Tackle Debt Head-On with the Help of Credit Mend AustraliaPoor debt management can often lead to bad credit which makes it hard to get a loan. talk to our dedicated professionals to help you manage your debt.
If you are feeling overwhelmed by debt, you are not alone. According to the Federal Reserve Quarterly Report on Household Debt and Credit, the number of Australians struggling with debt has risen since the start of 2021. T
his is likely due to the fact that stimulus payments have slowed down and people who were able to control their debt during the height of the pandemic in 2020 are now seeing their debts mount.
Fortunately, there are a variety of options available to help those struggling with debt get back on track and regain control over their finances.
If you and your creditors are struggling to find a solution that works for both parties, it might be time to bring in an outside mediator. Credit Mend’s debt management services provide a platform for both borrowers and lenders to effectively communicate their needs and desires, with the aim of finding an outcome that is sustainable for everyone involved. This can help bridge the divide between both parties, allowing for a resolution to be reached without either party feeling as though they have lost out.
Whether your debt is from credit cards, medical bills, major home repairs, student loans or anything else Credit Mend Australia may be able to help.
What is a Debt Management Plan?
A Debt Management Plan (DMP) is an arrangement made between debtors and creditors, with assistance from debt management firms. This new plan replaces all of your previous obligations and commitments to your debts, creating a structure that is much more manageable and reflective of your current financial situation. With the help of a DMP, you can rest assured knowing that your debt payments are organized in a way that is beneficial for both you and your creditors.
A Debt Management Plan (DMP) is an effective way to manage your debt. With a DMP, you will have a new repayment schedule and a new relationship with your creditors that is intended to help you settle debt and improve your financial position. Compared to the alternatives of a Part IX Debt Agreement or declaring bankruptcy, many people prefer this option since it allows them to maintain control over their finances while still addressing their debt obligations.
What is a Part IX Debt Agreement?
A Part IX Debt Agreement is an agreement that we can help you make with your creditors to repay your outstanding debt. With our help, we can negotiate a rate that you can afford which is often much lower than what you originally owe. This agreement stops any further interest being charged on the debts that have been included in the agreement. It also allows people who are struggling to repay their debt to create a plan that they can manage while still taking care of their other financial commitments.
A debt agreement is a legally binding contract between you and your creditors. It is listed on your credit report and will be updated as it is settled. Most debt agreements have a maximum term of three years, which means that any unpaid debts must be paid within this time period or will become void. Once the debt agreement has been finalized, Your Part 9 Debt Agreement will be removed from your credit file and your name removed from the NPII after 5 years.
Unlock Your Potential For Financial Freedom
If you’re looking to make your life better, Credit Mend Australia Debt Management can help. They offer debt assistance for people with unsecured personal debts, so you don’t have to struggle with your financial situation any longer. With their help, you can take the steps necessary to get back on track and get a fresh start.
Stop the phone calls
Having creditors chasing you for payments can be a stressful and overwhelming experience, but thankfully there is help available. Credit Mend will take the burden off your shoulders and talk to your creditors on your behalf and stop the phone calls.
Ongoing interest stopped
To make sure your spiraling debt is under control we’ll ask your creditors to freeze the interest on your existing debt. This should help you gain a better understanding of how much you owe and provide you with a more manageable repayment plan.
We negotiate for you
We work directly with your creditors to create a plan for becoming debt free. We take the hassle out of settling debts by negotiating payment terms and paying creditors on your behalf making the process as easy and stress-free as possible
