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Debt Management

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Debt management

Need to fix your debts? Are the debts becoming overwhelming?

Debt Fix knows that often people and credit providers cannot see eye-to eye. Debt Fix understands people and creditors and is in a perfect position to bridge the gap between the two. Sometimes it takes a third party to help solve a problem. Debt Fix can approach your creditors and explain the situation in terms that they understand and using the right legislation that compels them to listen and give genuine consideration to your money problems.

Debt Management Plan

Debt Fix: What is a Debt Management Plan (DMP)?
It is a debt solution to help you regain control and it’s an alternative option to a Part IX Debt Agreement or Bankruptcy

A Debt Management Plan’s could be a good solution if you can’t manage your debts in a way you would like, and your financial problems are likely to be short term.

How does it work?

  1. We will contact your creditors and ask them to accept a reduced payment. In most cases creditors are happy to agree the DMP because they have an obligation to help you in times of financial need.
  2. You then make a single payment to pay your debts.
  3. Debt Fix will appoint a case officer for you to contact should you experience any difficulties whilst the DMP is in place.

It’s simple.

  1. Tell us how much you owe and who you owe money to
  2. We help you calculate your income and expenditure and develop a workable budget.
  3. We negotiate with your creditors to agree to a more affordable repayment amount. We distribute the monthly payments to your creditors as per the agreed debt management plan.

Benefits and Consequences:

Advantages of the Debt Management Plan

  • DMP is an informal arrangement that avoids the need for formal insolvency procedures such as a Debt Agreement or Bankruptcy.
  • consolidate debts into one payment.
  • Debt Fix will speak with your creditors on your behalf. This means you do not have to deal directly with your creditors again, we do all the negotiation and ongoing management for you.
  • We pay your debts using your money 
  • By reaching an agreement with your creditors, a DMP may suspend legal action and debt collection.
  • Manage your debts without another loan and getting further into debt  

Disadvantages of the Debt Management Plan

  • The arrangements are informal. Your creditors can change their mind at any time.
  • Your credit rating may still be harmed.
  • Even though the DMP will reduce your monthly repayments to make them affordable it usually means you will pay more in total over a much longer period.
  • Interest will usually continue to be charged on your debts.

Fees:

Debt Fix understands you’re struggling and we will never add to your distress. For this reason, our fee structure is based on your ability to pay and your set of circumstances.  Fees vary from case to case and are fully documented in writing.

Call us now on 1300 332 834 for an obligation free analysis.

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