There is no cost in exploring your options with Rebuild Now, and we understand that business decisions can be emotional. That’s why, with every free assessment by our Principal — Andrew Purcell, we offer discretionary counseling to help you understand your options. Contact us to make an appointment.

News of the day – 21st June 2021

by Adam Dawson

Home | What We Do | News of the day | News of the day – 21st June 2021

Temporary Debt Protection (TDP) 

by Adam Dawson – 21st June 2021

If you need extra time to pay your debts, you’re probably eligible for a TDP. The only criteria for the application are: 

1) you haven’t had one already in the last 12 months 

2) you have no other agreements in place 

3) there’s no creditors petition in the mix

The TDP only covers 3 weeks, but that extra time is incredibly valuable if you use it to proactively negotiate with creditors.

Proposals to creditors are infinite in their variety.  No two are the same, and informal proposals can be negotiated by yourself or anyone you choose to represent you.

If it’s up to you to deal with creditors, my advice is to make a list, biggest to smallest. Then work your way from the bottom to the top. If you can pay your smallest creditor  today, pay them and cross them off your list. One less person to call, right?

Communication is so important. A clueless creditor is a ruthless creditor. If you’re negotiating agreements yourself, you must over-communicate your story and be completely transparent. 

Sometimes it’s okay to talk about personal issues that might be preventing you from meeting your obligations, it depends on who you’re talking to. If you are negotiating one on one with the plaintiff and things are amicable, put all your cards on the table. 

However, if you’re negotiating with a lawyer, debt collector or accountant, the rules are different and you must tread carefully.

If your list creditors is too large, other options are available. Just don’t do nothing!

Call for a Free Consultation 1300 366 288 Confidentiality Guaranteed

Remember the Liquidators work for the Creditors, not for you. That’s their job. It costs you nothing to talk to us.

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