Caronavirus or COVID-19 has thrown the entire world into chaos. Whilst we are all attempting to adhere to social distancing in order to flatten the curve, there is also the financial chaos which needs to be dealt with. Have you been stood down / laid off / had your income reduced? If you are one… Read more
Articles in category Legal Action
Bailiffs and legal action – what are my rights?
Debt. No one wants to be in it, but unfortunately for most Australians, it’s a part of life. In fact, what you may not know, is that Australia’s personal household debt has recently been reported as the highest in the world! Many of us are managing our debts and paying them off as quickly as… Read more
I have an old debt – do I have to repay it?
Have you recently received a debt collection notice or phone call about an old debt, or think you may have some old debt that you still haven’t paid? One of the main questions on your mind is likely to be, “Do I have to repay this old debt?”. Many would assume the answer is yes,… Read more
What is a ‘Means Inquiry’?
Drowning in debt is a scary place to be. Sometimes you may simply feel as if there is no hope; you don’t know what to do, or where to turn. The many rules and regulations, legal terms, debt collection agencies and everything else in between, can often contribute towards the feeling of hopelessness. At Life… Read more
Why can’t I have my tax refund?
You’ve sorted all the receipts, waded through the paperwork, been to see the tax agent and your returns are finally ~finally~ up to date. Even better, you’ve been told there is a tax refund coming – YAY! Except …. no tax refund arrives. Did you know that the ATO uses tax refunds to pay debt(s)?… Read more
Credit Repair Beware- What You Should Know
Your credit file forms a large part of the decision-making in whether you are a worthy credit-risk for the lender. Having adverse listings on your credit file such as defaults, court judgements, a writ/summons or insolvency action can impact your ability to get a new loan, credit contract or other services. Recently, positive reporting was… Read more
What is a Debt Agreement?
A Part IX, or Debt Agreement is a means to compromise your current repayments on unsecured debts so that they are included within one package. It is NOT a loan, just a re-negotiated way to repay your debts and avoid Bankruptcy. It is initially put forward as an offer to your Creditors, who will… Read more
6 Stages of Debt Collection
Collection action can be scary, especially if you have never been behind with debts. Debt Collection can be stressful, with some Collection Agents threatening and intimidating you with various “consequences” if you fail to pay. It can be hard to understand the escalation of action in the recovery process and to help, we have a… Read more
Avoiding untrustworthy advice
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… Read more
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