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1300 736 136
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RDA negotiate with your creditors
to reduce all of your debts
into one simple monthly payment
RDA is a Govt.
Registered Debt Agreement Administrator
Australian Financial
Security Authority
License #1159
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Case study:
from a debt administrators case file
(from article
published by Choice Magazine
Debt Agreement vs Bankruptcy)
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Tara has three
credit cards with a total debt of about
$70,000. She also has one car loan and another joint car loan with her
spouse. These loans are
secured and not covered by the debt
agreement. Tara will pay about $49,000
in total, which includes roughly $36,500
to her creditors, a $1,650 government
charge and $10,580 set-up and
administration fees to the debt
administrator.
*note: RDA's comparison fee for this
agreement would have been $6,600.
The agreement goes over three years and
states she’ll pay back $265 per week in
the first year, then increase the
payments to $320 per week once one of
the car loans will be finalised.
The weekly payments need to be covered
by the money left over after Tara and
her spouse pay for their weekly
expenses, which include $320 for rent,
$235 for food and money for car loan
repayments. They could have trouble
finding money for extras such as school
excursions or takeaway meals.
The couple will have to budget in order
to keep to the agreement, if Tara
defaults on the repayments she could be
forced into bankruptcy. |
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How to
Obtain your Credit History
If you are considering re-finance as a debt
solution, then it is critical that you obtain
and be aware of your personal credit history.
Download, print and complete
this form. Fax the form to (02) 9278 7333 - or
post it to: PO Box 964, NORTH SYDNEY 2059.
A
10 Day reply is Free - 24hr response costs
approx $30.
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Free Financial
Counselling Services
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