Debt Due to Illness: How Debt Rescue Can Help

Financial hardship can affect anyone, with unexpected illness and medical costs being one of the major debt triggers in Australia. Falling behind on repayments can be a stressful and isolating experience, but you don’t need to go through it alone. Debt Rescue can help get your finances back on track.

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.

Protect Your Finances In Case of Unexpected Illness

Millions of people have seen their finances damaged by poor health. Without a plan in place, an unexpected loss of income caused by illness can have a long-lasting effect on your finances. Illness can strike at any moment, and not having a plan in place for this could be a dangerous risk to take. Addressing the question of ‘what would I do if…’ is critical. Having honest conversations with family members about how you would cope financially in the event of unexpected ill health or even worse is vital, making plans to address any gaps in protection.

It’s important to:

  • Talk about worst-case scenarios with your family
  • Review your plans when life changes
  • Look at the long-term
  • Boost your savings when you get the chance

Steps to Take if You're in Debt Due to an Unexpected Illness

Make a Budget – It’s important to track your spending during these difficult financial times. If you don’t have a budget already, now is the time to create one. Be sure to list all incoming and outgoing expenses to see where you can make adjustments to spending or try to cut back.

Look at Income Protection Insurance – While it’s hard to predict when illness or injury will strike, you can do your best to protect your income. This is also where income protection insurance would be a good idea. The peace of mind it provides in an emergency is worth every dollar.

Create an Emergency Fund – Try to create your own financial backup plan by building an emergency fun. Financial experts recommend you save 3 months worth of salary in a high-interest account to use in case of an emergency. This amount might seem excessive, but you know you will be covered financially for at least 3 months if anything ever happened to you.

Consolidate Debts – If you have a mortgage, you can consolidate unsecured debts into your home loan. This reduces your debt repayments and interest, saving you money in the long-term.

"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.