Bankruptcy Alternatives

Alternatives to Bankruptcy and Debt Relief Options Australia Wide

Informal Arrangements:

Talk to your creditors and explain your financial position to them. When creditors become aware of your genuine difficulties they may assist you by giving you more time to pay or by agreeing to re-negotiate your loans.

Formal Arrangements:

You can enter into a formal arrangement with your creditors that consolidates your unsecured debts and allows you to pay them off quickly and safely with one affordable regular payment, giving you debt relief.

What is a Formal Arrangement?

A debt agreement is a formal arrangement and a legally binding agreement which freezes provable unsecured debts upon acceptance of your proposal by creditors. This gives you the opportunity to pay back the debts over an extended period of time, at an amount that you can afford. For more information on formal agreements, please contact the team at Debt Control. Click here to complete our free online assessment.

How much interest do I pay?

No further interest or charges can be added to the debt when creditors accept the debt agreement.

What is a Provable unsecured Debt?

Examples of unsecured debts are store cards, credit cards, interest free loans, medical accounts, utility bills and some personal loans. An unsecured debt has no formal security over any personal property or interest in real estate.

What does Insolvent mean?

A person is insolvent if they cannot pay all their debts as and when they fall due.
For more information on formal agreements and alternatives to bankruptcy, please contact the team at Debt Control.

Click here to complete our Free debt consolidation assessment!