Debt Management

When debts feel like they are getting out of control, it can be tempting to just stick your head in the sand, but understanding and eliminating debt is vital. Your Financial Mentor can challenge lenders if you think you have been treated unfairly, negotiate repayments or identify other solutions such as microfinance, debt consolidation or insolvency.

Your Financial Mentors will support you to stand up for your rights and ensure you are treated fairly. They will also challenge lenders if they believe they have breached laws such as the Credit Contract, Consumer Finance Act or the Responsible Lending Code.

Your Financial Mentor can assist you with your application to withdraw funds from your KiwiSaver. But more importantly, they will look at other options so that you can avoid withdrawing your nest egg.

If you have a large amount of debt that you cannot pay, your Financial Mentor may discuss applying for insolvency. This could include a Debt Repayment Order, No Asset Procedure or Bankruptcy. For more information, visit www.insolvency.govt.nz