Conversations: Life After Debt

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Life After Debt –  Freedom is priceless so when we are tied down with personal or business debt, it can feel like that we have lost the will and life we envisioned for ourselves.  That we seem to have no say in where we want our life to lead and our choices once abundant are now so restricted that you see no light at the end of the tunnel. In this weeks episode of Conversations, you can find out more from the team at Life After Debt

How long has Life After Debt been helping small business and individuals get out of debt successfully?

Australian Financial Solutions Pty Ltd, trading as Life After Debt ® – – Our Directors have over 50 years’ experience in Insolvency, Debt Management and Restructuring and bring this knowledge and expertise to the private sector to advise and help those who find themselves overwhelmed with personal debt.  We are not a lender or financial services broker. We are proud to have offices both here in Perth and Sydney.

How does Life After Debt help people in a financial situation that can become a detrimental impact to their life or may look at bankruptcy as their only option?

Our debt solutions are specifically aimed at those who are ineligible for lending.  We assess solutions such as debt negotiation, debt settlement offers, informal arrangements, and compromised payment arrangements with unsecured creditors – called a Part IX Debt Agreement.  Our solutions provide for the interest on the debt to be frozen and legal protection from further action – and the best part is that we deal with the Creditors so our clients have real stress relief from the harassment and perceived embarrassment of contacting their lenders themselves.

Is anyone eligible to use Life After Debt services?

Anyone with unmanageable personal debt!  Mums, Dads, Singles, Young, Middling or Mature … no one is immune from debt – it can happen when you least expect it and take a variety of forms;  Credit cards, Personal loans, Tax debts, Centrelink debts, Store cards, Legal bills, Trade creditors, Old utility or telecommunications bills …. For example, most of our clients have experienced a significant life event which has impacted their ability to repay their debts, such as a relationship breakdown, unemployment/redundancy, physical injury, business failure, lifestyle issues like gambling or other addictions.

What are the steps people need to take to get out of their debt successfully?

We assess their household budget and what they can afford to offer their Creditors as a repayment (instead of what each Creditor is demanding).  We use this amount as an offer to Creditors to roll all unsecured debts into one package!  The interest on the debt is frozen, the client has legal protection from recovery in respect of their debts, and are left with a single manageable repayment.  There are credit implications which need to be explained as this solution will be listed on your credit file for a minimum period of 5 years, however upon successful completion of the repayment agreement (usually 4-5 years) all of the debts are discharged.  The credit file listing is removed after 5 years so then the person has a ‘clean slate’ to start over and none of the longer-lasting effects of Bankruptcy.

I have read there is a increase in insolvencies in Australia, is this a growing concern for people?

The need is growing and growing. In the 2016/17 year there were over 30,000 Insolvencies in Australia. An increase of 2.1% from the preceding year.  Household debt is at records levels and not sustainable against recorded household incomes.  Society has become reliant on credit to live and the impact is taking its toll when there are industry downturns, under-and-unemployment.  Trying to keep up with previous debt when earning a reduced income means many Australians are looking for alternatives to Bankruptcy …. That is where we can help.  https://www.afsa.gov.au/statistics/annual-statistics

As previously mentioned no one is immune from debt – it can happen when you least expect it.  Credit cards, Personal loans, Tax debts, Centrelink debts, Store cards, Legal bills, Trade creditors, Old utility or telecommunications bills …. For example, most of our clients have experienced a significant life event which has impacted their ability to repay their debts, such as a relationship breakdown, unemployment/redundancy, physical injury, business failure, lifestyle issues like gambling or other addictions.

 What can people expect when contacting your team at Life After Debt?

Australian Financial Solutions Pty Ltd, trading as Life After Debt ® – we were established in Perth in 2008 and are celebrating our 10 year anniversary this year.  Our team focuses on providing the best service to assist individuals with unmanageable levels of personal debt.  Financial distress is very stressful … one of the most common comments we get is how relieved the person is after just speaking with us.  We take the stress away at Life After Debt® and are proud of the positive feedback we receive from our clients and the genuine difference we can make to a person’s life.  Our motto is “Lose your debt, not your dignity”.

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