People typically think the only way to consolidate debt is to apply for a consolidation loan with a bank or a finance company. Consolidation loans may be suitable for people who have sufficient surplus income to pay the loan repayments and meet their other financial obligations. Please follow the steps we have provided to establish if a consolidation loan if appropriate for you.
For people who are struggling with debt and are insolvent may need relief and a legally binding Debt Agreement (DA) or a Personal Insolvency Agreement (PIA) can also consolidate debt. These agreements have helped many Australians solve their problems with debt.
We are Registered by ITSA to provide these services (and are regularly inspected) so you can be assured that you will get a professional service:
These products are subject to strict application criteria and are regulated under Federal Government legislation and are also highly regulated by ITSA. If you are eligible these products can provide very positive benefits to solve most debt problems:
- Interest is frozen;
- One single payment per month for all unsecured debts;
- Creditors will stop hassling you; and
- balance of unpaid debt is written off.
If you have applied for a consolidation loan, but your application has been refused then you may consider your other options including a Debt Agreement or a Personal Insolvency Agreement.
A DA or a PIA will legally combine your unsecured debts so you will only have to make one single payment per month (unless you choose to pay weekly or fortnightly). Your payments will be made to your administrator who will distribute the funds to your creditors. Your administrator will charge a fee for collecting and distributing the funds. Your administrator must be registered with ITSA and will undergo regular inspections by ITSA so you can be assured your funds will be properly dealt with by us. We are registered with ITSA and have passed all regular inspections.
The benefits of a DA or a PIA is that you will have the flexibility to make one single payment per month (unless you wish to pay weekly or fortnightly). We will help you assess what you can comfortably afford to repay into your DA or a PIA.
We can help you formulate a DA proposal or PIA proposal for your creditors to vote upon. A DA or a PIA will become binding once all creditors have approved it. Strict application criteria applies, so call today to enquire if you are eligible.
To learn more about a DA or a PIA, click below:
We have helped many Australians set up DA or a PIA and we are recognised as industry experts in the field of personal insolvency. If you are not eligible for a DA or a PIA we will help you find the next best alternative solution.
We have a toll FREE line for Australians and we are open 7 days a week on 1800 676 598.
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