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RDA negotiate with your creditors
to reduce all of your debts
into one simple monthly payment
  
 
      
RDA is a Govt. Registered Debt Agreement Administrator

Australian Financial Security Authority

License #1159
 

RDA CreditFIX Debt Solutions - What are the options?

  1.  Informal Arrangement A re-negotiation of payment terms with your creditors
  2.  Debt Agreement A flexible alternative to bankruptcy for debt under $103,121.20
  3.  Personal Insolvency Agreement A flexible alternative to bankruptcy for debt over $103,121.20
  4.  Debt Consolidation A single loan to replace multiple loans and debts 
  5.  Mortgage Re-finance Use property equity to consolidate your debts
  6.  Voluntary Bankruptcy When you are unable to come to arrangement with creditors 

1. Informal Arrangement
 A good option for those with manageable debt levels, with short term income and debt issues.
Re-negotiation with creditors can result in: More time to pay
  Freezing interest
  Lower repayments
  One smaller payment, to settle your entire debt

RDA CreditFIX can talk to you about your options and speak to your creditors on your behalf - as well as help with budgeting advice.  Complete the quick online reply form today to see if an informal agreement is the best option for you.
 
 
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2. Debt Agreement (Part IX)

A debt agreement is a legally binding arrangement between you and your creditors, where creditors can agree to freeze debts, accept reduced debt amounts, with re-payments paid at a rate that you can afford.
 
You may propose a debt agreement if: Insolvent (unable to pay your debts as they fall due)
  Unsecured debts of less than $103,121.20
  Income of less than $77,340.90 (after tax)

The majority (in value) of your creditors must accept the proposed debt agreement for it to become binding.

RDA can prepare and manage your debt agreement.  We negotiate with your creditors on your behalf to reduce your level of debt and design a simple monthly payment plan that you can afford.  Complete the quick online reply form today to see if a debt agreement is the best option for you.

Further detail of the debt agreement process can be found at the Insolvency and Trustee Service Australia website [here
]
 
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3. Personal Insolvency Agreement (Part X)
A personal insolvency agreement is very similar to a debt agreement (part IX), except there are no debt, asset or income limits to be eligible to propose a personal insolvency agreement.

RDA CreditFIX work closely with you to prepare reports and a proposal for your creditors. Should your creditors accept the proposal, a trustee will administer the agreement.  Complete the quick online reply form today to see if a personal insolvency agreement is the best option for you.

Further detail of the personal insolvency agreement process can be found at the Insolvency and Trustee Service Australia website [here]


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4. Debt Consolidation
Debt Consolidation is a single personal loan to replace multiple debts - loans, credit cards, etc.

The advantage of debt consolidation is a single monthly payment with fixed repayments.  Consideration should be given the the personal loan rate of interest to ascertain the true financial benefit of debt consolidation.

RDA are very experienced in determining which solution would best suit your individual circumstances, and have direct contact with a range of lending intuitions.

Complete the quick online reply form today to see if debt consolidation is the best option for you.

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5. Mortgage Re-finance
Mortgage re-financing is debt consolidation using your property equity to replace multiple debts - loans, credit cards, etc.

The advantage of consolidation through mortgage re-financing is the low rate of interest.
 
Complete the quick online reply form today to see if mortgage re-financing is the best option for you, and choose from a range of lending options.

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6. Voluntary Bankruptcy
RDA CreditFIX consider this the last resort in solving your financial troubles.  Even though the official register only keeps the record of your bankruptcy for a few years - the knowledge of being a bankrupt stays with you forever.

RDA advise you of all of your options, and do everything possible to help you avoid bankruptcy.
 
Where you are unable to come to an arrangement with your creditors, you can consider petitioning for bankruptcy. Upon becoming bankrupt, your trustee will sell those assets that you are not allowed to keep, to repay your creditors to the extent possible.


While you are a bankrupt, should you earn an after-tax income above a defined threshold you will be required to pay half of the excess amount to your trustee for payment to creditors. You will be bankrupt for a minimum of three years. This period can be extended by the trustee under certain circumstances. After that period you are discharged from most of your debts.
 
Complete the quick online reply form today to see if voluntary bankruptcy is the best option for you.

Further detail of the voluntary bankruptcy process can be found at the Insolvency and Trustee Service Australia website [here]
 
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