Every situation is different. The first step in the process is to learn all about your situation. This is achieved through a no-obligation consultation. This is typically done over the telephone where you will speak to an expert in solving debt problems. Once we understand your situation, we will be in a position to help you make the best decision for your circumstances. Time is of the essence, so call us today for a friendly no-obligation consultation and let us help you get your life back.
Types of Debt Solutions
Most debt problems can be solved in one of thee ways:
- Refinancing your Mortgage(s)
- Entering into a debt agreement
- Declaring bankruptcy
Refinancing Your Mortgage(s)
The interest rate on mortgage loans are typically lower than for most other loan types. This is because the mortgage is backed by a security (e.g. a house and land). If you have equity in your property, it can be used to refinance other forms of debt like credit card, personal loans and other high interest credit. There are options available for you whether you have a good credit history or not. This is often a great way to get your costs under control.
Entering into a Debt Agreement
An effective option for some people is the consolidation of unsecured debt into single interest free repayment under what’s known as a debt agreement.
This option is only available in some situations (e.g. where people are under significant debt pressure and are unable to consolidate their debts with other financial institutions). Your situation will be assessed to determine how much you can afford to repay and an agreement will then be designed for your situation.
Sometimes creditors will agree to receive less money than you actually owe. So this can be a great option.
Some of the benefits of this debt agreement are:
- Once the agreement is signed, creditors are not allowed to contact you for money – so any harassment you have been experiencing will cease,
- All legal action against you is ceased – you can rest easy knowing that you will not be subject to legal action,
- Only one weekly or monthly repayment – makes it easy for you,
- Interest free – reduces your repayments and makes it easier to repay your debt.
Although a debt agreement is not the same as bankruptcy, it is an act of bankruptcy. Therefore it has consequences that you need to be aware of before deciding it it’s the best option for you. These include having the debt agreement recorded on your credit history and being noted in the NPII. It’s important to contact us to understand all your obligations and all the consequences before deciding if this is right for your situation.
Sometimes declaring bankruptcy is the best way to eliminate debt and get your life back. Thousands of people take this option every year. The Government has designed a solution for people who find themselves in stressful financial situations, just like yours. There is no longer the same social stigma associated with bankruptcy and the process is quite discrete. In some situations this is a great option because it means you can “wipe the slate clean” and get rid of the worry and stress that you and your loved ones are experiencing.
This is a legal process and like most legal processes it can be quite complicated. You will have professional support all the way, including dealing with your creditors. This makes the process easier for you and improves your chances of achieving a successful outcome.