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 a Debt Agreement?


For those who have not heard of a debt agreement, it is a binding agreement between you and your creditors and falls under Part IX of the Bankruptcy Act 1966. As a result of the debt agreement, your creditors will agree to accept an amount of money that you can afford to pay, over a set period of time, to settle your debts. This set period of time is usually from 3 to 5 years. Upon paying the agreed amount of money based upon your circumstance, if there is outstanding money owed, your creditors cannot recover this from you. Before we consider presenting this as an option to you we ensure that we have looked at every other possible solution as there are some things you should consider prior to getting a debt agreement in place which we will be more than happy to speak through with you after assessing your situation.




Important things to consider when talking to any company about a potential debt agreement.


Like any major financial decision, a debt agreement is a serious step. Before considering entering into a debt agreement, be wary of companies who don't carefully assess your individual circumstances and make sure that:The administrator is registered - Legally and to ensure that you are receiving teh right advice the company must be on the Australian Financial Security Authority's list of registered debt agreement administrators. Just like we are.Ask about the fees you will incur as a result of the debt agreement - Companies usually charge fees for their services to administer this agreement. We provide full transparency on our fee schedule so you know what this will entail.




Debts that aren’t covered by a debt agreement or may have special conditions if they are included in the agreement.


Secured debts These are debts that are the result of or tied to a some sort of asset, like a home for example. As a result this maybe something you have to sell in order to recover the money owed to a lender. Joint debts Creditors, while considering to receive money as part of the debt agreement for your portion of the joint debt, still have the right to recover any other additional money from your partner in the joint debt. Other debts to consider There are a number of debts that cannot be paid out by a debt agreement and will see you still liable to pay out these debts post the debt agreement. These include:

  • Any debts as a result of fraud
  • Child support debt
  • Any court order penalties or fines
  • HECS or HELP debts or other student financial supplement scheme debts
  • Overseas debts incurred. Depending on the laws in the country where you signed the contract, any outstanding balances from overseas debt may also be required for payment.




What are the benefits of a Debt Agreement?


While we understand that when you are considering a debt agreement you may not feel as though things are in control in your life, there are many benefits to entering into a debt agreement which will set you up for a brighter future. These include:

  • Better control over your financial situation - under a debt agreement you’ll know how much you’ll have to pay each week or fortnight to your creditors which will allow you to better budget and plan your finances.
  • The end of your unsecured debt - Once you complete the term of your unsecured debt you’ll be free from your unsecured debt.
  • Improved financial discipline - With no access to credit over the course of the debt agreement this will force you to live on what you earn, not what you can borrow. This is sure to set you up for a brighter future both mentally and financially.




What are the consequences of a Debt Agreement?


There are some consequences that you should be mindful of when entering a Debt Agreement: Your credit file is affected for 5 years or until your debt agreement ends (whichever is later) which will inhibit you from obtaining further credit during that period of time. Your name will be listed on the National Personal Insolvency Index for a period of 5 years or the date you complete the agreement under the act of bankruptcy. Some employment or licensing restrictions do apply whilst in a debt agreement If you don’t keep up with your repayments and fall too far behind creditors are within their rights to seek termination of the agreement, resume collection activities or apply for bankruptcy against you.
Only debts in your own name are covered, with joint debts the other person/entity is still liable to make normal payments toward the debt
Only provable unsecured debts can be included in the agreement, secured debts such as car and home loans as well as state fines cannot usually be included in the agreement.





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 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 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.

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





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 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





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 a Debt Agreement?


For those who have not heard of a debt agreement, it is a binding agreement between you and your creditors and falls under Part IX of the Bankruptcy Act 1966. As a result of the debt agreement, your creditors will agree to accept an amount of money that you can afford to pay, over a set period of time, to settle your debts. This set period of time is usually from 3 to 5 years. Upon paying the agreed amount of money based upon your circumstance, if there is outstanding money owed, your creditors cannot recover this from you. Before we consider presenting this as an option to you we ensure that we have looked at every other possible solution as there are some things you should consider prior to getting a debt agreement in place which we will be more than happy to speak through with you after assessing your situation.




Important things to consider when talking to any company about a potential debt agreement.


Like any major financial decision, a debt agreement is a serious step. Before considering entering into a debt agreement, be wary of companies who don't carefully assess your individual circumstances and make sure that:The administrator is registered - Legally and to ensure that you are receiving teh right advice the company must be on the Australian Financial Security Authority's list of registered debt agreement administrators. Just like we are.Ask about the fees you will incur as a result of the debt agreement - Companies usually charge fees for their services to administer this agreement. We provide full transparency on our fee schedule so you know what this will entail.




Debts that aren’t covered by a debt agreement or may have special conditions if they are included in the agreement.


Secured debts These are debts that are the result of or tied to a some sort of asset, like a home for example. As a result this maybe something you have to sell in order to recover the money owed to a lender. Joint debts Creditors, while considering to receive money as part of the debt agreement for your portion of the joint debt, still have the right to recover any other additional money from your partner in the joint debt. Other debts to consider There are a number of debts that cannot be paid out by a debt agreement and will see you still liable to pay out these debts post the debt agreement. These include:

  • Any debts as a result of fraud
  • Child support debt
  • Any court order penalties or fines
  • HECS or HELP debts or other student financial supplement scheme debts
  • Overseas debts incurred. Depending on the laws in the country where you signed the contract, any outstanding balances from overseas debt may also be required for payment.




What are the benefits of a Debt Agreement?


While we understand that when you are considering a debt agreement you may not feel as though things are in control in your life, there are many benefits to entering into a debt agreement which will set you up for a brighter future. These include:

  • Better control over your financial situation - under a debt agreement you’ll know how much you’ll have to pay each week or fortnight to your creditors which will allow you to better budget and plan your finances.
  • The end of your unsecured debt - Once you complete the term of your unsecured debt you’ll be free from your unsecured debt.
  • Improved financial discipline - With no access to credit over the course of the debt agreement this will force you to live on what you earn, not what you can borrow. This is sure to set you up for a brighter future both mentally and financially.




What are the consequences of a Debt Agreement?


There are some consequences that you should be mindful of when entering a Debt Agreement: Your credit file is affected for 5 years or until your debt agreement ends (whichever is later) which will inhibit you from obtaining further credit during that period of time. Your name will be listed on the National Personal Insolvency Index for a period of 5 years or the date you complete the agreement under the act of bankruptcy. Some employment or licensing restrictions do apply whilst in a debt agreement If you don’t keep up with your repayments and fall too far behind creditors are within their rights to seek termination of the agreement, resume collection activities or apply for bankruptcy against you.
Only debts in your own name are covered, with joint debts the other person/entity is still liable to make normal payments toward the debt
Only provable unsecured debts can be included in the agreement, secured debts such as car and home loans as well as state fines cannot usually be included in the agreement.





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