What is the difference between a Debt Agreement and a Part X (personal insolvency agreement)?
Both a debt agreement and a Part X agreement provide you with flexibility to propose agreements with your creditors. A debt agreement is applicable to people with lower levels of income, assets and unsecured liabilities which are reflected in its qualifying criteria. However, a debt agreement also has the benefits of lower approval levels required to bind all of your creditors, and the costs applicable to a debt agreement will usually be lower than a Part X agreement. So where possible a debt agreement is usually preferred.
