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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.

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Debt Settlement

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  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

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