What are my choices?
If you have arrived at the conclusion that you are insolvent then you simply must do something as quickly as possible.
Do not ignore the warning signs – there is no point, because help can be obtained to sort out issues that may assist you to remain free of the state of bankruptcy:
If you are a Centrelink recipient or a pensioner overloaded with debt that cannot be serviced then bankruptcy may be your best option but much will depend on your capacity to pay. Age plays an important role in determining a course of action as does personal attitude toward honouring commitments. If it is impossible to honour your commitments and still live a decent existence then you should discard the honour and choose survival.
Bankruptcy isn’t the best solution – but they don’t shoot you!
Beneficiaries should make contact with a community based financial services counsellor who will assist with information, perhaps advice and help deal with the situation.
If you don’t know where to contact a community based counsellor simply ask Centrelink, St Vincent De Paul, Salvation Army or your local Legal Aid Office.
Do Not seek the services of a commercial debt advisor if you are a beneficiary – they will charge you for the service.
Otherwise:
- If you can catch up on arrears of payments contact all of your creditors and seek a Hardship Application under the Uniform Consumer Credit Code. This will allow you to make arrangements for payment in terms that will suit you, hopefully.
- If your position has reached a stage where debts are piling up, you cannot make suitable arrangements with your creditors and debt collectors are popping around or calling you –
Debt Management Advice
5/01/10