for-profit insolvency agreements are heading ‘ever north’.

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