Debt Management Plans In Adelaide & SA
debt management plan in South Australia
Are you facing escalating personal debt from credit cards or payday loans and struggling to make your repayments each month? If the answer is yes, you may be able to get on top of it and relieve the mental strain with a debt management plan (DMP).
A DMP is a form of debt relief used for paying personal unsecured debt. It’s a flexible arrangement that offers an alternative to bankruptcy. By pausing interest and protecting your assets, it can help you reduce your overall debt amounts – and the pressure.
DMPs are best suited to people who can’t afford to pay their debts at their current level. But, while a debt management plan reduces your monthly debt payment, you still need to make budget-realistic payments each month over a fixed period until your debts are cleared. Our Adelaide team can help you decide if a DMP is right for you.
The debt management plan process in Adelaide
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Get your free instant debt analysis either online or over the phone with our friendly and experienced customer success managers.
Receive Tailored Solution
If you choose to go ahead with a debt relief solution, we stabilise your position, stop the harassing calls and letters, and your journey towards financial freedom begins.
Take Back Control
Enjoy one easy to manage solution to clear your debts and start building a positive financial future. In the shape of a formal or informal debt agreement, a debt settlement or both.
Kristy and John have three children aged 5, 11 and 13. Both worked full time until John had a nervous breakdown.
With John recovering and unable to work for four months, Kristy was finding it hard to make their mortgage repayments and cover basic living expenses on her salary. She’d taken out multiple high-interest credit cards to get by but was now drowning in over $70,000 of debt.
With limited equity, they weren’t able to sell their Adelaide family home or refinance to cover the debts, and the situation was causing friction.
Unsure what to do or where to turn, Kristy gave us a call. After a free initial consultation, we determined that a Part 9 Debt Agreement was their best option. We assessed their income and expenses and found that they could clear the debts in five years by repaying $550 a month.
We negotiated the terms with Kristy and John's creditors on their behalf in order to get the plan agreed. This involved explaining to the South Australia creditors in detail what they could afford and the timeframe for repayment.
Their creditors agreed to the arrangement had to pay back only 45% of their total debt.
The Impossible Was Possible
Kristy could repay their debts at an affordable amount, reducing the pressure.
Without the financial stress, the couple were able to focus on John’s return to health.
You're In Safe Hands
At Revive Financial, we care about the stress and impact being in debt has on your wellbeing. We want to help you take back control with no judgement, just a helping hand.
Revive Financial is proudly Australian owned and lead by a team of Chartered Accountants. Our qualified team have been helping Australians become debt free since 2005.
Our dedicated team have been trusted by over 10,000 Australians to help take back control of their financial futures. It's what we do best so you can rest assured.
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Frequently Asked Questions
What is a Debt Management Plan?
A Debt Management Plan is a flexible payment arrangement which provides you with a viable alternative to Bankruptcy and avoids the serious consequences and limitations it carries.
It allows you to make one simple payment over a fixed term towards all of the existing debts you owe. The regular payment is set at an amount which fits within your budget.
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 Revive, one of our experienced Customer Success Managers will be assigned to collect information for your application. The information collected will help your Customer Success Manager understand your financial circumstances and create a tailored solution for your individual situation.
After completion of your application, we will submit this to your creditors for approval. Once your creditors know you have entered into a DMP, all harassing phone calls will stop (This is a requirement by law). At this stage, you will be required to start making regular payments towards your DMP.
Upon accpeptance of the DMP by your creditors, you will be on your way to taking back control of your financial future. Shoudl your DMP not be accepted, we will look for alternatives or refund any payments you have already made towards your DMP.
In order to qualify for a DMP, 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. 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 DMP recommended for your situation as a DMP can be tailored for anyone struggling with debt.
How long will my Debt Management Plan take to complete?
This depends on your level of debt, your budget and your Creditors. Our DMP terms are 3 to 5 years in most cases.
Negotiations with each Creditor can vary depending on the amount of debt, type of product and previous account behaviour. This may effect the length of the DMP we can achieve for you.
Can I pay more if my situation improves or pay out my Creditors early?
Yes, if your financial circumstances improve, you are able to increase your DMP repayments at any time.
We can then use these extra funds to either pay your Creditors more each month, or preferably build these funds up in a Trust Account and then offer your Creditors a lump sum to settle the account for a reduced amount. You will not be penalised for paying out your accounts earlier.
Debt Agreement vs Bankruptcy
When it comes to a Debt Agreement vs Bankruptcy, which debt relief solution is best? When people fall into bad debt, they can turn to a number of debt relief solutions to help them out of trouble. Often it comes down to two options: a Debt Agreement vs Bankruptcy.Read more