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DEBT MANAGEMENT INFORMATION
Please see information on Debt Management below.
What is Debt Management?
There are lots of people in Australia who have debt problems – once they start to pile up, they can be harder and harder to deal with. Some people are afraid of facing their debt problems and once there are many companies and people they owe money, the situation can spiral out of control.
Taking the first step and seeking help can make a big change to personal stress and anxiety levels – whether you seek an independent debt advisor or debt counselling, you could find that there are solutions.
Debt Management is offered by many independent companies in Australia. They offer to go through your situation with you and can decide how and where help can be administered.
How can a Debt Plan help?
A debt plan is offered by debt management companies. It is designed to consolidate all of your debts into one place, interest is frozen and you are left with one affordable monthly payment.
Debt plans are offered to people who may not be eligible for a full consolidation loan but who want to avoid bankruptcy.
What is a Debt Agreement?
Your debt management company might suggest you opt for a Debt Agreement. This is a formal arrangement made with your creditors and is often overseen by Commonwealth Government legislation.
The debt managers will take you through the process and often help by negotiating with your creditors for you – meaning the scary part is dealt with! You might need to have a minimum equity in property to be eligible for a Debt Agreement.
A Debt Agreement also offers you the chance to avoid bankruptcy.
Are there any Risks?
Getting Debt Management is a great first step to putting your debts and creditors behind you. However, you might be wise to bear in mind that just because you are putting your debts in one place, they haven't magically disappeared. You still owe the full amount (unless a special write-off is made – this does not always happen) and will still have those debts until they are paid off.
Some Debt Management companies might offer you a consolidation loan – this is another way to gather debts into one place but don't forget it is a loan and may therefore end up less beneficial in the long run.
Please Note: www.whichwaytopay.com.au is not authorised to give advice under the ASIC (Australian Securities & Investments Commission).
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