Comparison of debt solutions

10 May 2013 by Anthony Warner in Debt Solutions

Comparison of debt solutions

Please take a few moments to study the pros and cons of the available debt solutions. You will notice that not every debt solution is the same. For this reason, we recommend that you always seek professional advice before making a selection.

Debt Free will provide this advice to you free of charge and without obligation. Call today for a FREE debt assessment on 1800 98 10 70. Our CEO is a Chartered Accountant and Registered Trustee in Bankruptcy, so rest assured you will receive the best possible personal insolvency advice to help solve your financial problems. Debt Free also holds an Australian Credit Licence.


Informal Arrangement

Debt Consolidation loan

Debt Agreement

Personal Insolvency Arrangement

Bankruptcy

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Will it protect me from my unsecured creditors?

No

No

Yes

Yes

Yes

Will it stop the interest building up?

No

No

Yes

Yes

Yes

Will my creditors be forced to write off debt I can’t afford to repay?

No

No

Yes

Yes

Yes

Will it stop my creditors from calling & chasing me?

No

No

Yes

Yes

Yes

Will it force the unwilling creditors to agree to an affordable arrangement?

No

No

Yes

Yes

Yes

Will it be affordable

Yes

Yes

Yes

Yes

How long will it take?

Unable to say

Usually 5 years

3-5 years

3-5 years

3-8years

Will it avoid a sale of my house?

No

No

Yes

Yes

No

Will I be able to travel overseas?

Yes

Yes

Yes

Yes

Not without permission

Will I be able to act as a company director?

Yes

Yes

Yes

No

No

Will it be recorded on my credit file?

No

No

Yes

Yes

Yes

Will it avoid the stigma of bankruptcy?

Yes

Yes

Yes

Yes

No

Do the people providing the service need to be licensed

No

Yes

Yes

Yes

Yes

Will it affect my job?

No

No

No

Possibly

Possibly