Compare Debt Solutions
Shipshape
TYPE:
Formal
OVERSEEN BY:
Debtfix Solution Team
LIKELY TERM:
3 to 5 years
COMMENCEMENT DATE:
Formal Notification
MINIMUM DEBT:
None
MAXIMUM DEBT:
No limit
EXCLUDED DEBTS:
Government debts, Maintenance orders, court fines, reparation, debts based on fraud and most secured debts
RESTRICTIONS:
Incurring further credit over $1,000
CREDIT REPORTING:
Some creditors may load a missed payment or a default
FEES AND COSTS PAYABLE:
No upfront fees, then costs are deducted from the payments made to creditors
Debt Repayment Order
TYPE:
Formal
OVERSEEN BY:
Official Assignee & Supervisor
LIKELY TERM:
3 to 5 years
COMMENCEMENT DATE:
Sealed order date, 10 working days after notification to creditors
MINIMUM DEBT:
None
MAXIMUM DEBT:
$50,000 Unsecured debt
EXCLUDED DEBTS:
Student loans, court fines, reparation, secured debts and debts based on fraud
RESTRICTIONS:
Incurring further credit over $1,000
CREDIT REPORTING:
Yes, for 5 years from commencement date
FEES AND COSTS PAYABLE:
$103 and 10% of debt - All deducted from payments made
Creditors Proposal
TYPE:
Formal
OVERSEEN BY:
Trustee
LIKELY TERM:
3 to 5 years
COMMENCEMENT DATE:
Filing Date
MINIMUM DEBT:
None
MAXIMUM DEBT:
No limit
EXCLUDED DEBTS:
Maintenance orders, court fines, reparation, secured debts and debts based on fraud
RESTRICTIONS:
Incurring further credit over $1,000
CREDIT REPORTING:
Some creditors may lodge missed payments until the sealed order date
FEES AND COSTS PAYABLE:
Some upfront fees, then deducted from asset or income realised
Debt Management Plan
TYPE:
Informal
OVERSEEN BY:
Debt Solution Team
LIKELY TERM:
Until debts are repaid
COMMENCEMENT DATE:
By agreement
CREDIT REPORTING:
Creditors may lodge missed payments when payments are missed
FEES AND COSTS PAYABLE:
Setup fee and Monthly Admin fee
Informal Agreement with Creditors
TYPE:
Informal
OVERSEEN BY:
Financial Mentor
LIKELY TERM:
As agreed with creditor and client
COMMENCEMENT DATE:
By agreement
CREDIT REPORTING:
Creditors may report on agreement plan
No Asset Procedure
TYPE:
Formal
OVERSEEN BY:
Official Assignee
LIKELY TERM:
1 year
COMMENCEMENT DATE:
Adjudication
MINIMUM DEBT:
$1,000
MAXIMUM DEBT:
$50,000
EXCLUDED DEBTS:
Maintenance orders, court fines, reparation, secured debts and debts based on fraud
RESTRICTIONS:
Incurring further credit over $1,000
CREDIT REPORTING:
Yes
FEES AND COSTS PAYABLE:
None
Hardship Application
TYPE:
Consumer Credit Rights
OVERSEEN BY:
Self / Financial Mentor / Creditor
LIKELY TERM:
3 to 12 months
COMMENCEMENT DATE:
By agreement
CREDIT REPORTING:
Creditor will lodge Hardship on Report
Microfinance
TYPE:
Formal
OVERSEEN BY:
Financial Mentor
LIKELY TERM:
up to 3 years
COMMENCEMENT DATE:
On acceptance
FEES AND COSTS PAYABLE:
Usually No interest or Low interest
Debt Consolidation Loan
TYPE:
Formal
OVERSEEN BY:
n/a
LIKELY TERM:
3 to 5 years
COMMENCEMENT DATE:
On acceptance
CREDIT REPORTING:
Prior defaults to creditors recorded
FEES AND COSTS PAYABLE:
Arrangement fee, interest & charges
Bankruptcy
TYPE:
Formal
OVERSEEN BY:
Official Assignee
LIKELY TERM:
3 years
COMMENCEMENT DATE:
Adjudication
MINIMUM DEBT:
$1,000
MAXIMUM DEBT:
No limit
EXCLUDED DEBTS:
Maintenance orders, court fines, reparation, secured debts and debts based on fraud
RESTRICTIONS:
Incurring further credit over $1,000, leaving the country, self-employment or acting as a Director (subject to OA approval)
CREDIT REPORTING:
Yes
FEES AND COSTS PAYABLE:
Deducted from asset or income realised
