A good option to consider when debt becomes unmanageable is via an Informal Arrangement.
A Debt Solver Informal Arrangement aims to lower your repayments and reduce or pause the interest on your Unsecured Debts. It is a private arrangement negotiated by our Team at Debt Solve Australia and your creditors to ensure your debts are manageable based on your income and your budget.
Once agreed to you make one weekly or fortnightly payment to Debt Solve Australia who Administer your account. Debt Solve Australia then distribute the money to all your creditors on your behalf to help you stay on track.
A Debt Solver Arrangement is different to a Debt Agreement because Debt Agreements fall under Government Legislation and are regulated by the AFSA ( Australian Financial Security Authority ) while Informal Arrangements are not.
There are no limits to the amount of Debt that can be included, and you can include or exclude Debts if desired. Company Debts can also be included.
Under an Informal Arrangement each creditor must be happy with the offer before they will accept it unlike a Part IX Debt Agreement where once approved all Creditors must adhere to the terms.
Also, unlike a Debt Agreement where there is an automatic listing on your Credit File, with an Informal Arrangement this is not necessarily the case, so potentially your Credit File may not be affected especially if you are adhering to the terms of the agreement.
Please note however that if there is already a default on your Credit File for that debt, it does not remove it nor will it prevent a creditor putting a default on your credit file if you miss payments.
For more information on whether a Debt Solver Arrangement is right for you please call our friendly team on 1300 803 290.