Posted by Revive Financial on Apr 21, 2018 12:00:00 AM

There’s a saying – running into debt isn’t so bad, it’s running into creditors that hurts – and it does! It’s extremely stressful, but there are ways to turn things around. If you’re facing debts you can’t pay, depending on your situation and circumstances, there may be a number of ways you can get rid of your debts and get on with your life.

Informal Debt Negotiation

One option is to arrange an informal debt negotiation with your creditors. We can do this for you. Our skilled debt negotiators will work with them to tailor a plan for you to repay your debt over time with monthly payments you can afford.

We may even be able to negotiate a reduced interest rate for you. An informal debt negotiation can help you avoid bankruptcy or a formal debt agreement. Once you’ve made your final payment you’ll be debt free and ready to get on with your life.

Debt Agreement

Another option is to arrange a debt agreement. This is where you make a deal with your creditor to accept an amount you can afford which you then pay back in regular payments. This will effectively freeze your debts and give you time to get back on your financial feet.

A debt agreement is a binding agreement under the bankruptcy act and to be eligible you must meet a number of conditions.

Bankruptcy

If you’re struggling with unmanageable debt, bankruptcy may be a viable option. It will end the barrage of phone calls from debt collectors and other parties, stop the debt spiral and wipe the slate clean of past financial mistakes. You’ll be given a fresh start so you can get on with your life instead of lying awake wondering how you’ll make ends meet.

And because you no longer have to pay any debts, it can improve your cashflow position immediately. However, you may face a number of obligations and restrictions both during and after your bankruptcy.

Personal Insolvency Agreement

The last option we may suggest is a personal insolvency agreement. This is a legally binding arrangement where you agree to repay your creditors a reduced amount over a specific time. One advantage of these agreements is their flexibility.

For example, the agreement with your creditor could include paying them a lump sum or regular instalments, giving them assets or the proceeds of asset sales, or a combination of these.

Get help today with Revive Financial

Whatever your financial situation, Revive Financial can help. We’ll give you down to earth, practical knowledge and expertise to help you choose the best way to deal with your debt and get your life back on track. So talk to us today and say goodbye to unmanageable debt. Call 1800 534 534.

For more information on personal insolvency, check out our personal insolvency page here.

Is-Your-Business-In-Financial-Distress

Topics: Personal Insolvency, Debt Agreements, Personal Debt, Debt Management Plans

How Can We Assist You Today?

Business Debt Icon Business
Personal Debt Icon Personal
Please select an assistance option to continue.

Types Of Unsecured Debts

Credit Card Icon Credit/Store Cards
Personal Loan Icon Personal Loan
Pay Day Loan Icon Pay Day Loan
Tax Debt Icon Tax Debt
Disconnected Utilities Icon Utility Bill
Other Debts Icon Other
Please select at least one type of unsecured debt.

Your Business Structure

Sole Trader Icon Sole Trader
Partnership Icon Partnership
Company Icon Pty Ltd Company
Tax Debt Icon Trust
Please select at business structure to continue.

Unsecured Debt Amount

$8,000
$1,000
$100,000+

Business Debt Amount

$100,000
$10,000
$1,000,000+

Take Back Control Today!

First Name

Last Name

Email

Phone Number

Phone number must be 10-digits long and begin with a 0. (e.g. 04 1234 5678)

Post Code

Post code must be 4-digits long (e.g. 4567)

Some of your details appear incorrect.
Please update the highlighted fields and re-submit.

Congratulations

You’ve taken the first step to steer your business back to viability

Let’s keep the momentum going, take the second step by linking your Xero account now.

Congratulations

You've taken the first step to becoming debt free

Let's keep the momentum going, take the second step now and complete the assessment form.

By submitting this form you acknowledge that you have read and accept our Privacy Policy