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1800 861 247

Debt Management Plan

Take Control of Your Finances Today

What is a Debt Management Plan?

If you’re struggling to pay down your debts, our exclusive Debt Management Plan (DMP) may be for you. Our DMP can help reduce your overall outstanding debt amounts by pausing your interest and protecting your assets. It will give you a fixed period until your debts are cleared and ensure the required debt payment schedule is affordable, based on your budget. Once you engage us for a Debt Management Plan, harassing phone calls and recovery action from creditors will stop.

After engaging Lanyana Financial group, a Case Manager will be assigned to collect information for your DMP application to creditors. Your Case Manager will promptly request any required information from your creditors. Once your Case Manager has sent requests to your creditors, all creditor contact will be redirected to our office.

The information collected will help your Case Manager understand your circumstances to make an assessment on how best to address your debts. A tailored solution will then be prepared for you. Your DMP can take the form of a Debt Agreement (formal or informal), a debt settlement or a combination of both.

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How it Works

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Case Study

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Thank you for downloading our brochure. A copy has also been emailed to the address provided.

Frequently Asked Questions

How do I qualify for a Debt Management Plan?

In order to qualify for a Debt Management Plan, all you have to do is be experiencing financial hardship. In other words, you just need to be struggling to meet your creditor repayments as they fall due. In most cases, serious financial hardship is due to a negative life shock that leads to over indebtedness such as a job loss or redundancy, a relationship breakdown, bereavement or being diagnosed with an illness or disability.

There are no restrictions on the amount of debt you owe, value in assets you have or income you earn. These factors only play a role in the type of Debt Management Plan recommended for your situation as a Debt Management Plan can be tailored for anyone struggling with debt.

I’m only on Centrelink payments, am I still eligible?

The short answer is yes, anyone able to offer a return to their creditors is eligible provided you have capacity to sufficiently cover your living expenses. However, we would suggest those on long-term Centrelink payments (e.g. Disability Support Pension, Single Parenting Payments, etc.) should strongly consider alternate options to a Debt Management Plan to ensure any unnecessary financial hardship is avoided. One of those options is recommending you to see a free financial counsellor.

What effect does a Debt Management Plan have on my debts?

When engaging us for a Debt Management Plan, the interest and fees on all of your unsecured debts will be paused. This allows you to repay your debts over a specific term, between 3 to 7 years, with one easy-to-manage repayment based on your budget and affordability. After successfully completing the terms of the formal Debt Agreement or Informal Debtstroyer Agreement, you will be debt free and will have only paid approximately 65-70% of your outstanding debt amount.

What debts can be included in a Debt Management Plan?

Most debts can be included in your Debt Management Plan. Our core service is to prioritise secured creditor payments and protect assets, before addressing unsecured debts on your behalf to reduce/pause interest and repay them affordably. In some cases, our team can negotiate repayment arrangements with mortgages, car loans or other secured credit providers to help resolve your financial difficulty.

There are some restrictions on what debts can be included in a formal Debt Agreement.

Will a Debt Management Plan affect my credit rating?

A Debt Management Plan may affect your credit file depending on if it’s a formal Part 9 Debt Agreement or Debtstroyer Agreement. A formal Part 9 Debt Agreement will be listed on your credit file for 5 years.

Under the new positive credit reporting regime, if you miss a creditor repayment, your credit rating may be affected to some degree.

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How Can We Assist You Today?

Business Debt
Personal Debt
Please select an assistance option to continue.

What Kind of Debts Do You Have?

Credit/Store Cards
Personal Loan
Pay Day Loan
Tax Debt
Utility Bill
Other
Please select at least one type of unsecured debt.

How is Your Business Structured?

Sole Trader
Partnership
Pty Ltd Company
Trust
Please select at business structure to continue.

How Much Money Do You Owe?

$10,000
$1,000
$100,000+

How Much Money Do You Owe?

$100,000
$10,000
$1,000,000+

Find Out How To Reduce Your Debt

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Congratulations

You've taken the first step to becoming debt free

Let's keep the momentum going, take the second step now and complete the assessment form.

Congratulations

You've taken the first step to becoming debt free

Let's keep the momentum going, take the second step now and complete the assessment form.

By submitting this form you acknowledge that you have read and accept our Privacy Policy

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