Debt Solutions in Melbourne
Many Australians find themselves in debt at some point in their lives. With the rising cost of living in Melbourne, it is not surprising to know that most people experience financial stress in one way or another.
While not all debt is bad, it can leave us feeling overwhelmed and like we can’t manage it. And if you find yourself struggling, it’s important to understand that you are not alone.
If you are struggling to make repayments or managing multiple debts, Fix Bad Credit can help you take those steps to help you improve your financial situation today and it can be a lot easier than you think.
At Fix Bad Credit, it is our priority to help you secure financial freedom and we do this by first assessing your financial and debt situation, and then building a recovery plan that may use one, or a combination of our formal and informal debt solutions.
Informal Debt Solutions
An informal debt solution might be a suitable option if you are having difficulty making your debt repayments in Melbourne. We can negotiate with your creditors, on your behalf to help reach an agreement that will allow you to get back on your feet faster than if you were doing it alone.
An informal debt agreement, while not legally binding, is likely to have less serious consequences than a formal debt solution. Some of the potential options for you include:
- A Debt Moratorium, also know as a payment holiday or payment deferral, to either stop or reduce your payments and interest over a short period of time (usually between 3 to 12 months) to enable you to get back on your feet or to put other arrangements in place
- Debt Consolidation – by bringing your existing multiple debts together into one single new loan, subject to a single interest rate, with a singular regular (usually monthly) repayment, it makes managing your debt significantly easier
- Debt Negotiation – this involves discussions with your creditors to informally renegotiate the terms of your loan, this might mean settling the debt for less than the full amount, lower interest rates, reduced fees, and/or extending the length of the loan to reduce the size of the minimum payments
- Debt Settlement– if you have access to a lump sum, a debt settlement may help. A debt settlement is an informal arrangement with your creditors that offers less than the full amount you owe in order to wipe out the debt completely
- A longer-term informal arrangement – an arrangement of this type can last several years and often involves reducing your minimum repayments, reducing or freezing the interest owed over the period if you need more time to get back on your feet or to put other arrangements in place
Formal Debt Solutions
If you find yourself at the point where your debt is entirely unmanageable, a formal debt solution may be the best course of action for you. Some options available to you in Melbourne are:
- A Debt Agreement– A formal legally binding (Part IX or Part 9) Debt Agreement helps you deal with unmanageable unsecured debts such as credit cards or personal loans. Your debt will likely be reduced to an agreed amount and the remainder you will be able to pay back through affordable regular periodic or lump sum payments.
- Personal Insolvency Agreement – A Personal Insolvency Agreement is a formal, legally binding arrangement that is between you and your creditors to satisfy your debts. The arrangement could consist of a contribution of your income over a period of time or an assignment of your assets. It is the last option considered before filing for bankruptcy.
- Bankruptcy – Bankruptcy is the formal process of being declared unable to pay your debts. When you become bankrupt, you don’t have to pay most of the debts you owe.
Before entering a formal debt arrangement, it is important that you understand the possible consequences of these options. Fix Bad Credit’s debt solution experts are well=versed in credit and debt laws and will be able to answer any questions you may have.
The Fix Bad Credit Way
Whether you’re struggling with mountains of debt, or looking to improve your financial situation, the Fix Bad Credit team can help you with a plan that will be tailored to your personal circumstances, wherever you’re located in Melbourne.
We will work with you to understand your individual circumstances so that we can provide the best plan for you. It is our mission to get you back to living your best life and we will stay on the journey with you.
You will work closely with one of our debt solution experts, and have continuous direct contact with them.
How It Works
Becoming Financially Free Is Easier Than You Think
Step 1: Identify
Asking for help is the hardest part. Which is why you get a personal debt and credit solution expert to confidentially review your unique situation and work with you every step of the way
Step 2: Plan
We then work with you, providing options for improving your credit, reducing debt and managing any repayments
Step 3: Repair
We can then assist with your chosen options each step of the way, implementing your unique credit and debt solution strategy
Step 4: Monitor
We offer an on-going service to continue to monitor your credit situation, regularly reviewing any changes to your credit score and identifying potential problems before they affect your financial well-being.
Debt Solution Experts will get you on the path to debt relief in Melbourne
Our Fix Bad Credit debt solution experts play a key role in helping you take control of your debt. That’s why, regardless of where you are, you will have access to a consultant who will work directly with you to find the best solution for your circumstances.
Our team is highly experienced in all of our debt solution options, regardless of whether it’s negotiating your debts with your creditors, information on load consolidation or assistance with a formal debt agreement, we can help. It is out aim to provide you with relief as quickly and efficiently as we possibly can, so you can get on with living your life.
Finding reliable and fast debt relief in Melbourne is easier than you think
It can be a lot easier to get into debt than you realise. If you find yourself struggling with managing your debts and repayments in Melbourne, you have no reason to be embarrassed, the best thing you can do is take the steps to get help.
Debt is one of the few stressors in life that doesn’t go away. The worry is always there, along with the feeling that there is nothing that can be done about it. Money and debt worries cause heavy emotional and mental burdens, affecting your health, your work, and your relationships. But just know you’re not alone.
If you’re feeling overwhelmed by money matters, we’re here to help you find relief from your debt stress. Talking about debt can be daunting. It’s hard to know where to start or what your options are. However, you can take a small step right now by picking up the phone. Fix Bad Credit is here to help you get your finances in order in Melbourne today.
Frequently Asked Questions
- Can I really become debt free?Our experienced team have been helping Australians get out of debt for over 10 years. No matter your unique situation, we have a solution to help you achieve a debt free life.
- How can Fix Bad Credit help me with my debt?Fix Bad Credit’s mission is to help you take control of your debt and achieve financial freedom. We will undertake a free confidential assessment of your current finances, taking the time to fully understand your unique financial situation to tailor the best debt solution options to meet your needs. We provide you with as much information as possible upfront, so you can make an informed and confident decision about the debt solution that’s best for your particular circumstances and budget. We then deal directly with your creditors, you only deal with the same friendly credit and debt solution expert that you have since day 1. We take care of the pain, so you can get on with living.
- How do I stop the debt collector calling me?Working with Fix Bad Credit, our legal team will contact your creditors, and stop those annoying phone calls, once and for all. Your stress will be less and you’ll no longer need to worry every time your phone rings.
- How much of my debt will I need to pay back?Fix Bad Credit has a proud history of helping our members reduce the debt they need to repay by 40% - 90% of what they owed before contacting us. Every situation is different, but the sooner you reach out, the sooner we can assess your particular situation and provide the best debt solution options available to meet your particular circumstances and budget.