No one likes having debt. It’s as simple as that. But for many Australians, this is the unfortunate reality.
They wake up – often after very minimal sleep – to the sound of their phone ringing. After anxiously picking up the receiver, a loud, angry voice fills their ears. Their chest immediately tightens up, their heartbeat quickens and their brow furrows as they stammer a quick response, drop the receiver and fall back into hiding.
Let me tell you, there’s hope. There’s always hope!
Many individuals in this undesirable situation immediately look to declare bankruptcy, an option perceived by many as a quick and easy ‘way out’. Coming with many serious consequences, however, bankruptcy is not a path that should taken without a full understanding of, or consideration for, the other legal alternatives available.
Your first option is a Debt Agreement. Put simply, this option has the potential to free you of unsecured debt within 3-5 years without having to declare bankruptcy. It gives you the ability to negotiate your debts with your creditors and come to an arrangement whereby you will pay them a settlement amount that is free of additional interest and charges.
A Personal Insolvency Agreement is essentially the same, with the main points of difference being your eligibility to enter into one of these two agreements (which is based on your income, debt, and asset levels) and the logistics of how it is set up and administered. Both of these debt solutions offer a legal alternative to bankruptcy, and allow you to freeze your interest and attempt to rectify your financial situation without placing the mark of bankruptcy on your credit file.
But in order to completely release the pressure of unmanageable debt, you must first relinquish the financial reins to a trusted and licensed professional which is known in the professional circles as a trustee in bankruptcy
So say goodbye to debt and hello to Debt Free Australia.
We’re available 24 hours a day, 7 days a week – so the next time insomnia strikes, pick up the phone and call 1800 676 598, and let DFA help you take the first step towards your new debt-free life.