1 / 6

Debt Settlement

Debt Settlement. 43yo NSW Financial Planner Sick wife $400k ATO debt Reduced to Nil in 8 weeks Chris Ryan of SA $320,000 Credit Cards & P/L Reduced to $110,000 in 6 weeks.

zared
Download Presentation

Debt Settlement

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Debt Settlement 43yo NSW Financial Planner Sick wife $400k ATO debt Reduced to Nil in 8 weeks Chris Ryan of SA $320,000 Credit Cards & P/L Reduced to $110,000 in 6 weeks Credit Mediation Services Pty Ltd holds a Credit Licence with ASIC, our Australian Credit Licence Number: 387 398. ABN: 77 118 988 382

  2. What is debt settlement? Creditors agreement to reduce the debtors pay out balance to a mutually agreed figure for the purpose of immediate settlement. Credit Mediation Services Pty Ltd holds a Credit Licence with ASIC, our Australian Credit Licence Number: 387 398. ABN: 77 118 988 382

  3. History • US banking deregulation in the 1980’s (loosening of lending practices, recession) • Expanded to UK, Europe • 2005 Australia Credit Mediation Services Pty Ltd holds a Credit Licence with ASIC, our Australian Credit Licence Number: 387 398. ABN: 77 118 988 382

  4. Legislation • No legislation enforces creditors to settle debts • NCCP Hardship legislation (s72-73 NCCP) • Part 9 & 10’s & other alternatives Credit Mediation Services Pty Ltd holds a Credit Licence with ASIC, our Australian Credit Licence Number: 387 398. ABN: 77 118 988 382

  5. Banks response • “Computer says no” –good negotiator (will get a yes 99% of the time) • Preferential to payment arrangements / bankruptcy • Settlement campaigns • Debt collection agencies Credit Mediation Services Pty Ltd holds a Credit Licence with ASIC, our Australian Credit Licence Number: 387 398. ABN: 77 118 988 382

  6. How mortgage brokers debt settlements • Refinancing high LVR deals • Value add for broker • Service to client Credit Mediation Services Pty Ltd holds a Credit Licence with ASIC, our Australian Credit Licence Number: 387 398. ABN: 77 118 988 382

More Related