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RDA is a Govt. Registered Debt Agreement Administrator

Australian Financial Security Authority

License #1159
 

Tools , Links & Info

On this page:   Case Studies Free Financial Counseling Services
    How to Obtain your Credit History Personal Help Lines
       
Case Studies

Case study: from a debt administrators case file
(from article published by Choice Magazine Debt Agreement vs Bankruptcy)
     
Tara has three credit cards with a total debt of about $70,000. She also has one car loan and another joint car loan with her spouse. These loans are secured and not covered by the debt agreement. Tara will pay about $49,000 in total, which includes roughly $36,500 to her creditors, a $1,650 government charge and $10,580 set-up and administration fees to the debt administrator. *note: RDA's comparison fee for this agreement would have been $6,600.

The agreement goes over three years and states she’ll pay back $265 per week in the first year, then increase the payments to $320 per week once one of the car loans will be finalised.

The weekly payments need to be covered by the money left over after Tara and her spouse pay for their weekly expenses, which include $320 for rent, $235 for food and money for car loan repayments. They could have trouble finding money for extras such as school excursions or takeaway meals.

The couple will have to budget in order to keep to the agreement, if Tara defaults on the repayments she could be forced into bankruptcy.
    
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How to Obtain your Credit History

If you are considering re-finance as a debt solution, then it is critical that you obtain and be aware of your personal credit history.

Download, print and complete this form.  Fax the form to (02) 9278 7333 - or post it to: PO Box 964, NORTH SYDNEY  2059.

A 10 Day reply is Free - 24hr response costs approx $30.
      
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Free Financial Counselling Services

QLD Financial Counselling Association of Qld 07 332 1 3192 www.fcqn.asn.au
NSW Financial Counsellors Association of NSW 1800 808 488 www.fcan.com.au
VIC Financial & Consumer Rights Victoria 1300 558 181 www.fcrc.org.au
ACT Care Financial Counselling Service 02 6257 1788 www.carefcs.org
SA Sth Australia Financial Counselling Association   www.safca.info
TAS Anglicare Financial Counselling Service Tasmania 1800 243 232 www.anglicare-tas.org.au
WA Financial Counsellors Resource Project 08 9221 9411 www.fcrp.org.au
Personal Help Lines

Lifeline   13 11 14
www.lifeline.org.au
Relationships Australia   1300 364 277
www.relationships.com.au
Gambling Helplines  
NSW 1800 633 635
ACT 02 6247 0655
QLD 1800 222 050
VIC 1800 156 789
SA 1800 060 757
TAS 1800 000 973
WA 1800 622 112
NT 1800 629 683
Gambling Help Online

Beyond Blue

Reach Out

Kids Helpline
  www.gamblinghelponline.org.au

www.beyondblue.org.au

www.au.reachout.com

www.kidshelp.com.au
    
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