Frequently asked questions

Whether you’re looking at a better personal loan to replace an expensive existing loan, a Part 9 Debt Agreement, a Temporary Hardship Plan, or a different solution, we will always explain the fees and costs clearly, using measures such as the comparison rate to compare personal loans.

Depending on your chosen solution, there may be an assessment fee, administration fees, and fees and charges imposed by other parties. Our customers always stay in control.

A debt consolidation loan is a secured or unsecured personal loan that tackles multiple debts with high interest rates. It replaces these with a single personal loan with the right loan term and interest rate for manageable monthly payments.

Not at all!

Debt Consolidation is just one way to tackle existing debts. We also offer solutions such as Part 9 Debt Agreements, Informal Agreements, Temporary Hardship Plans, Personal Insolvency Agreements, and Bankruptcy.

A Part 9 Debt Agreement establishes a formal agreement that lets you repay your unsecured debts on new terms (which may include reducing your debt and pausing interest) if you’re experiencing financial hardship.

An Informal Agreement is a debt management solution negotiated with creditors to reduce debt and pause interest over a fixed repayment term. Unlike other debt agreement types, however, an Informal Agreement is not legally binding. If the mounting debts in your life are crushing your hopes of financial stability, an Informal Agreement might be for you.

A Temporary Hardship Plan is a simple three-month repayment plan that offers temporary debt relief when you need it most. Our innovative plans offer tailored guidance and a holistic approach to help you take back control of your finances.

A Personal Insolvency Agreement is a legally binding agreement between you and your creditors, helping you improve your financial position as an alternative to Bankruptcy. It’s governed by the Bankruptcy Act and involves setting up a manageable payment plan, with instalment payments, asset plans, and/or lump sum payments. 

The team at Revive Financial has guided thousands of customers towards financial freedom since 2005. We have a fantastic reputation for supporting customers with their different financial circumstances. Our compassionate and skilled Success Specialists can help you work towards stabilising your financial position so you can look forward to a brighter financial future.

Recognising financial hardship involves assessing your financial situation against certain indicators.

Signs of financial hardship include:

• Struggling to pay bills on time, such as rent, utilities, or credit card payments.
• Over-reliance on credit cards for basic expenses without being able to pay off the balance.
• Lack of emergency savings for unexpected expenses like medical emergencies or car repairs.
• A high debt-to-income ratio, where a significant portion of income goes toward debt repayment.
• Cutting back on essential expenses like food, healthcare, or heating.
• Experiencing stress, anxiety, or depression due to constant financial worry.
• Regularly borrowing money from friends, family, or payday lenders for everyday expenses.
• Selling personal belongings to make ends meet.
• Skipping medical treatments or prescriptions due to cost concerns.
• Juggling payments and deciding which bills to pay each month.

Our Revive THP currently have a term of 3 months. More flexible terms will be available in the future.

You must resume normal payments with your creditors. Alternatively, you may wish to contact Revive Financial to discuss alternative options, such as one of our debt management solutions. 

In some cases, your creditors may wish to communicate with you. However, if you stick to your Revive THP there should be little need for them to contact you.

No, applying for a Revive THP won’t hurt your credit score. In some cases, your credit report might show an “A” for arrangement if your creditors agree to the plan. This mark stays on your report for 12 months, but it won’t count as bad payment history and can’t be used to automatically reject you for future loans.

No.

Unless one of the lenders is part of your Revive THP, they may require you to complete or terminate the arrangement before being considered for further credit.

No.

We support all unsecured debts with the Revive THP.

No.

A Revive THP covers most unsecured debts such as:

• Credit and store cards
• Personal loans and payday loans
• Utility bills such as gas, electricity, phone and internet
• Buy now pay later debts

Typically the following debts are not included:

• Secured loans such as mortgages, car loans and equipment finance
• ATO and Centrelink debts
• Fines and legal liabilities
• Child support debts
• Rates, body corporate and insurance debts
• Overseas debts

If you fail to make your payment your Revive THP will be terminated and your debts will revert back to their prior state.

Yes.

However, we suggest contacting us to negotiate a better outcome for you.

No.

You will need to commence a new Revive THP to include all creditors.

Yes.

However we recommend getting in touch with our team to discuss alternative solutions before doing so. We have a range of debt relief solutions that may be able to deliver longer lasting positive impact.

You must resume normal payments with your Creditors. Alternatively, you may wish to contact Revive Financial to discuss an alternative debt management solution. 

No.

Our Revive THP is designed to be between you and your creditors.

The HEM classifies more than 600 items in the Australian Bureau of Statistics’ Household Expenditure Survey as absolute basics, discretionary basics or non-basics. These items are then used to calculate modest expenditure for eight types of household.

Notes

• The HEM is defined as the median spend on absolute basics plus the 25th percentile spend on discretionary basics.
• Absolute basics are most food items, children’s clothing, utilities, transport costs and communications.
• Discretionary basics include take-away food, restaurants, confectionery, alcohol and tobacco, adult clothing, and entertainment.
• Non-basics include luxury services such as gardeners and overseas holidays.
• Rents and mortgage payments are not included, as the HEM is a net-of-housing costs measure.

The HEM is a common measure used by lenders to assess borrowing capacity and help determine if applicants can afford a loan.

We also used the HEM to determine fair and reasonable living expenses when assessing your financial hardship claim, which allows your creditors to make a more informed decision.

Your Revive THP payment amount is based on your calculated Budget Surplus. If there is an insufficient amount to be paid to all creditors fairly, a moratorium will be suggested and no payment will be required by you for the next 3 months (subject to your creditors approval).

Consolidation is a form of debt relief that can help you lighten the load – financially and mentally. If you are swamped by existing debts, the right debt consolidation loan can replace these debts with one affordable, lower interest rate and payment. 

Yes, you can combine your unsecured debts into one, affordable payment, reduce stress, and get your finances back on track.

Debt consolidation involves refinancing debts into a new, more affordable personal loan or home loan. We can advise on the most competitive interest rates in Australia to save you money.

Depending on your circumstances, we can also negotiate with your creditors to arrange a reduced payout of your existing debts as part of the debt consolidation, saving you even more.

Yes.

By combining your debts and expensive loan repayments into one personal debt consolidation loan, you can choose the loan term that suits you for a lower repayment. The combination of a better interest rate and a longer loan term on a consolidated personal loan results in a lower payment and better cash flow.

For advice on debt and consolidation, contact Revive Financial. We offer a free initial assessment to see if we can help you. 

No.

We can help you consolidate your debts into a new personal loan at a competitive interest rate. These loans are designed to help you take back control of your debt and live with a manageable repayment.

Yes, we can help you consolidate your debts and reduce your repayments through a new home loan. This could offer significant savings on interest and repayments.

If a debt consolidation loan is suitable for your situation, we will connect you with one of our trusted lending partners. They will assess your application and, if approved, provide and fund the loan based on your circumstances.

A Personal Insolvency Agreement is a legally binding agreement between you and your creditors, helping you improve your financial position as an alternative to Bankruptcy. It’s governed by the Bankruptcy Act and involves setting up a manageable payment plan, with instalment payments, asset plans, and/or lump sum payments. 

While the specific terms and conditions of each Personal Insolvency Agreement are unique and particular to the individuals involved, in general, the average Personal Insolvency Agreement typically lasts 5 years. However, you can complete it earlier if you make larger payments than the set amount.

Entering into a Personal Insolvency Agreement is an act of Bankruptcy and will be recorded on your credit report and on the National Personal Insolvency Index (NPII). 

The record will remain on your credit report for the longer of five years from the date the agreement was entered into, or two years from the date the agreement is completed or otherwise terminated. The NPII is a permanent public register, and the record of your Personal Insolvency Agreement will remain listed indefinitely.

The controlling trustee will look into your financial affairs and report to creditors on the benefits of a PIA compared to a bankruptcy and convene a meeting of creditors to vote on your proposal.

The report will detail your assets, income, liabilities and investigations. The report will provide reasons why creditors should accept your proposal and the estimated return to creditors as compared to a bankruptcy scenario.

At the meeting, the creditors will vote on your proposal. For your proposal to be accepted, it must be approved by a majority in number and more than 75% of the value of creditors voting at the meeting.

If the proposal is accepted then it is binding on all creditors and subject to your compliance under the terms of the proposal to avoid bankruptcy. If the proposal for a PIA is not accepted then whilst you will not automatically become bankrupt, it is common (and may be a condition in your proposal) that you would in the future.

A Personal Insolvency Agreement may impact your employment, especially if you hold a professional license or work in certain industries. Some employers may have policies regarding employees entering into Personal Insolvency Agreements, and certain professional licenses may be affected. It’s important to check with your employer or professional licensing body to understand any potential implications for your career.

You might still be eligible for a Personal Insolvency Agreement despite being on Centrelink or pension payments, provided you can afford the regular Personal Insolvency Agreement repayment. However, we will explore all other debt management solution options available to you before suggesting a Personal Insolvency Agreement.

A Personal Insolvency Agreement includes ‘provable debts,’ which are debts that entitle the creditor to participate in dividends paid in a bankrupt estate. Typically, these include unsecured debts such as credit card debt, personal loans, medical bills, and other similar obligations. Secured debts (like home loans or car loans) and certain state debts (such as fines) cannot be included.

Yes.

While you can include joint debts in your Personal Insolvency Agreement, it’s important to note that this agreement does not release the other person from their responsibility for the debt. They will still be liable for the remaining portion of the joint debt.

No.

Not all creditors need to agree to the proposal. As long as creditors representing a majority (at least 50.01% in number and 75% in dollar value) of those who vote and are entitled to vote accept the proposal. If accepted, it becomes legally binding on all creditors.

Yes, the Personal Insolvency Agreement is a managed solution under the Bankruptcy Act and has associated costs. We explain these costs clearly and transparently during your free consultation to see whether the Personal Insolvency Agreement solution is right for you. 

A Personal Insolvency Agreement and Bankruptcy are both formal insolvency options under the Bankruptcy Act, but they operate differently.

A Personal Insolvency Agreement (PIA) is a legally binding arrangement between you and your creditors, administered by a registered trustee. Under a PIA, you propose a settlement to creditors which may involve repaying part or all of your debts through contributions, asset realisations, or a lump sum payment. If creditors accept the proposal, they are bound by the agreement and cannot pursue further recovery outside its terms.

Bankruptcy, on the other hand, is a legal process where a trustee takes control of certain financial affairs and may sell assets to repay creditors. Bankruptcy generally lasts three years and one day, although some obligations can continue for longer.

A key difference is that a PIA may allow you to avoid entering Bankruptcy and provides more flexibility in how debts are settled. However, like Bankruptcy, a PIA is a formal insolvency process under the Bankruptcy Act and will be recorded on the National Personal Insolvency Index (NPII) and may affect your ability to obtain credit.

Call Revive Financial to speak to a friendly, non-judgemental Success Specialist. We are here to help you move away from the stress of unmanageable debts with a Personal Insolvency Agreement or an alternative debt management solution. 

There may be alternative options available to you that you should explore before you make your final decision to proceed with a Personal Insolvency Agreement due to the consequences of the agreement. These options may include a credit card balance transfer, a debt consolidation loan to settle debts, a mortgage refinance, or an application for financial hardship with creditors.

During the Personal Insolvency Agreement process, your Revive Financial Success Specialist will assess your financial situation and consider alternatives available before making a final recommendation of a Personal Insolvency Agreement.

If you are unable to afford the fees associated with engaging us for a Personal Insolvency Agreement, there is an alternative to approach a free financial counsellor in your area. Financial counsellors may be able to help you:

• Get a clear understanding of your overall financial situation,
• Explain what options you have in relation to your debts, including the advantages and disadvantages of all options available.
• May advocate or negotiate with your creditors, government agencies and others,
• Develop a budget and/or money plan, and
• Listen and provide emotional and physical support.

Financial counsellors can be invaluable in the debt management process, with their services being non-judgmental, free, independent, and confidential. Financial counsellors are not able to offer Debt Agreements, Personal Insolvency Agreements, nor provide professional Insolvency advice. To find a financial counsellor in your area, visit the National Debt Helpline website or call them on 1800 007 007.

The Controlling Trustee will look into your financial affairs and report to creditors on the benefits of a PIA compared to a Bankruptcy and convene a meeting of creditors to vote on your proposal. 

The report will detail your assets, income, liabilities and investigations. The report will provide reasons why creditors should accept your proposal and the estimated return to creditors as compared to a Bankruptcy scenario. 

At the meeting, the creditors will vote on your proposal. For your proposal to be accepted, it must be approved by a majority in number and more than 75% of the value of creditors voting at the meeting. 

If the proposal is accepted then it is binding on all creditors and subject to your compliance under the terms of the proposal to avoid Bankruptcy. If the proposal for a PIA is not accepted then whilst you will not automatically become Bankrupt, it is common (and may be a condition in your proposal) that you would in the future. 

Bankruptcy is a legal process that releases you from your provable debts, allowing you to make a fresh start. While it has some notable consequences, the positives typically outweigh the negatives. You’re eligible for Bankruptcy if you can’t pay your debts as and when they fall due, and you are present in Australia or have a residential or business connection in Australia. There’s no minimum or maximum amount of debt required to enter the Bankruptcy process. 

The answer is typically “yes”, with permission, and your Revive Financial Success Specialist can provide further information. Travelling overseas without permission or staying for longer than your allowed time can result in your Bankruptcy being extended.

Yes, you can borrow money after your Bankruptcy ends in Australia, but it can be challenging. While you are officially discharged, the Bankruptcy will stay on your credit report for two years after discharge or five years from the start date (whichever comes later).

The Bankruptcy Act does not impose direct restrictions on employment, but certain industry associations and licensing authorities impose restrictions, should a member or licensee become bankrupt. You should check with your relevant licensing authority or professional organisation to determine any impact on your ability to continue in that trade or profession prior to applying for Bankruptcy.

Your employer should not be notified, however we recommend reviewing the terms of your employment to ensure you do not have any contractual obligation to remain solvent with your employer. 

Your income will be capped depending on your situation (For example, the threshold for people with dependents is higher than the threshold for a single individual). Any money earned above the set threshold will become a contribution and be distributed among your creditors. If you are made redundant or receive a pay-out after losing your job, some of that money can also be made a contribution and distributed to your creditors.

Your house may be realised during the Bankruptcy if the value of that property (in excess of secured loans) can be used to satisfy any debt amounts included in the Bankruptcy. 

You, your spouse/partner or another party may be able to purchase your share of the equity as an alternative to the trustee selling the property. The equity could be purchased through a lump sum amount paid to your Trustee, or could be paid through agreed installments during the Bankruptcy.

There are ways you may be able to keep your family home, and your Revive Financial Success Specialist can explain the options.

Yes. Bankruptcy and a Part IX (9) Debt Agreement are different formal insolvency options under the Bankruptcy Act, although both are designed to help people deal with unmanageable debts.

A Debt Agreement is a legally binding arrangement where you propose an affordable repayment plan to your creditors, often over several years. If creditors accept the proposal, you make regular payments and the remaining debt is typically cleared once the agreement is completed. Debt Agreements are available only if you meet certain eligibility thresholds for income, assets and debts.

Bankruptcy, on the other hand, is a legal process where most unsecured debts are cleared, but a Bankruptcy Trustee takes control of certain financial affairs for a period of time and there may be restrictions during that time.

Both Bankruptcy and Debt Agreements are regulated by the Australian Financial Security Authority (AFSA) under the Bankruptcy Act.

You can voluntarily apply for Bankruptcy directly through the Australian Financial Security Authority (AFSA) if you are unable to pay your debts as they fall due.

Before applying, it’s important to understand the consequences of Bankruptcy and consider all available options. Speaking with a Registered Bankruptcy Trustee can help you understand the process and determine whether Bankruptcy or another solution may be more suitable for your situation.

Revive Financial has Registered Trustees in Bankruptcy who can explain the process, answer your questions, and help you understand your options before making a decision.

Once your Bankruptcy is accepted by AFSA and your Bankruptcy begins, your creditors will be notified and contact will cease. Should you receive contact from any creditors after your Bankruptcy is accepted, you should simply provide them with your Bankruptcy number and end the call. If creditors persist, your trustee can address the creditor/s on your behalf.

Before you apply for Bankruptcy, seek qualified advice. Our Success Specialists will assess your debts and cover all of your options, from Debt Agreements and Personal Insolvency Agreements to Bankruptcy. 

Navigating Bankruptcy can be complex, but you don’t have to do it alone. Revive Financial’s skilled team can guide you through the process, ensuring you find the most manageable solution for your unique situation. Our experts will work with you to craft a solution that alleviates your financial pressure and sets you on the path to a brighter financial future.

Revive Financial is not a lender.

Rather, you’ll be working with one of our Customer Success Specialists who will assess your financial situation and recommend to you a specialised lender from our network.

We’ll take a look at your overall financial standing including your income, unsecured debt amount, credit history and your current mortgage. We will then assess the appropriate affordable amount you can borrow to repay your existing debts and mortgage.

If necessary, we will also look to negotiate with your creditors on any unsecured debts to fit within your borrowing capacity.

These reduced debts together with your existing mortgage are then included in your new loan and paid out at settlement. This then leaves you with one, easy-to-manage loan with more affordable repayments.

We look at your overall financial position. If there is something standing in the way of a successful loan application, we take the time to help you fix it. For instance – if you have too much unsecured debt, we will negotiate with your creditors to reduce the amount of debt you owe.

We have a team of debt negotiators who will approach your unsecured creditors in an attempt to reduce your unsecured debt amount to a level where you are able to refinance.

If we can’t help right now with a new home loan, we can still assist by arranging a personal loan or a debt management solution to clear any existing unsecured debts you may have.

A debt management solution is a legally binding agreement with your creditors outlining a new affordable debt repayment amount. This is a great option to help reduce your repayments whilst considering other options that may become available in the future.

If you have been knocked back by a major lender, credit union or other financial institution, we could still assist you. We have access to a range of financial services and products which allows us to offer lending alternatives that other lenders can’t. We also have solutions for those with impaired credit files.

A budget is an estimate of your future expected income and expenses over a set period of time.

A budget will list out your income you expect to receive (eg your salary and wages, centrelink benefits and rental income). It will also list your expected living expenses, bills, loan repayments and any savings. Your income is totalled and the total of your expenses are deducted from your income. What is left over is your surplus or deficit.

A surplus means you should have excess funds available after you have accounted for all your expenses.

A deficit means you have insufficient income to meet all of your expected expenses.

If you have a Budget Deficit, you will need to look over your budget to see where you can cut back on your expenses, if you cannot earn more income.

You will need to continue to work on your budget until you reach a surplus, we at Revive Financial can assist you with this.

You can also see the pages of our budgeting booklet on “Ask for Directions” for a list of savings tips and ideas.

There are many different ways in which you can create a budget. The best method of creating a budget, is finding one which is simple to create and ease to follow.

Revive Financial has created a simple way of budgeting by using 3 seperate accounts, to ensure you set aside the right amount for the expected expenses you may have. To find out more on our simple way of budget, download our free budgeting booklet.

A budget is an estimate of your future expected income and expenses over a set period of time.

A budget will list out your income you expect to receive (e.g your salary and wages, Centrelink benefits and rental income). It will also list your expected living expenses, bills, loan repayments and any savings. Your income is totalled and the total of your expenses are deducted from your income. What is left over is your surplus or deficit.

A surplus means you should have excess funds available after you have accounted for all your expenses.

A deficit means you have insufficient income to meet all of your expected expenses.

If you have a budget deficit, you will need to look over your budget to see where you can cut back on your expenses, if you cannot earn more income.

You will need to continue to work on your budget until you reach a surplus, we at Revive Financial can assist you with this.

You can also see the pages of our budgeting booklet on “Ask for Directions” for a list of savings tips and ideas.

There are many different ways in which you can create a budget. The best method of creating a budget, is finding one which is simple to create and ease to follow.

Revive Financial has created a simple way of budgeting by using 3 separate accounts, to ensure you set aside the right amount for the expected expenses you may have. To find out more on our simple way of budget, download our free budgeting booklet.

An Informal Agreement helps you avoid Bankruptcy by consolidating debts into one manageable payment while often reducing interest and the total amount owed. It can also stop creditor contact and create a structured path to regain financial stability.

Key benefits include simplified repayments via a single regular payment managed by Revive Financial, potential interest pauses or reductions, and the possibility of reducing total debt through negotiated settlements. Not all debts need to be included, giving you flexibility, and having a professional administrator increases the likelihood of successful negotiations with creditors.

Informal Agreements can be used to repay personal loans and unmanageable personal debt, including credit card debts, cash advance loans, Afterpay debts, utility bills and tax debts.

There are four main types of Informal Agreements (Debt Agreements that are not legally binding). These include: 

Long Term Informal Agreements: reducing repayments and pausing/reducing interest over several years. 

Moratoriums: a short term arrangement with creditors (secured or unsecured) which pauses or significantly reduces repayments and interest over a period of 3 to 12 months. 

Debt Settlements: waiver or reduce debts with large lumps sums that don’t cover the full amount of the debt. 

Loan Renegotiations: new loan terms and conditions to reduce interest and increase the loan term, thereby reducing overall debt. 

No.

However, to ensure the Informal Agreement is effective for you, we need as many creditors as possible to vote in favour of the proposal. 

You need to maintain the regular minimum repayments to that creditor.

No.

An Informal Agreement is a renegotiation of your existing debts, and not a new loan.

Yes.

You can include joint debts in an Informal Agreement. However, the co-borrower will need to be part of the Informal Agreement.

No.

Usually, yes.

Many of our customers enter Informal Agreements while they’re on Centrelink or pension payments.

If you fail to make payments in full and on time, creditors may terminate the agreement. They may then recommence collection proceedings, take legal action or pursue Bankruptcy.

The specific terms and conditions of each Informal Agreement are unique and particular to the individuals and lenders involved. In general, the average Informal Agreement typically lasts between 3 to 7 years. However, you can complete it earlier if you make larger repayments than the set amount.

Yes.

All Informal Agreements are negotiated under financial hardship arrangements with each creditor, which can remain on your credit history after the arrangement ends, however does not affect your credit score. This information is visible in your credit report and may be considered by lenders. You can check your credit report and credit history at any time to double check.

Yes.

Our Success Specialists offer a free assessment and then we provide a clear and transparent cost breakdown for negotiating your tailored Informal Agreement proposal and administering your payment plan with your unsecured and secured creditors.

Our specialists offer advice and guidance on your financial situation and debt solutions available to you. We can prepare and lodge a tailored Informal Agreement for you.

We have thousands of five-star reviews and a fantastic reputation for supporting customers with their different financial circumstances. Our compassionate and skilled Success Specialists can set up your Informal Agreement to work towards stabilising your financial position so you can look forward to a brighter financial future.

Yes.

There are no restrictions.

Your Revive Financial Success Specialist will conduct a confidential assessment (factoring in your income, assets and total unsecured debts) to determine whether you qualify. If a Debt Agreement is right for you, they will help create a Debt Agreement proposal for your creditors.

There will then be a creditor vote on the proposal (lodged through the Australian Financial Security Authority).

No.

Not all creditors need to agree to the Debt Agreement proposal. As long as creditors representing a majority (50.1% of the total dollar amount) of those who vote and are entitled to vote accept the proposal. If accepted, it becomes legally binding on all creditors. Your Revive Financial Success Specialist will explain the voting period in detail when your proposal is prepared.

As trusted debt solutions specialists, we are here to advise you on your options and Debt Agreement eligibility criteria, create your debt agreement proposal, seek its approval from your creditors, and then act as your personal Debt Agreement administrator. This means that we engage with your creditors and help you improve your financial situation. 

There are certain guidelines and thresholds you must meet to be eligible. 

• You cannot have been bankrupt or completed your Debt Agreement in the last 10 years. 
• The required income, value of unsecured assets, and value of unsecured debts thresholds change. You should refer to the AFSA guidelines for the latest figures and come within that.

While the specific terms and conditions of each Debt Agreement is unique and particular to the individual involved, in general, the average Debt Agreement typically lasts between 3 years for non-home owners or 5 years for homeowners. However, you can complete it earlier if you make larger payments than the set amount.

Your credit file rating will be affected, which may limit your ability to incur further debt. Where you complete the agreement (ends under S185N of the Bankruptcy Act 1966), the agreement remains on your credit file & NPII until the longer of 5 years from the start date, the completion date or 2 years after the completion or termination date, or whichever is the longer.

There is typically also a 1-month processing period while your credit file and NPII is updated.

After the listing period, you will have a clean slate from which to rebuild your finances. We have access to a panel of lenders willing to lend money to individuals who have completed Debt Agreements at competitive rates.

A Debt Agreement can impact your employment, especially if you hold a professional license or work in certain industries. Some employers may have policies regarding employees entering into Debt Agreements, and certain professional licenses may be affected. It’s important to check with your employer or professional licensing body to understand any potential implications for your employment.

A Debt Agreement includes ‘provable debts’, which are debts that entitle the creditor to participate in dividends paid in a bankrupt estate or under a Debt Agreement. Typically, these include unsecured debts such as credit card debt, personal loans, medical bills, and other similar obligations. Secured debts (like home loans or car loans) and certain state debts (such as fines) cannot be included. Provable debts are extinguished upon completion of the Debt Agreement. 

Yes.

While you can include joint debts in your Debt Agreement, it’s important to note that this agreement does not release the other person from their responsibility for the debt. They will still be liable for the remaining portion of the joint debt.

If you fail to meet the terms of your Debt Agreement or fail to make payments in full and on time, creditors can seek to terminate the agreement. If the Debt Agreement is terminated, they may recommence collection proceedings, take legal action, or pursue Bankruptcy.

To get started, contact Revive Financial for a consultation. Our team will assess your financial situation, explain your options, and help you determine if a Debt Agreement is the right solution for you. We’ll guide you through the entire process, from proposal preparation to finalising the agreement.

Debt management companies charge a professional fee for their debt solutions. Our friendly team of non-judgmental Success Specialists will assess your financial situation for free and clearly explain all costs associated with our solutions.