We will provide you with the information and tools that you need to make the right decisions based on your personal circumstances.
The assessment process involves assessing your financial goals, assets, income, debts and expenses to ascertain your budget and provide you with options to sort out your debts.
It is a simple 3 step process:
1
Contact our friendly staff
Firstly Resolvr will get an understanding of your current situation and find out what you are hoping to achieve. We want to know your short and long term goals as this will help us provide you with the right information and realistic options.
2
Free budget assessment
The second step is to then complete a detailed assessment of your assets, debts, income and expenses to understand your budget.
3
Positive outcome
We will then provide you with all the options available to you, explain how it will impact your situation so you can then begin your journey towards financial control.
Our Services
Debt Agreement
What is it?
It is a formal, binding agreement between you and your creditors to pay an affordable amount over a reasonable time frame. The typical time frame is usually from 3 to 5 years depending on your affordability. A Debt Agreement is administered under Part IX of the Bankruptcy Act and will be accepted by creditors if the majority by value vote in favour.
- Are you struggling to pay your debts?
- Are interest and fee charges getting out of control?
- Do you want to avoid bankruptcy?
- Do you want to stop the collection calls?
- Do you have a property or assets you want to keep?
If any of those questions relate to your current situation or you’re interested in a debt agreement, please refer to our FAQs page for more information or alternatively call Resolvr on 1300 349 332.
Budgeting Assistance
What is it?
The best way to start managing your debts is to do a budget. A budget is a tool which helps you understand how much money you earn and how much you spend. This will help you identify areas where you can cut down on your spending and prioritise debts that you need to pay.
Resolvr will help you prepare a budget by assessing you financial situation and completing a Statement of Financial Position (SOFP). We will also show you how to use the budget to help you regain financial control.
A Statement of Financial Position is a document that summarises your income, expenses and debts with an explanatory statement to provide you with a snapshot of your current financial position.
- Need help preparing your budget?
- Need help prioritising your debts?
- Want to know how to use your budget?
If any of those questions relate to your current situation, please call Resolvr on 1300 349 332 for further information.
Hardship Assistance
What is it?
Hardship assistance is available to individuals who want to meet their financial obligations with their creditors but are unable to due to unforeseen changes to their circumstance such as –
- Loss of employment or a reduction in working hours
- Illness or injury
- Significant life events such as a death in the family or relationship breakdown
- Over commitment of credit
- Changes in income or expenditure usually down to unforeseen events
Your creditors should generally be able to provide hardship assistance if you are able to substantiate your situation and have not applied for hardship with them recently for the same reason.
Resolvr can provide you with the important information you need to know when applying for hardship. We can assist you by completing a Statement of Financial Position (SOFP) for you that you can then send to your creditors to request for hardship assistance.
- Can I apply for hardship?
- What happens if my hardship is declined?
- What supporting documents do I need?
- Who should I speak to?
If any of the above questions relate to your current situation, please call Resolvr on 1300 349 332 for further information.
Declaration of Intention to Present a Debtor’s Petition (DOI)
What is it?
If you are considering your options for managing your debts and need some time to think it over, you may apply for a Declaration of Intention to Present a Debtor’s Petition (DOI) through AFSA. If accepted, it means your creditors, the bailiff or sheriff will be prevented from taking action to recover your unsecured debts. It will give you are period of 21 days from the date it is accepted to consider all your options.
Resolvr can help you complete the application and provide you with options suitable for your circumstances.
- Do you need time to consider your options?
- Need to stop collection calls for a short period?
Please refer to our FAQs page for further information or if any of the above questions relate to your current situation, please call Resolvr on 1300 349 332.
Bankruptcy Assistance
For some individuals, bankruptcy may be the best option. This option should not be taken lightly as there are a lot of information you need to know about the process.
Resolvr can help provide you with all the information, benefits and consequences you need to know before you make the decision to declare bankruptcy. We recommend you to talk to one of our friendly team members in order to make the right decision.
What is it?
Bankruptcy is a legal process when you declare you cannot pay your debts when they fall due. It is governed by the Bankruptcy Act (1966).
- What debts can be included in my bankruptcy?
- Do I have to pay to declare bankruptcy?
- What happens to my debts?
- Will my house get repossessed?
- Will my employment be affected?
Some of the benefits –
- If you do it yourself there is no fee for voluntarily lodging an application to AFSA
- Creditors cannot continue debt recovery on your unsecured debts
- Your liability will be extinguished once you complete your bankruptcy
Some of the considerations –
- You will be listed on the National Personal Insolvency Index (NPII) for life
- The bankruptcy will be listed on your credit file
- It may make it difficult to obtain loans, credit cards and telecommunication/utility services
- You may be liable to make income contributions
- International travel is restricted
- Your assets may be sold
If any of those questions relate to your current situation, please call Resolvr on 1300 349 332 for further information on bankruptcy.
Informal Arrangement
What is it?
An informal arrangement is a proposal put forward to all your creditors. It involves proposing an affordable payment plan for each of your creditors due to your financial hardship. This is typically a short term solution and may be your best option if you believe your situation is temporary.
This arrangement is often hard to establish and maintain because not all of your creditors may agree with the proposal. Even if they do, it is not legally binding.
- Who can apply for an informal arrangement?
- What happens if my informal arrangement is declined?
- What supporting documents do I need?
- What happens if I miss a payment under my informal arrangement?
If you are interested in an informal arrangement and how it works, please call Resolvr on 1300 349 332 for further information.
Other Debt Help Assistance
Resolvr will endeavour to refer you to other services and tools that are available for you to assist you in managing your debts.
We can guide you to external free help which may provide you with other options that you may want explore in order to make the best decision for your situation.
Some of these services and tools are:
- Financial Counsellors – certified counsellors provide free information, support and advocacy to assist people in financial difficulty. The National Debt Helpline number is 1800 007 007.
- ASIC’s Money Smart – a government website which provides financial guidance and information on dealing with personal finances and hardship. You can access the website at www.moneysmart.gov.au.
- External Dispute Resolutions (EDR) Schemes – independently help consumers resolve complaints or disputes with businesses
If you are interested in discussing other options and services available to you, please call Resolvr on 1300 349 332 for further information.
