Question
What is a creditor?
Answer
Any bank or institution to which you owe money.
Question
How is this different to a Debt Agreement or a Part IX Bankruptcy?
Answer
It is very different. What CDS does, is in no way like any type of formal debt agreement or bankruptcy. We negotiate to reduce your debt to a discounted amount. The only agreement is that the creditor accepts a lower payout.
Question
Does this affect my credit rating?
Answer
No. If you come to us with a clear credit rating, what we do does not affect it. If you already have defaults, we can negotiate to have these paid out which is one step closer to clearing your credit rating.
Question
What information do I need to provide you?
Answer
We have all the forms you need to fill in to authorise us to commence negotiations on your behalf. You may be required to provide supporting documents. Every case is different.
Question
What are your fees?
Answer
Our fees are dependent on the savings we achieve for you. We are happy to discuss this in more detail when you contact us. If we are unable to reduce your debt, there is no fee.
Question
Will I be able to apply for credit cards in the future?
Answer
You will be able to apply for other credit cards, but not with the institutions we have negotiated with. We recommend our clients stay away from credit and use debit card facilities so readily available these days.
Question
Are you able to negotiate just one or two creditors?
Answer
Yes. We can negotiate with one or one hundred creditors. It all depends on the funds you have available.
Question
What can I do if I don’t have enough money to payout the debts?
Answer
Quite often you have access to money you didn’t think of. For example, you can use the equity in your home to refinance. If you don’t have enough equity/money to pay anyone at all, our personal budgeting and debt relief programs can assist in long term debt management.
Question
How much can you save me?
Answer
Each case is different. We have successfully negotiated discounts of between 20% and 100%.
Question
How does it work?
Answer
You fill in the paperwork authorising us to act on your behalf.
We collect your information, contact your creditors and stop them from calling you. We prepare a proposal and negotiate on your behalf to secure the acceptance in writing. Your debt is then paid out and the account closed. End of debt!