We want you to know that we are here for you during the worldwide pandemic of COVID-19. We care about your wellbeing and we are here to support you.
We will get through this together.
Keep us updated on your situation
Contact us immediately if you are worried about your future Debt Agreement payments. The current crisis affects all of us to a different extent. Whether you are experiencing a reduced income, loss of employment, unpaid leave due to quarantine, or needing extra funds for supplies or taking care of your loved ones – please let us know about your situation so that we can support you the way you need. Depending on your unique situation, together we can decide how to manage your upcoming Debt Agreement payments. If you wish to discuss your upcoming payments, please call us on 1300 368 322 or email support@debtbusters.com.au.
Please remember, that unless you update us of any new financial difficulties, your payments will be debited as normal and any dishonoured payment will result in a dishonour fee charged by Ezidebit. To avoid this, we encourage you to contact us at least 1 day before your scheduled payment so we can better understand your situation and make any necessary temporary changes in your payment plan.
Can I place my Debt Agreement on hold?
Unlike some of the banks that may be able to place defer mortgage or car repayments for up to 6 months and capitalise the interest, it’s important to understand that we do not have the power to apply the same conditions on your Debt Agreement.
This does not mean that we can not help you with your upcoming payments – we absolutely can and will. If you have suffered from employment loss in your household, we can cancel a number of upcoming payments to provide you with time to get back on track with your finances. If you have suffered from a reduction of income or your expenses have increased, we encourage you to try and make reduced payments towards your Debt Agreement.
Please understand, that we can only amend or cancel 2-3 payments at a time, and kindly ask you to keep us updated on your situation on a regular basis. We will continue to amend/cancel your payments for as long as necessary for you to get back on track with your life. This approach allows us to stay updated on your situation which is crucial for us to provide updates to your creditors and keep your Debt Agreement going.
How can I get back up to date with my Debt Agreement later on?
Right now, we want you to focus on you and your family’s wellbeing. We want you to follow all government guidelines and stay safe. Once the crisis has passed and your financial situation has stabilised, we will assess your unique situation and decide the best course of action to rectify the missed payments. Due to the crisis affecting all of us on various levels, there is no ‘one size fits all’ approach and together we can decide the next steps based on your individual situation.
- If you are in a position to increase your payments, we will place you on a suitable catch up plan to bring your agreement back up to date
- If you are not in a position to increase your payments, you can continue with your original minimum required payments and we can ask your creditors for more time to complete the agreement
- If your situation has changed completely and the original payment plan is no longer affordable, we can re-assess your financial situation and propose your creditors an entirely new payment plan that suits your new budget
In the meantime, we trust that you will make payments to the best of your affordability. Once the storm has passed, together we will figure out how to make up for the missed payments. We want you to focus on things that matter right now, which is taking care of yourself, your family, and trust that we will work together to also bring your Debt Agreement back up to date in the future.
What do I do now?
If you have been negatively affected by the COVID-19 pandemic, you must 1) keep us updated of your situation so we can adjust your payments accordingly, and 2) seek help from the government for financial assistance.
The government has increased various Centrelink benefits for the duration of the crisis to help people in need. To see which benefits you may be eligible for, please visit: https://www.servicesaustralia.gov.au/individuals/subjects/affected-coronavirus-covid-19
The government is currently also allowing people affected by the COVID-19 to access up to $10,000 of their superannuation before the end of this financial year (before 30 June 2020) and another $10,000 from the beginning of next financial year (after 1 July 2020). Tax does not need to be paid on the released superannuation and these payments do not affect your Centrelink payments.
Application for the early super release can be submitted via myGov online portal. To find more information about this and see if you are eligible, please visit: https://www.ato.gov.au/General/New-legislation/The-Australian-Government-s-Economic-Response-to-Coronavirus/?anchor=Temporaryearlyreleaseofsuperannuation#Temporaryearlyreleaseofsuperannuation
Please also remember to contact all other organisations that you have financial obligations with. If you have a mortgage, a car loan, a lease agreement, tax debt, braces payment plan, or anything else, please contact the service provider and enquire how they can help you through the ongoing crisis.
We are here to help
If you are unsure what to do in regards to your upcoming Debt Agreement payments, just give us a call on 1300 368 322. Our dedicated support team will be here to listen to your situation and we can figure out together what the best next step is. We do not judge, we do not pressure you to make payments you can’t afford and it is our utmost goal to get all of our clients through this crisis with as little negative effect on their Debt Agreement as possible. We are here to help you.