Take Back Control With A Personal Insolvency Agreement

”I am struggling with my finances and can’t afford to make repayments. I have contacted Revive Financial to provide a solution to all my debts. They have authority to talk on my behalf on all my accounts. Please feel free to contact them on 1800 534 534. Thank you for your call.”
Once your engagement is finalised written authority is provided to your creditors, if contacted please collect creditor name, contact number, and a reference number to provide your Customer Success Specialist.
After Phase 2 you need to tell them “Revive Financial is now dealing with this matter and has the authority to act on my behalf. Please feel free to contact them on 07 5343 1122.”

While the specific terms and conditions of each Personal Insolvency Agreement are unique and particular to the individuals and lenders 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.

The Personal Insolvency Agreement will be listed on your credit rating and the National Personal Insolvency Index (NPII) for the longer of 5 years and 1 month from the date the Personal Insolvency Agreement is made, or 1 month from the date it is completed. If the Personal Insolvency Agreement is completed within 5 years, the Credit File and NPII will be updated to reflect the agreement was completed for the remainder of the 5-year period. 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 Personal Insolvency Agreements at competitive rates.

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 can include '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. However, 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 their 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 value) of those who vote and are entitled to vote accept the proposal, it becomes legally binding on all creditors.

There may be alternative options available to you which should exhaust 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, debt consolidation loan, mortgage refinance or application for financial hardship with creditors.
During the Personal Insolvency Agreement process, your Customer 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 the alternative to approach a free financial counsellor in your area. Financial counsellors may be 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 nonjudgmental, free, independent and confidential. Financial counsellors are not able to offer a Personal Insolvency Agreement, and offer support with Informal Creditor Arrangements due to financial hardship, or assist with Bankruptcy. To find a financial counsellor in your area, visit the National Debt Helpline website or call them on 1800 007 007.