Debt Solutions: Common Questions

Bankruptcy, DRP, IVA, debt problems and discharge from bankruptcy.

Debt collectors are harassing me or my family at home or work

Obtain advice on keeping records, responding to debt collection and considering appropriate complaint or legal options.

The debt being claimed is incorrect, but I am still being pursued

Review borrowing and repayment records, and address disputes about the amount, interest or liability.

Debt collectors are asking me to repay a family member's debt

Check whether you are a borrower or guarantor, clarify your potential liability and discuss how to respond.

I have an IVA but can no longer afford the agreed payments

Review your existing arrangement, missed payments and any nominee's notices to assess next steps and default risks.

I am considering bankruptcy but own a home or jointly owned property

Review the ownership and mortgage arrangements to understand how bankruptcy may affect the property and other owners.

I am considering bankruptcy but do not understand the process or consequences

Understand the information required, legal responsibilities and possible consequences before deciding how to proceed.

The other joint borrower has stopped paying and the bank is pursuing me

Review the joint borrowing and any guarantee documents to understand your potential liability to the bank and rights against the other party.

My property has been sold, but the bank is pursuing the mortgage shortfall

Review the sale and mortgage redemption figures, the remaining debt and your potential liability, and assess how to respond.

I have missed mortgage payments and the bank has warned of repossession

Review the mortgage, bank notices and any proceedings, and discuss repayment negotiations and options concerning the property.

My business has failed and creditors are pursuing my personal guarantee

Clarify the company's debts and your potential liability under a personal guarantee, and assess possible responses and debt options.

I guaranteed a friend's or relative's loan and the bank is pursuing me

Review the guarantee and demand to understand the scope of your potential liability and how to respond.

The court has ordered me to pay, but I cannot pay in full

Understand the judgment, enforcement risks and whether repayment negotiations or other appropriate steps may be available.

I received a bankruptcy petition and a hearing has been scheduled

Review the petition and hearing date, and obtain advice on preparation and possible responses.

A bank or finance company has started a court claim against me

Understand how to respond to court documents, raise any dispute or explore settlement.

I received a statutory demand and do not know what to do

Review when you received the document, the debt claimed and any dispute, and obtain advice on the relevant procedure and next steps.

I received a lawyer's debt demand letter and do not know how to respond

Have a lawyer review the demand, the basis of the claimed debt and any stated deadline, and assess how to respond or negotiate.

My creditor has proposed a settlement, but I do not understand the terms

Before signing, understand the payment amount, interest, consequences of default and whether any liability would remain after payment.

After losing income, I cannot afford my repayment agreement

Review your existing agreement and change in income to assess whether revised arrangements or other options may be available.

My bank demands full repayment, but I cannot pay

Review the bank's notice and loan terms to understand your repayment obligations, possible negotiations and next steps.

I owe several banks and want to renegotiate repayments

Have a lawyer review your debts and repayment capacity, and assess the possibility of negotiating new arrangements with your creditors.

I can no longer afford my monthly debt repayments

Explore repayment negotiations, debt relief plans, an individual voluntary arrangement or bankruptcy, and discuss which options may suit your circumstances.