Financial hardship and struggling
If you’re experiencing financial hardship and struggling with unmanageable debt, you may be eligible for a debt moratorium. A debt moratorium is when your creditor allows you to stop making repayments for a specific period of time and a specific reason. Your creditor will give you time (usually between 3 to 12 months) to get back on your feet rather than you defaulting on the debt and then selling it to a debt collection agency.
We do all the heavy lifting, negotiating on your behalf with creditors to arrange a moratorium for both secured debts such as your home loan and unsecured debts such as credit cards and personal loans. Depending on the agreement negotiated, a moratorium on your debts may freeze interest for the period of the moratorium, or interest may still incur, however, you will not have to make any repayments whilst the moratorium is in place.
A debt moratorium provides relief from your debts for a set period of time while you can relax and let us work you to find the best long-term debt solution tailored to your individual financial situation, putting you back in control of your finances and on track for your financial freedom.
In summary, a debt moratorium:
- Provides you with breathing space from your debts
- Provides some mental relief and stops the aggressive phone calls from debt collectors.
- Puts your debt repayments on hold