AFSA (Australian Financial Security Authority) is the Government agency responsible for the management of applications under bankruptcy and PPS laws. AFSA provides personal insolvency and trustee, regulation and enforcement, and personal property securities services. As such, they regularly release information videos to assist debtors, creditors and practitioners.
Unfortunately, not all those operating in our industry are registered with AFSA and they may provide you with untrustworthy advice. Australian Financial Solutions Pty Ltd (trading as Life After Debt ®) is a Registered Debt Agreement Administrator (1211) and able to provide quality personal insolvency advice and guidance which is always aimed at what is in YOUR best interests.
Make sure that your advisor is properly registered and authorised before proceeding with any recommendation they make.
Check out AFSA’s video here:
Life After Debt® can provide a free, no obligation assessment of your circumstances and available options; One option Life After Debt specialises in is called a Part IX Debt Agreement. This is a means to freeze the interest and combine all unsecured debt into one manageable repayment via a negotiation with your Creditors. There are eligibility criteria, however the team at Life After Debt® can provide guidance on whether you qualify and if this option is appropriate for you. If you are simply unable to repay your debts, and you believe this will be unchanged for some time, you may wish to consider your options under Bankruptcy. https://www.afsa.gov.au/insolvency/i-cant-pay-my-debts