FAQs (Frequently Asked Questions)

  • Resolvr is a specialist debt help company with the goal of helping every day Australians struggling with debt.

    We will provide you with the information and options that you need to make the right decision based on your personal circumstances.

    It is important for you to take action and regain control of your debts before your situation gets worse. Resolvr will help you achieve this and -

    • the initial consultation is free;
    • there are no upfront or hidden fees; 
    • the services are completely confidential; and
    • there is no obligation for enquiring.
  • A debt help company is a company which is focused on providing you with information and services which will allow you to manage you debts and regain financial control.

    Resolvr does not charge an upfront fee for our service while other companies do.

  • An upfront fee in the debt help industry is typically a fee you are required to pay before a company will actually provide you with assistance or information to manage your debts.

    In some cases, individuals have been left in a worse financial position due to accruing additional fees and charges before finding out they can’t go ahead with a particular option or no positive outcome is achieved.

    Resolvr will always be open and transparent with you, so you will know what service you are receiving and there are no hidden surprises.

  • Resolvr is committed to helping every day Australians manage their debts and it is important to us that we do not place you in a worse financial position by accruing debts through fees. Thus, we charge no upfront fees for any of our services.

    Some companies charge thousands of dollars which Resolvr believes is completely unreasonable and unfair, especially if no positive outcome is achieved for you.

    The most important thing is that we will provide you with information and options specifically catered to your circumstance based on our assessment of your financial position and not just provide generalised answers. This will be completely free of charge and no obligation for everyone who enquires with Resolvr.

  • Resolvr’s free financial assessment over the phone involves assessing your –

    1. Financial goals
    2. Assets
    3. Income
    4. Debts
    5. Expenses

    This will allow us to capture your overall financial position, ascertain your budget and understand what is important to you.

    We will then provide you with information, options and tools to begin your journey to financial control.

  • No you don’t have to.

    Our Resolvr team is more than happy to speak to you and answer any questions you may have with relation to managing your debts.

    Some common topics we get asked about are:

    • Debt Agreement
    • Bankruptcy
    • Budgeting
    • Hardship
    • Informal Arrangements
    • Other Debt Help Assistance
    • Credit File
    • Defaults
    • Fees
    • Creditors
    • Collections
    • Legal Action

    If the information you are after is out of our scope, we will point you in the right direction to get the answers you need.

  • A credit file contains detailed information and figures collated from your credit history during the past 5 years.

    Your credit file may be obtained by any potential lender or service provider to assess your credit worthiness when you apply for their financial product or service.

    It contains:

    • Personal information e.g. Name, address and date of birth
    • Credit enquiries e.g. Applications made to a creditor or service provider
    • Payment defaults
    • Insolvency, court writs, judgments and directorship information
  • With your consent, Resolvr can obtain your credit file and credit file score free of charge to you. Alternatively, you can obtain your credit file by contacting the bureaus directly. It will allow us to assess your credit worthiness and offer you the best options to manage your debts.

    We can get a copy of your credit file sent to you so you can see what potential lenders or service providers see when you apply for their financial product or service.

  • A Debt Agreement is a legally binding agreement between you and your creditors to satisfy your debts over an agreed period of time at an amount you can reasonably afford to pay. Debt Agreements are administered under Part IX of the Bankruptcy Act and must be voted on and accepted by creditors.

    • You must be insolvent – meaning that you are unable to pay your debts when they fall due
    • Must not have entered into a Debt Agreement, been Bankrupt or given authority under Part X of the Bankruptcy Act in the last 10 years
    • You must not earn above $85,858.50* (after tax) per year and have a value of no more than $114,478.00* worth of assets
    • Your provable unsecured debt value must be less than $114,478.00*

    *Values are set limits specified by AFSA and are subject to change. (Limits updated twice a year)

    • Interest is frozen on your unsecured debts
    • Keep your assets
    • No need to deal with multiple creditors. You make one regular repayment to your Administrator who acts on your behalf and distributes your payments to your creditors
    • Collection calls and legal action will cease
    • Affordable repayments reducing further damage to your credit file
    • Regain control of your budget and finances
    • Avoid Bankruptcy and the associated consequences
    • You are discharged from your unsecured debts included in your agreement upon completion of your payments
    • A Debt Agreement will be listed on your credit file and NPII (National Personal Insolvency Index) for a total of 5 years
    • You will be unlikely to be able to obtain credit during the term of your Debt Agreement
    • If you submit a Debt Agreement proposal you commit an act of Bankruptcy. However this is not that same as going Bankrupt which carries with it many different consequences
  • Transparency

    We are completely transparent with our pricing and strive to be the lowest priced Debt Administrator in the market. This not only saves you money from the get go but also allows you to offer better returns to your creditors increasing the likelihood that your proposal will be accepted.

    If it is a Debt Agreement you are after, do it with Resolvr as unlike other Administrators, we will help you propose the agreement for free. Some common fees that others charge and questions to consider include -

    • Upfront set up costs and fees
    • Is the setup fee refundable if your proposal is not accepted?
    • What is their ongoing administration fee?
    • Are there any other fees?

    Our costs

    Set Up Fee – Nil.

    Unlike most other Debt Agreement Administrators who charge hundreds or even thousands of dollars for this process, we DO NOT charge any upfront fees for preparation of your proposal.

    Resolvr is 100% committed to helping people who are experiencing financial difficulty to regain control of their finances. We feel it is unfair to charge large upfront fees when we already know your budget is tight.

    No Debt Agreement Administrator can guarantee that your proposal will be accepted by your creditors, however we will not leave you in a worse position if this occurs as we do not charge you any upfront fees.

    AFSA Lodgement Fee - $200

    There is a flat $200 lodgement fee payable to AFSA every time a Debt Agreement proposal is submitted. This is a flat amount set by AFSA which must be paid regardless of who helps you submit your proposal, it is not paid to the Administrator.

    Resolvr will collect this fee from you only when you are ready to propose your agreement and will pay the fee directly to AFSA on your behalf.

    Administration Fee – 20%

    This fee is the only received by Resolvr if your Debt Agreement is accepted by your creditors and is included in your proposal. This fee covers the cost of us administering your Debt Agreement over life until it is completed.

    This is not an additional fee that is payable by you. How it works is we retain a portion of what you what you pay over the term of your agreement.

  • Provable unsecured debts, generally these are:

    • Credits card
    • Store cards
    • Personal Loans
    • Telecommunications bills
    • Utility bills
    • Rental arrears
    • Overdrawn accounts
    • Repossessed vehicles shortfalls
    • Home loans
    • Secured car loans
    • Child Support
    • Fines Penalties
    • HECS/HELP debts
    • Debts incurred by fraud

    You will need to continue to pay these debts outside of your agreement however these would be allowed for in your budget to determine what you can reasonably afford to pay towards your Debt Agreement.

  • You are still able to propose a Debt Agreement if you are a property owner, have a secured car loan or have rental goods under lease and keep your assets. However, you will need to check that you are within the threshold limits for assets to determine whether you are eligible before you propose a Debt Agreement.

    This can be a tricky topic and can be complicated further if you own multiple assets or are a part owner in a property. If you are unsure how this would affect you, please give us a call.

    You are able to retain your assets while you are in a Debt Agreement however you will need to continue making your repayments. This would be considered in your overall budget to ensure it is sustainable. If you stop paying these debts your creditors may take action and repossess the asset.

  • Yes, you can propose a Debt Agreement if you’re receiving Centrelink benefits provided that you can afford to maintain the payments.

  • Yes, joint debts must be included in your Debt Agreement. Depending on the terms of the contract the co-borrower may still liable for the whole debt.

    Guaranteed debts must also be included in your Debt Agreement. In most cases, if you stop making payments, your creditor will then ask the guarantor to satisfy the debt.

  • If you have decided that you do want to propose a Debt Agreement these are the steps:

    1. Information gathering

      Initial preparation of a Debt Agreement is a key step. We gather and review all your information including your assets, income, expenses, creditors and overall circumstances.

      It is important that you are truthful and fully disclose your situation. To ensure your proposal is successful, it is key that we fully understand your circumstances to make sure your Debt Agreement is sustainable and affordable.  It will also assist us in providing you with the most appropriate information tailored to your individual circumstances allowing you to make an informed decision.

    2. Proposal

      Once we have gathered all the required information we will prepare your Debt Agreement proposal. We will send these documents to you to read, review, sign and return. This is also your chance to ask any additional questions before your proposal is submitted to AFSA.

      You will be required to pay the $200 lodgement fee at this stage to submit your proposal.

    3. Processing and voting

      AFSA will review your proposal and will then forward a copy of your Debt Agreement to all your creditors for them to vote to accept or decline your proposal. Your creditors have 35 days to submit their vote (or 42 days if you proposal is submitted in the month of December).

    4. Acceptance

      Your proposal will be accepted if the majority by value of your creditors vote in favour. Not all creditors have to agree to your proposal for it to be accepted. 50.01% by value must vote in favour. If it is accepted your proposal will become legally binding and your payments will commence as outlined in your Debt Agreement proposal.

  • You and your creditors will be notified of the decision we will find out the reason as to why this is the outcome. Depending on the reason, your proposal may be amended and resubmitted.

    If you do not resubmit, your creditors will continue with collections to recover their debts.

  • Yes you can pay your Debt Agreement early. We will distribute your payments to your creditors as we receive them.

    If you finalise your agreement early, you will be discharged from your agreement ahead of time. The NPII and your credit file will be updated accordingly.

  • If you are unable to make payments towards your Debt Agreement due to an unexpected event such as loss of employment, a death in the family or your work hours have dropped, please contact us as soon as possible so we can understand your situation and assist you with appropriate arrangements.

  • A DOI is an application you can lodge through AFSA that will provide you with a 21 day protection period where your unsecured creditors including sheriffs and bailiffs have to cease debt recovery action on their debts.

    1. It will give you time to consider all your options as unsecured creditors cannot take further recovery action
    2. It will not be listed on the National Personal Insolvency Index (NPII) or your credit file
    3. You are not made automatically bankruptcy after 21 days if you decide not to declare bankruptcy
    1. Your secured creditors may still proceed with debt recovery action on secured goods if you cannot make repayments
    2. A creditor can use the fact you have lodged a DOI to apply to the court to make you bankrupt