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Debt Management

Debt ManagementIf you are finding it difficult to keep up with your debt repayments there are things you can do.

  • Don’t ignore them!
  • Speak to the creditors. Let them know you are struggling. They may be able to reduce the payments so that you can manage them better.

If things are really very hard for you to manage then you may need to consider one of the following insolvency procedures (New Zealand only).

Visit for additional information on these procedures.

If you are considering any of these options then submit your budget to a money coach to see if we can help you. Please note if you are not from New Zealand and need help to manage your debts please contact us.

Summary Instalment Order (SIO)

If you have unsecured debts under $47,000 and cannot keep up with the current contractual payments then you could apply for a Summary Instalment Order. You must have a surplus in your budget and be able to make payments to cover all or part of your debts. You need to nominate a supervisor. If you require further help with this let one of our money coaches have a look at your worksheet. They will be able to give you the advice you need.  If you could like more information about an SIO, then visit

Summary Instalment Order Supervisor

A supervisor checks your application and keeps in touch with all your creditors. They ensure that the terms of the order are being followed. You must keep your supervisor updated of any changes to your circumstances. There is a list of supervisors that you can choose from on the insolvency service website.

Creditors Proposal

This is a formal agreement sealed through the High Court, where creditors accept a payment plan over a defined period of time as full settlement of the debts.

Unsecured debts are included, some secured debts may be included, and there is no limit on the amount of debt you have, as long as you have the ability to make payments. You will need a solicitor and a trustee for this. You will need to pay solicitor, court and trustee fees.

Simply Budget Limited can help you set up a Creditors Proposal.

  • If you would like more information visit; or
  • For assistance in establishing whether Creditors Proposal is right for you, then please contact us.
No Asset Procedure (NAP)

If you have total debts less than $47,000 and you have no assets that you can sell, and you have no means of making any payments towards your debts then you may be eligible to apply for this. This is a mini bankruptcy.


This is the last resort.

If the other options are not applicable then you may need to consider this. Please ensure that you think very hard and check out all the options before applying for this procedure. For further information on this procedure go to

  • If you are considering any of these options then submit your budget to a money coach to see if we can help you further.

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Contact Us

+64 9 425 9500
0800 DEBT 101