Our Services

Debt  Agreements

 

Our Affiliate, Australia Wide Administrators is a trusted and registered debt agreement administrator, the team at Debt Savvy can refer you to Australia Wide Adminstrators to facilitate debt agreements and ensure that you understand exactly what this will entail. Before we do however we also ensure that all other options are fully explored prior to presenting this option as it can have an effect on your ability to obtain credit in future.

What is an Informal Debt Arrangement?


As mentioned above, when your financial problems are shorter-term, negotiating with your creditors for personalised terms of payment may be the best course of action. This is what is called an ‘informal arrangement’ whereby creditors will be informed of your current financial situation and terms of your payments, loan amounts or freezing interest for a period of time will look to be agreed to in order to provide you with more time, and a more comfortable payment schedule for circumstances.




Things to consider when looking into an Informal Debt Arrangement


There are a few things that the team here at Debt Savvy want you to know about informal arrangements:

  • To get an informal arrangement with your creditors is not always easy - Being an informal arrangement, not all creditors may agree to it. Further to this, an informal arrangement is not binding.
  • If one or more of your creditors reject the the offer this could jeopardise the entire informal arrangement.
  • The more creditors involved, the less likely that an informal arrangement will be successfully executed.





We’d love to see how we can help you better manage your debt providing you with understanding and the best solution.

Informal Arrangements

 

If you require a shorter term arrangement, our experienced team can also assist with setting up an informal arrangement with your creditors giving you peace of mind and taking this burden off your hands.

What is an Informal Debt Arrangement?


As mentioned above, when your financial problems are shorter-term, negotiating with your creditors for personalised terms of payment may be the best course of action. This is what is called an ‘informal arrangement’ whereby creditors will be informed of your current financial situation and terms of your payments, loan amounts or freezing interest for a period of time will look to be agreed to in order to provide you with more time, and a more comfortable payment schedule for circumstances.




Things to consider when looking into an Informal Debt Arrangement


There are a few things that the team here at Debt Savvy want you to know about informal arrangements:

  • To get an informal arrangement with your creditors is not always easy - Being an informal arrangement, not all creditors may agree to it. Further to this, an informal arrangement is not binding.
  • If one or more of your creditors reject the the offer this could jeopardise the entire informal arrangement.
  • The more creditors involved, the less likely that an informal arrangement will be successfully executed.





How we can help you with an Informal Arrangement

The team here at Debt Savvy have years of experience in negotiating informal arrangements and can assist you by preparing a proposal to your creditors as well as liaising with your creditors on your behalf.

Budgeting Support and Assistance

 

A lot of the time we see people get into financial difficulty, it has been the result of not having a budget in place which results in credit card debt, unsecured debt, and then a situation where they find themselves requiring financial assistance.

 

When you spend more than you earn, an unexpected event can turn things upside down and that’s when things can start to spiral out of control. Sticking to a budget can help negate this.

What exactly is a budget?


In its simplest form, a budget is simply a plan for how you will spend your money. It’s identifying how much you can spend and on what items as a result of the income you earn. To be truly effective, budgeting has to be done honestly and taking into account all of your major expenses including mortgage or rent, food expenses, credit card payments, the hairdresser, clothing and even your weekly coffee or smashed avocado on toast budget. The team a Debt Savvy recommend this is done every couple of months to ensure that you stay on top of your financial situation.




The best bit about budgeting...


There’s also a raft of other great benefits including:

  • Budgeting helps you to keep track of your expenses and shows where you can eliminate certain things from your life
  • It takes the stress out of money management
  • It will help you pay off debt quicker
  • A budget can help you save for things such as holidays, a new car or TV
  • It will help you become a more disciplined person





How we can help you create your Budget

We’ve helped 100’s of Australians put together a realistic budget for their circumstances and would love to see how we could help you gain financial control.

Mortgage Refinancing

 

Mortgages are usually the largest of debts and if you are experiencing debt issues and require debt relief, refinancing your home loan may be the best solution for you.

How does mortgage or home loan refinancing work?


It works by simply applying for a new loan on your current property and using this new loan to payout the current home loan as well as any other debt that you may have.




What are the benefits of mortgage refinancing?


There’s many benefits to mortgage refinancing including:

  • The ability to be able to pay off your mortgage / home loan faster
  • It can extend the life of your loan making your monthly repayments smaller and more manageable
  • Potentially a lower interest rate
  • Debt consolidation of your credit card and unsecured loans at a lower interest rate making them more manageable




Debt consolidation through refinancing your mortgage


Home loan or mortgage refinancing is often done to consolidate credit card and personal loan debt. This is because a mortgage loan is usually available at a substantially lower interest rate than the interest rate you pay on your credit cards or personal loans. And by doing this, you can achieve a lower interest rate and make the your monthly repayments much more manageable and convenient in one payment. We know your financial situation is unique to you and understand that you require a solution tailored to you and your family. We’ll also ensure that you are fully informed over the entire journey.




What is Mortgage Refinancing?


Simply, mortgage or home loan refinancing uses the equity built up in your property to repay other high interest debts that you may have owing. This can then allow you to package up all your current monthly repayments into one convenient repayment and may have you paying less each month. This can even be an option for you if you fit into any of the following:

  • You are short-term employed or not employed long enough
  • You have an Irregular income
  • Self employed
  • Government Allowance including New Start
  • Previously bankrupt
  • Declined by another lender
  • Pensioner
  • Adverse credit history
  • Existing loan arrears or defaults
  • Limited savings history





The team at Debt Savvy have years of experience in mortgage refinancing and are here to see how we can help.

* in partnership with C Finance

Debt Consolidation

 

Debt consolidation is an option for those who are in debt and finding it hard to repay their monthly repayments.

What exactly is debt consolidation?


To put it simply, debt consolidation is taking your multiple debts and rolling them into a single loan, which is then subject to a single interest rate and with one single monthly repayment. This way you can deal with one lender, making payment easier while also possibly making less of a payment due to the loan subject to a better interest rate as well as a single interest rate as mentioned above. Unsecured debts such as credit card debt, personal loans or student loans, are eligible for debt consolidation.




What are the benefits associated with debt consolidation?


One of the biggest benefits of debt consolidation is that you will often be given a lower interest rate than you are currently receiving on your credit card or personal loans which means you could end up with some big savings over the course of the debt consolidation loan. A single lender will also make payment easier and save you money on fees and late payments.




When to consider looking into a debt consolidation loan


If you’re experiencing any of the following you may want to look into talking to us about debt consolidation and how we can help.

  • Are you struggling to make monthly payments because your debts are to close to your credit card limits?
  • Do you have defaults on your credit report?
  • Do you have an available credit card limit with a low interest rate?
  • Do you have equity in your home?
  • Do you have low interest rate credit cards and personal loans now?




Will debt consolidation affect my credit score?


Debt consolidation won’t immediately affect your credit score and could also actually have a positive effect long term if you maintain your repayments to the consolidated debt loan. It will also make it easier to avoid payment defaults which do have a negative impact on your credit score due to it being one easy monthly repayment that we will make sure meets your budget. One consideration is that you should be aware of is that applying for multiple debt consolidation loans and being rejected could have a negative effect on your score and you be certain that you will be successful when applying for a loan in this regard. But that’s why we are here, to help you through the process.





Get in touch with the team here at Debt Savvy. We’ll take a holistic approach to your situation and find the best debt consolidation solution for you.

* in partnership with C Finance

Bankruptcy Assistance

 

While bankruptcy is a necessity for some situations, it is a last resort and will come with some not so pleasant consequences. At Debt Savvy we do recommend that you do speak to us before you declare bankruptcy as there are various options that may be suitable before you make a serious decision like this.

What is an Informal Debt Arrangement?


As mentioned above, when your financial problems are shorter-term, negotiating with your creditors for personalised terms of payment may be the best course of action. This is what is called an ‘informal arrangement’ whereby creditors will be informed of your current financial situation and terms of your payments, loan amounts or freezing interest for a period of time will look to be agreed to in order to provide you with more time, and a more comfortable payment schedule for circumstances.




Things to consider when looking into an Informal Debt Arrangement


There are a few things that the team here at Debt Savvy want you to know about informal arrangements:

  • To get an informal arrangement with your creditors is not always easy - Being an informal arrangement, not all creditors may agree to it. Further to this, an informal arrangement is not binding.
  • If one or more of your creditors reject the the offer this could jeopardise the entire informal arrangement.
  • The more creditors involved, the less likely that an informal arrangement will be successfully executed.





Before you decide on a course of action be sure to get in touch and talk with us here at Debt Savvy. We’ve had years of experience in this space and will ensure that you take the best course of action.

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Debt Savvy Pty Ltd ABN: 34 628 338 885, is an affiliate of Australia Wide Administrators Pty Ltd - RDAA#1658