Debt After Job Loss: How Debt Rescue Can Help

Everyone goes through losing a job at least once in their lifetime. These situations don’t have to define you or your financial future. Our professional team can help you take control of your finances and get back on your feet after job loss.

Combine Your Debts

Combine your unsecured debts into one, easy-to-manage repayment based on your budget. Repay your debts in as little as 3 years!

Negotiation with Creditors

Our team negotiate with creditors on your behalf and on your terms – not theirs, so you can reach a fair outcome between all parties.

Stops Creditor Harassment

All calls and harassment from creditors will cease once they recognise you are working with our professional team.

Australia-Wide Service

Our services are offered Australia-wide. No matter where you are, if you’re struggling with debt, we can help.

Steps to Take if You're in Debt After Job Loss

Create a Budget – if you don’t already have one, now is the perfect time to create a budget and understand where your money is going. Make sure you focus on important bills such as food, utilities, rent or mortgage and transportation first – then put some money towards an emergency fund.

Use What You Have – If you have a mortgage, now might be a good time to use the equity in your home loan to consolidate debt. This can minimise the interest on your outstanding debts and leave you with just one, easy-to-manage repayment.

Strive for an Income – With the high unemployment rate due to the Coronavirus pandemic, finding a new full-time job can be extremely difficult. During this time, speak to Centrelink about unemployment benefits and draw on your skills to use as an alternative income until you find another job.

Reduce Your Expenses – in times of financial hardship, it’s important to focus on essential living expenses first before paying down debt. Essential expenses include rent or mortgage, food, petrol, utilities, medical costs and transportation. Get in touch with your providers and ask for hardship assistance – they can work with you to reduce repayments until you find another job.

Prioritise Your Debts – make sure to prioritise your secured debts – those that are borrowed against an asset such as your home loan or car loan – over unsecured debts. If you fall behind in repayments on secured debts, you may risk having your asset be repossessed by the bank.

Put a Financial Plan in Place

If you’ve followed the above steps and are still struggling with debt and unable to find a new job, you’ll need a long-term plan to get out of debt, once and for all.

Our Debt Management Plan (DMP) can provide you with the necessary breathing space to reduce stress and get your finances back on track. A DMP comes in many forms and depends on your individual financial situation. It is designed to combine your debts into one, easy-to-manage repayment, allowing you to repay your debts within as little as 3 years.

At Debt Rescue, our professional team take the time to understand your financial situation to help you decide which solution is best for you.

"My experience once being handed over to Debt Rescue has been easy and I've been updated frequently on progress and next steps. Very happy with the service."

Our Solutions

Our professional team understands each person’s circumstances are different, which is why we offer a wide range of solutions which can be tailored to meet your needs.

Debt Agreement

A Part 9 Debt Agreement is a legal and binding agreement with your creditors. A Debt Agreement outlines a new payment arrangement which will reduce your debts, pause your interest, reduce your payment amounts and generally last between 3 to 5 years.

Debtstroyer Agreement

A Debtstroyer Agreement (Informal Agreement) is a private arrangement between you and your creditors outlining a new payment arrangement based on your budget. It reduces repayments and pauses interest on your debts.

Debt Consolidation

Debt Consolidation allows you to combine your unsecured debts into a new personal loan or into your home loan. By doing this, fees and interest are reduced and you only need to focus on one affordable payment rather than multiple.

Bankruptcy

Bankruptcy is the legal process of declaring to your creditors that you don’t have enough money or value in assets to repay your debts. It eliminates your debts and provides you with a fresh start on which to rebuild your finances.

Business Debt

We offer a range of formal and informal business debt relief solutions to help turn your business around such as business debt negotiation, business turnaround, Voluntary Administration and Company Liquidation.

Budgeting Services

Budgeting is an important tool in managing your finances and avoiding stressful situations like missing bills or falling into debt. At Debt Rescue, we can provide the budget help that best suits your financial situation.