Your Options

Depending on your unique circumstances, we can discuss and determine what options are available and are preferable to suit your lifestyle.


DEBT AGREEMENT – You might qualify for a Debt Agreement (sometimes called Part 9 Debt Agreement). It is a convenient way to deal with your unsecured debts when they become too much of a burden. A Debt Agreement has a number of other things going for it, namely:

  • You avoid bankruptcy (although this is the best option for some people).
  • All interest is frozen so that your unsecured debts don’t keep spiraling.
  • You normally end up paying back less than your total unsecured debts.
  • You pay money in one place to cover all your unsecured debts.
  • How much you pay each time is a factor of how much you earn and what you can afford. In other words, your lifestyle and living expenses are taken into account as there is no point in asking you to pay more than you can afford.
  • This program is regulated by the Australian Government.

PERSONAL INSOLVENCY AGREEMENT – Sometimes called a PART 10 Agreement and similar to a Part 9 Agreement. If your debts and assets are too much to qualify for a Debt Agreement, we can help you with this option as an alternative. The process is slightly more involved but it has  similarities as well as the end effect being similar. This type of agreement must be done by a registered Trustee. Government regulated fees and charges do apply and the trustee will disclose these to you in writing.

BANKRUPTCY – This is the best option for some people. It is one way of quickly relieving the stress of keeping up with debts. We can help you with the application t0 AFSA (Australian Financial Securities Authority). Certain rules apply for bankruptcy and it is important that you understand all the rules and regulations before you could consider this option. Please call us for more information about this option.

SECTION 73 COMPOSITION – This is for people who are already bankrupt but want an early release from their bankruptcy. It involves doing a deal with unsecured creditors through a formal process. Talk to us to see how we can assist you.

DEBT AGREEMENT LOANS – You might be able to get a DEBT AGREEMENT loan. This is where you go to a lender and combine all your debts into one loan. This means one repayment per month until you pay off the debt. Apart from easing your headaches in keeping up with a number of loans, it can save you money on interest and bank charges. Moreover we may be able to refer you to a lender that can assist you with a DEBT AGREEMENT loan.


VARIATION OF LOAN CONTRACT – You might be able to apply for a variation of your existing loan. Under the Uniform Consumer Credit hardship provisions. We may be able to refer you to a registered Mortgage Broker. Who may be able to assist you with this type of application.

MORTGAGE ASSISTANCE – You might be able to apply to your existing lender and refinance your existing mortgage. This would allow you to pay out your current unsecured debt including credit cards. Enabling you to get back on track with all you outgoing expenses. We may be able to refer you to a registered Mortgage Broker. Who may be able to assist you with this type of application.


Furthermore, there are a number of informal options we help you with to relieve your financial distress. These include talking with creditors to organize a temporary hardship repayment arrangement. Informal options usually rely on increasing your income, decreasing your expenditure or selling assets.

TEMPORARY HARDSHIP RELIEF – You might qualify for a temporary hardship relief. This is where the creditor freezes or lowers your existing interest rate for a set period of between 2 to 6 months. Or gives you a reduced payment for this period with no interest or reduced interest. Given the opportunity to catch up on your existing bills such as rates, rent, electricity, water, gas or phone bills. Once you catch up you will be able to get back on track and resume making your normal repayments to creditors. We can help you with the application.

MORE TIME TO PAY – This is when the creditor gives you a breather by giving you extra time to pay. It is an opportunity to do something about your debts such as finding work, accessing a term deposit or even selling a car or small business to raise money to pay your debt. This will effectively stop your credit rating from being affected. We can help you with the application.

MONEY FROM YOUR SUPER – You might be eligible to gain early access to part of your super funds (up to $10,000.00). This money must be used to pay back your creditors. This is one way to help you catch up on your mortgage or personal loan repayments so that you get your head above water again. We can help you with the application.

DEBT SETTLEMENT – Do you have access to a lump sum of money from family, friends, sale of a car, sale of business or any other means? If you do, we can help you negotiate with a creditor. If successful, the creditor will write off your debt in return for the lump sum agreed upon.

DEBT WAIVER – Is it impossible for you to pay your debt because you are sick with an illness, on the disability pension, etc.? If yes, we can help you negotiate a debt waiver. If successful, the creditor will write off your debt.

INTEREST WAIVER – Is interest too much for you so that you never seem to be getting on top of your debts and are having trouble finding money for food? If yes, we can help you negotiate the freezing of interest on an existing debt so that you can pay it off sooner. The creditor needs to understand your financial circumstances. They then assess what you can afford until the debt is eventually paid off.

NOTE: The last three options are only available in cases of extreme financial hardship.

Remember, if you do nothing, creditors can take you to court and serve you with a garnishee orders, summonses or writs and ultimately make you a bankrupt.

Finally, please note there may be other options you may want to consider that we have not mentioned in this brief discussion.