What is debt review?

Debt review aims to restructure the process of paying your debt. A professional will assess your outstanding debt and will implement a restructured debt repayment plan. This can be done by renegotiating interest rates with credit providers and extend your debt repayment terms.

It is important that you are honest during the debt review process to ensure the best possible solution can be provided to you.

Advantages and disadvantages of debt review

Debt counsellors can negotiate with your creditors to establish an affordable repayment schedule and amount. Debt review can also protect your assets from being repossessed by a credit provider.

The costs of an initial debt review can be quite high are there are upfront fees and monthly fees. Once you have entered the debt review process, it is hard to withdraw, and you would need to prove that you no longer have debt, or you will be required to settle all of your outstanding debt. There could also be a withdrawal fee payable by you.

Alternative options

Before starting the debt review process, you should discuss your options with a professional to help understand the alternatives. Our team are always happy to help, give us a call on 1300 023 782 or email us at team@cdrta.au. Ask Craig Dangar