nobankruptcy.com.au Frequently Asked Questions.
This page covers some of the common questions concerning the nobankruptcy company and our work. If you have any other debt related questions you can submit them to our team over on the free debt advice page.
How do i benefit using your company rather than just getting a loan consolidation?
This is not a debt management program or loan consolidation. We do not encourage borrowing more money to pay off borrowed money, that is simply digging yourself a bigger grave! We contact your creditors one by one on your behalf, work out the best possible settlement, and get it in writing once you approve/agree to the settlement amount and payment terms. You will know exactly how much you have saved.
How does It work?
After we are authorised by you, we contact your creditors to negotiate a settlement. We may be able to reduce the debt by 40-90%. This may be by way of either a payment plan or lump sum payment.
Do i pay the creditor or do i pay you?
Unlike trustees and liquidators, we do not hold your money in a trust, in fact we do not handle your money at all. You do. You pay the creditor/s separately, and remain in control of your money.
How will this affect my general credit rating?
If there are any defaults listed against you in your general credit rating, once the reduced debt amount is paid, the listing is automatically upgraded to being paid in full or "settled". The listing will be wiped out completely without a trace in 60 months. Furthermore, it will not affect your Personal Insolvency Index credit rating.
How much time do I have to pay the creditor?
We try and get you as long as possible to pay the creditor, whether the payment is lump sum or staggered.
Can I do this myself? Why do I need to hire you as an external representative to do this for me?
There are many reasons why you should choose to outsource such a task. The 4 main reasons are:
We have no emotional attachment to the debts therefore any bullying or threat tactics actioned by the creditors will be retaliated with the same force and manner without hesitation.- The creditors know you are honest and serious about your financial crisis when you go to the trouble of looking for third party assistance, and are serious about finding a solution.
- The task of debt negotiations is a full time & skilled operation and it does take physical, mental, and emotional energy when the job is done properly.
- We have many weapons up our sleeves, such as legal angles (laws, guidelines), creditor contacts, tactics and manoeuvres learned and applied over the years of experience, unknown (to the public) loopholes, to mention just some of our ammunition.