Relieve the pressures of debt with a tailored Debt Management Solution, such as Part 9 Debt Agreement. On average, customers save up to 60% on their personal unsecured debt.
There are certain guidelines and thresholds you must meet to be eligible:
While the specific terms and conditions of each Debt Agreement is unique and particular to the individual and lenders involved, in general, the average Debt Agreement typically lasts between 3 years for non-home owners or 5 years for homeowners. However, you can complete it earlier if you make larger payments than the set amount.
Your credit file rating will be affected, which may limit your ability to incur further debt. Where you complete the agreement (ends under S185N of the Bankruptcy Act), the agreement remains on the credit file & NPII until the longer of 5 years and 1 month from the day the agreement is made, or 1 month from the completion date.
After the listing period, you will have a clean slate from which to rebuild your finances. We have access to a panel of lenders willing to lend money to individuals who have completed Debt Agreements at competitive rates.
A Debt Agreement can impact your employment, especially if you hold a professional license or work in certain industries. Some employers may have policies regarding employees entering into Debt Agreements, and certain professional licenses may be affected. It's important to check with your employer or professional licensing body to understand any potential implications for your career.
A Debt Agreement can include 'provable debts', which are debts that entitle the creditor to participate in dividends paid in a bankrupt estate. Typically, these include unsecured debts such as credit card debt, personal loans, medical bills, and other similar obligations. However, secured debts (like home loans or car loans) and certain state debts (such as fines) cannot be included.
Yes.
While you can include joint debts in your Debt Agreement, it's important to note that this agreement does not release the other person from their responsibility for the debt. They will still be liable for their portion of the joint debt.
No.
Not all creditors need to agree to the proposal. As long as creditors representing a majority in value (50.01% of the total dollar amount) of those who vote and are entitled to vote accept the proposal, it becomes legally binding on all creditors.
If you fail to meet the terms of your Debt Agreement or make payments in full and on time, creditors can seek to terminate the agreement. They may then recommence collection proceedings, take legal action, or pursue bankruptcy.
Revive Financial will administer all of the payments to your creditors on your behalf, ensuring a smooth and stress-free process. Our specialized team will guide you through each step, helping you create a manageable debt management plan tailored to your situation.
To get started, contact Revive Financial for a consultation. Our team will assess your financial situation, explain your options, and help you determine if a Debt Agreement is the right solution for you. We'll guide you through the entire process, from proposal preparation to finalising the agreement.
Revive Financial totally saved my life. I could not have lived the past 5 years let alone totally paid my debt without them, They negotiated with all the companies that I had debt with and set up a repayment plan that I was able to afford. Now, less than 5 years later I have paid off $53,000.
Really supporting and understanding. This was my first time going through this. And I'm so grateful they have been so helpful and supportive.
Fast, efficient, professional and all in a non-judgmental way! Mason from Revive has been nothing but amazing with getting everything sorted for me so quickly and so easily. Would recommend to anyone!!
Use our Debt Solution Calculator to help work out how you could combine your unsecured debts into one easy-to-manage, affordable payment. Reduce the stress of debt and take back control of your financial future today!
Our dedicated team have been trusted by over 10,000 Australians to help take back control of their financial futures. It's what we do best so you can rest assured.
Revive Financial is proudly Australian owned and lead by a team of Chartered Accountants. Our qualified team have been helping Australians become debt free since 2005.
At Revive Financial, we care about the stress and impact being in debt has on your wellbeing. We want to help you take back your control, no judgement, just a helping hand.
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Revive Financial Group Pty Ltd ACN 632 845 124 undertakes its Australian Credit Licenced activities via its wholly-owned subsidiaries Revive Financial Pty Ltd ACN 621 446 697, Australian Credit Licence 503321, Revive Debt Agreements Pty Ltd (RDAA 1337) and our other related corporate bodies that are appointed as authorised credit representatives. Liability limited by a scheme approved under professional standards legislation.