Take Back Control With Custom Calculators & Tools
It’s time to take back control, and we’ve got just the tools to help you. With a great selection of custom debt calculators, frequently asked questions and articles full of our latest advice, we’ll get you on the way to a positive financial future in no time.
Frequently Asked Questions
What is a Debt Management Plan?
A Debt Management Plan is a flexible arrangement which provides you with a viable alternative to Bankruptcy and avoids the serious consequences and limitations it carries. During the DMP process, we negotiate with creditors on your behalf and on your terms – not theirs, so you can reach a fair outcome between all parties. All calls and harassment from creditors will cease once they recognise we are working with you to find a positive solution to your financial situation. Our Debt Management Plan is offered Australia-wide. No matter where you are, if you’re struggling we can help reduce your debts and get your finances back on track.
How does it work?
After engaging Debt Rescue, one of our experienced Case Managers will be assigned to collect information for your application from creditors. Once your creditors know you’re on a DMP, all harassing phone calls will stop. The information collected from your creditors will help your Case Manager understand your financial circumstances and create a tailored solution for your individual situation.
Can you help me access the equity in my home loan to repay my debt?
Yes, we can help you consolidate your debts and reduce your repayments through a new home loan. This will then allow you to pay off your debts with a lump sum settlement. Speak to one of our Lending Managers to discuss all our debt relief options.
How Long does Company Liquidation Last?
The time it takes to complete a Company Liquidation will vary depending on how complicated the company’s affairs are. There is no set time limit with which the Company Liquidation needs to be completed and as such, it can range from 12 to 18 months (for an average-sized company that is fairly uncomplicated) to longer (if the company’s affairs are complex). The main factors that affect the time-frame of the Liquidation are the structure of the company, its dealings prior to being liquidated and whether it will be necessary to litigate.
How Long does Voluntary Administration Last?
The Administrator must submit their report to the creditors 5 weeks from the date of their appointment. For more complicated cases, this timeframe can be extended.
Will Company Liquidation Affect my Credit Rating?
Credit reporting bureaus do keep track of companies that enter Company Liquidation and the names of the directors of those companies. The ‘mark’ on your credit report is there, but it is unlikely to affect you if you’re applying for personal credit. For example, if you want to apply for a credit card or personal loan, it generally won’t be an issue. However, if you want to apply for a business loan, it is much more likely the ‘mark’ will be found.