The stress of paying bills was removed because the couple`s payments came directly from their budget. Alan adds: “One of the best things MyBudget has done is treat all our creditors on our behalf. Now we are not afraid of ringing the phone. MyBudget has taken charge of our financial well-being and we now have savings that we can work with. They really worked miracles for us as a family. These formal options can free you from debt, but they have serious long-term consequences. You may influence your career and your ability to obtain loans or credits in the future. Suppose you have an unsecured debt totalling $35,000 and you can afford to offer $125 per week to your creditors for 260 weeks, or $32,500. If the creditors accept your proposals, they also appoint us with the management of your debt contract and accept that we can keep part of the repayment for the contract management work. The amount we withdraw will be deducted from the $32,500 and it is not an additional amount or extra you pay. What kind of debt? They would generally use this solution for credit debt.
We help you organize the debt contract and stay on course through the Arrange Your Debt process over a longer period at a more affordable personal insolvency rate (PIAs) and formal debt agreements, also known as Part IX debt agreements, are so called because they are “part IX” of the Bankruptcy Act. Formal debt agreements are managed by licensed debt contract managers managed by licensing contract managers who, in turn, are regulated by the Australian Financial Security Authority (AFSA). MyBudgets sister company MyDebtSolution is a director of the registered debtor contract. A debt contract is mentioned in your credit report for at least 5 years and affects your ability to obtain other credits during this period. If you have a poor credit rating and lenders no longer give you credit, a debt contract is a way to pay off your debts earlier and improve your financial situation over time. Unfortunately, there are no quick fixes to managing uncontrollable debt.