Credit Expert – Secured Creditors?

Credit Expert – If you fall behind with your payments, a secured creditor may repossess and sell your security assets. Secured assets can be: a Mortgage over a house/property; a Hire Purchase or a Lease Agreement over a vehicle, motorbike or boat; a Chattel Mortgage or a Bill of Sale over your business assets.

What Are Unsecured Creditors?

Credit Expert – An unsecured creditor does not have any hold over assets and property but if a debtor owes $5,000.00 or more, bankruptcy proceedings may proceed. Unsecured creditors include: 

  • Credit Cards
  • Bills Unpaid
  • Contingent liabilities which are defined as any future liabilities that may arise on the occurence of a future event.
  • Loans that you have borrowed from friends and relatives
  • Personal Guarantees
  • Personal Loans

The Debt Consolidation Loan With Credit Expert Advice

Credit Expert

Credit Expert

Rearranging and replacing unsecured loans and outstanding debts into one personal loan is a positive debt option, allowing you to take control. A credit expert is the key and this debt option may give you:

  • A single payment as opposed to various payments
  • Extending the payment period in order to reduce interest rates
  • Extending the payment period in order to reduce repayments

The Informal Arrangement

A Credit Expert is available to make a formal arrangement with your creditors, another positive debt option to consider where one may negotiate a negative financial situation and discuss a better option, in order to place you in a healthier financial position. This process may give you:

  • An arrangement to settle outstanding debts for less than full amount owed
  • The opportunity to allow more time to pay loans
  • Re-negotiating the loan amount, including the terms of the loan
  • Freezing interests rates over a particular course of time
  • Freezing payments over a particular course of time

Mortgage Refinance

Restructuring your finances with credit expert advice, to repay your outstanding debts is a positive avenue to save your most precious asset, your home. Credit Expert Advice is essential and may offer you the opportunity to:

  • Reduce your hefty payments
  • Reduce the interest rate
  • Pay off your mortgage over a shorter time frame, thus reducing the repayments/interest
  • Unlocking equity for your own use

Credit Expert Advice – Part IX Debt Agreement

A Part IX Debt Agreement is a legal binding agreement/arrangement with unsecured creditors which is reachable and affordable for the individual. This course of action is an alternative to bankruptcy. When your creditors agree to accept your debt agreement, they will be unable to take any future action regarding those particular debts. A credit expert will assist. Firstly, one must be eligible for a debt agreement and the following strictly applies:

  • You must be insolvent!
  • Your income is taken into consideration and your income after tax must be less than $63,363.30 pa
  • The combined total of unsecured creditors must be less than $84,484.40
  • Any Part IX Debt Agreement, Part X Personal Insolvency Agreement or Bankruptcy taken out over the past 10 years will not be considered.

What are the benefits of a Debt Agreement?

  • Harrassing phone calls from your creditors will cease
  • Interest rates will freeze
  • Total protection against repossession
  • Financial relief by making payments in an affordable manner
  • The opportunity to pay less than the total amount still owing. 

Credit Expert Advice – Part X Personal Insolvency Agreement

A Part X Personal Insolvency Agreement is another type of debt agreement which is a legal binding agreement with your creditors, using a process with a formal proposal. The protection this can provide is as follows:

  • Ceasing payments for extended periods
  • Harrassing phone calls from your creditors will cease
  • Interest rates will freeze
  • Total protection against repossession
  • Financial relief by making payments in an affordable manner
  • The opportunity to pay less than the total amount still owing

Credit Expert & Bankruptcy

There are other Debt Options as opposed to Bankruptcy that you may wish to discuss with a Credit Expert. Bankruptcy is generally a “last resort” with serious consequences taking place. A bankruptcy duration is for 3 years but will be extended for up to 5-8 years but this of course will only apply if one fails to co-operate with the Trustee. Bankruptcy does not let you off the hook and debts such as, maintenance, child support and fraudulent debts may still have to be paid. Although bankruptcy may not always be the best option, some people do benefit. The consequences of bankruptcy include:

  • There are limitations on your belongings
  • Your assets will belong to the trustee and can be sold at any time
  • Income may be garnisheed
  • Your career may be affected, especially in the areas of finance, government jobs and security.
  • You cannot be a director or hold certain positions
  • You are required to inform everyone, if you are trading, that you are an Undischarged Bankrupt
  • Inability to enforce legal action
  • Restrictions from departing homeland
  • Bankruptcy will be listed for 7 years

Credit Expert Advice – The best option for financial relief!

 

 


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Filed under: Credit Repair Debt Consolidation

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