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Published on Dec 12, 2012
If you have been declined a debt consolidation loan and are facing serious difficulty repaying your debts, you need to act fast, as it's possible that your credit rating has been affected, which limits your available options. We can advise you on a range of alternatives that are available, but the exact solution will depend on your circumstances. If you cannot repay your debts through a consolidation loan the other solutions available to you, aside from continuing on as you have been may be either a Debt Agreement, Personal Insolvency Agreement, or bankruptcy. Debt Agreements and Personal Insolvency Agreements are ways to deal with your debts that keep you from having to declare bankruptcy, but they require negotiations with your creditors and need to be administered by a Debt Agreement Administrator or a Registered Trustee. Both of these solutions will combine your repayments into one affordable regular payment, but they need to be accepted by your creditors first. Bankruptcy is hopefully a last resort but in some cases it is the best option to help someone recover from their financial difficulties. We suggest that you have your financial situation assessed before deciding on bankruptcy though, to see if a Debt Agreement or Personal Insolvency Agreement is a possibility for you. At Get Debt Free we have advised thousands of Australians on the right course of action to take. Call us on 1800 98 10 70 to speak to one of our professional debt solutions advisors, who can run you through the ins and outs of these arrangements and recommend the best option for you based on your specific circumstances. Our advice is free, so call today.