Are you experiencing financial hardship? Having difficulties meeting your repayments when they fall due? At Revive Financial, we have many Debt Management Solutions to help all Australians who are struggling to pay their debts. We understand there is a no one-size-fits-all solution and each clients’ needs are different. This is why we provide a caring and non-judgemental approach while offering positive and realistic solutions if you’re experiencing a financial crisis.
Our Debt Management Solutions are designed to help reduce your overall outstanding debt amounts by combining them into one, affordable repayment arrangement based on your budget.
How Do Our Debt Management Solutions Work?
After engaging Revive Financial, one of our experienced Case Managers will be assigned to you. Once your creditors know we have engaged you for one of our Debt Management Solutions, all harassing phone calls will stop. The information collected from your application will help your Case Manager understand your financial circumstances and create a tailored solution for your individual situation. Our Debt Management Solution works in the following ways:
1. Provides Flexible Payments
We base our Debt Management Solution around your budget to make sure it’s affordable. This means the repayments are flexible. If your financial circumstances suddenly change, for better or worse, all you need to do is get in touch with us and we can work with you to come to a more affordable repayment schedule.
2. We Take Over Negotiation with Creditors
During the Debt Management Solution process, we negotiate with creditors on your behalf and on your terms, not theirs. This is so a fair outcome can be reached between all parties.
3. Stops Creditor Harassment
All calls and harassment from your creditors will cease once they recognise we are working with you to find a positive solution to your financial situation.
4. Relieves Stress
One of the goals of a Debt management Solution is to relieve the stress of your current financial situation. To do this, we put a solution in place which will not only reduce your debt, but will relieve you of the pressure and strain involved with having unmanageable debt.
How Do You Qualify?
In order to qualify for one of our Debt Management Solutions, you need to have more than $8,000 of unsecured debt and be experiencing genuine financial hardship. In other words, you need to be finding it difficult to meet your credit card, bills or unsecured loan repayments. If you are well behind in payments, you may have received a default or action letter on your account. There is no maximum limit on the amount of debt you owe or restrictions on the value of assets you have, or income you earn. These factors will, however, play a role in the type of Debt Management Solution available for your situation.
Types of Solutions Available
Our professional team understands that everyone’s financial circumstances are different, which is why we offer a range of Debt Management Solutions. This ensures the outcome achieved for you is suitable and sustainable. We first assess your financial hardship situation to gain a better understanding of your needs, then provide you with options that enable you to clear your debt and move on with your life.
Part IX (9) Debt Agreement
A Part IX (9) Debt Agreement (Debt Agreement) is a legal and binding arrangement between you and your creditors. Legislated under the Bankruptcy Act 1966, it allows Australians in severe financial distress to honour their creditors, repay their debts and avoid the harsh consequences of Bankruptcy. A Debt Agreement is one of the most popular forms of debt relief which can reduce your debt, pause interest and will generally have debts repaid in 3 to 5 years.
Informal Agreement
An Informal Agreement is a flexible arrangement set up between you and your creditors which allows you to repay your debts without the lasting consequences of other formal debt relief solutions. There is no set structure for an Informal Agreement, it depends on your creditors, the amount of debt you owe and your individual circumstances. However, it enables you to consolidate your repayments into one easy-to-manage weekly, fortnightly or monthly payment. An Informal Agreement also has the advantage of not impacting your credit file as it is not a legislated agreement but a private arrangement with creditors. An Informal Agreement will reduce your debt and possibly pause interest, providing you with a flexible, tailored solution to clear your debts
Debt Settlement
If you have access to a lump sum which is not sufficient to repay your outstanding debts in full, a Debt Settlement may help. It’s designed to waiver or reduce debt amounts to allow final settlement with your creditors. A Debt Settlement reduces your total debt amount, gets creditors and debt collectors off your back and allows you to avoid Bankruptcy.
Agribusiness Arrangement
Many investors in Agribusiness Managed Investment Schemes (MIS) are now facing a debt crisis due to the collapse of the schemes and the high up-front costs involved. If you have debt collectors hounding you to pay your loan, we can assist with an Agribusiness Arrangement. An Agribusiness Arrangement is a specific arrangement for those caught up in failed agribusiness loan schemes. It can take the form of a long-term payment arrangement or lump sum settlement, depending on your individual circumstances.
Moratorium
If you’re experiencing financial hardship and struggling with unmanageable debts, you may be eligible for a Moratorium. A Moratorium is when your creditor/s allow you to stop making repayments for a specific period of time and a specific reason. Your creditor/s will give you time (usually between 3 to 12 months) to get back on your feet. We negotiate on your behalf with creditors to arrange a Moratorium for both secured and unsecured debts.
Loan Renegotiation
Loan Renegotiation is a renegotiation of current loan terms and conditions to reduce interest and increase the loan term with the ultimate outcome being a reduction in minimum loan repayments. Generally, creditors are accepting of renegotiation under hardship circumstances. So if you have fallen on hard times due to a relationship breakdown, job loss or illness, you have the right to ask for renegotiation of your loan terms.
Personal Insolvency Agreement
A Part X (10) Personal Insolvency Agreement is a legal and binding arrangement between you and your creditors. Legislated under the Bankruptcy Act 1966, it allows Australians in severe financial distress to honour their creditors, repay their debts and avoid the harsh consequences of Bankruptcy. Similar, to a Part IX (9) Debt Agreement, in that it can reduce your debt, pause interest and will generally have debts repaid within up to 5 years. A key difference is a Personal Insolvency Agreement must be handled by a Registered Bankruptcy Trustee. At Revive Financial, we have a Bankruptcy team which attends to all our Personal Insolvency Agreements.
Get Your Life Back on Track
If you’re struggling financially, it can be difficult to know where to turn. At Revive Financial, we can assist to help get your finances back on track and alleviate the stress involved. Once you get in touch with our friendly, experienced team, we’ll assess your circumstances over a free, confidential consultation. Your individual financial situation will then determine which type of Debt Management Solution is best for you. Contact Revive Financial today on 1800 534 534.
