FAQs

Every situation is different and needs to be treated differently. We will analyse and assess your financial situation and work with you to develop a budget. A budget is an excellent starting point.

Yes – we will notify your creditors that we are helping you and that we are now their first point of contact.

Everything is dependent upon the individuals situation. However, we have been able to save many homes and other assets from repossession.

Yes. We will aim to decrease your payments, reduce your interest rate or arrange a payment plan. We may also offer debt settlement – which is an offer to your creditors to pay the debt out at a lower amount than what is due.

A Debt Consolidation means you have only one payment – by combining a number of debts into one single personal loan.

You are technically insolvent if you can’t make a payment as and when your bills fall due.

A Debt Agreement is a method of arriving at an affordable arrangement with your unsecured creditors.

In simple terms, you are allowed to make affordable payments over a period of time.

The best way to ensure that a Debt Agreement will be accepted is by putting your best offer forward.

Each case varies – but it may take up to 60 days.

Your bank account will be debited every week or fortnight on a day of your choosing, which means that you don’t have to worry about a number of payments.

Both the Debt Agreement proposals and Debt Agreements are listed on the National Personal Insolvency Index (NPII).

A creditor report contains information about who you are and a history of your financial behaviour.

Your credit report includes information such as your name, address, employment history, date of birth, a list of creditors who have viewed the report, any late payments, defaults or judgments.

Your credit report is held by a credit reporting agency.

Your credit report was likely created the first time you applied for credit.

Your credit report is checked when you apply for credit. If you have a negative listing (black mark) on your credit report, you are likely to be declined.

A default is otherwise known as an overdue account and is a type of negative listing (black mark).

When you apply for credit, there are usually terms in the application authorising the lender to obtain your credit report. These lenders check your credit report for any black marks.

A credit rating is the rating given to you when you apply for a loan. This rating is an estimate of your ability to repay the loan.

It is important to restore your credit rating as this is usually the reason stopping you from getting a loan approved, and may allow you access to more competitive interest rates and loan terms.

The negative listings (black marks) will need to be removed from your credit report to improve your credit rating, and this is where we specialise in.

Negative listings or black marks are usually listed on your credit report due to a debt not being paid on time.

Unfortunately, paying the listing will not remove it from your credit report and does not mean that you will be able to get approved.

Even one small late payment listing can result in a black mark and you being declined.

The benefits of credit restoration include; getting approved, reducing interest rates, reducing upfront and ongoing fees, reducing repayments and saving thousands of dollars.

It is possible, however quite difficult. To restore your credit report you first need to understand the credit reporting system. A product called Cactus Credit Assist has been specially designed to help you restore your credit rating.

A Personal Insolvency Agreement is an alternative to bankruptcy, where you enter into an affordable arrangement with your provable unsecured creditors. It is similar to a Debt Agreement and usually utilised by those with substantial debt (business people).

A Personal Insolvency Agreement allows you to propose affordable payments over a period, even if they equal less than the full amount that you owe.

You would usually become bankrupt if you had no other option to resolve your debt or your creditors force you into bankruptcy.

Bankruptcy usually lasts three years. However, this period may be extended up to 13 years through an objection by the trustee.

No. The Bankruptcy Act prevents creditors from receiving money from you if those debts have been listed in your bankruptcy.

It is up to the credit provider of the card whether they are prepared to extend credit to you. However, any current creditors will be notified of your bankruptcy.

Once bankrupt, you can no longer sell or deal with most of your assets or items of value. Your trustee can sell your property for the benefit of the creditors.

If your income exceeds the threshold amount, you may have to make compulsory contributions to your trustee.

Bankruptcies are listed on the National Personal Insolvency Index (NPII) for seven years and also on your credit file for seven years.

The best solution depends on your situation. Our aim is to understand your situation completely, before offering appropriate solutions to help you fix your financial problems.