Get a free 30 minute consultation!
1800 531 510
Menu
Struggling with Business Debt? We Can Help

4 Ways to Get Rid of Your Debt

Posted by Revive Financial on Apr 21, 2018 12:00:00 AM

There’s a saying – running into debt isn’t so bad, it’s running into creditors that hurts – and it does! It’s extremely stressful, but there are ways to turn things around. If you’re facing debts you can’t pay, depending on your situation and circumstances, there may be a number of ways you can get rid of your debts and get on with your life.

Informal Debt Negotiation

One option is to arrange an informal debt negotiation with your creditors. We can do this for you. Our skilled debt negotiators will work with them to tailor a plan for you to repay your debt over time with monthly payments you can afford.

We may even be able to negotiate a reduced interest rate for you. An informal debt negotiation can help you avoid bankruptcy or a formal debt agreement. Once you’ve made your final payment you’ll be debt free and ready to get on with your life.

Debt Agreement

Another option is to arrange a debt agreement. This is where you make a deal with your creditor to accept an amount you can afford which you then pay back in regular payments. This will effectively freeze your debts and give you time to get back on your financial feet.

A debt agreement is a binding agreement under the bankruptcy act and to be eligible you must meet a number of conditions.

Bankruptcy

If you’re struggling with unmanageable debt, bankruptcy may be a viable option. It will end the barrage of phone calls from debt collectors and other parties, stop the debt spiral and wipe the slate clean of past financial mistakes. You’ll be given a fresh start so you can get on with your life instead of lying awake wondering how you’ll make ends meet.

And because you no longer have to pay any debts, it can improve your cashflow position immediately. However, you may face a number of obligations and restrictions both during and after your bankruptcy.

Personal Insolvency Agreement

The last option we may suggest is a personal insolvency agreement. This is a legally binding arrangement where you agree to repay your creditors a reduced amount over a specific time. One advantage of these agreements is their flexibility.

For example, the agreement with your creditor could include paying them a lump sum or regular instalments, giving them assets or the proceeds of asset sales, or a combination of these.

Get help today with Revive Financial

Whatever your financial situation, Revive Financial can help. We’ll give you down to earth, practical knowledge and expertise to help you choose the best way to deal with your debt and get your life back on track. So talk to us today and say goodbye to unmanageable debt. Call 1800 560 557.

For more information on personal insolvency, check out our personal insolvency page here.

Topics: Personal Insolvency

Let Us Help You Get Your Business Back on Track

Leave a comment:

Get a free 30 minute consultation!

Subscribe Here!

Get the Latest Director Advice and Business Debt Solutions Straight to Your Inbox Free

Recent Posts

    Let Us Help You Get Your Business Back on Track

    Get a free 30 minute consultation!

    Debt resolution and insolvency specialists are available to help.