Providence Insolvency Practitioners
12 Steps towards a Debt-Free Future
- Debtor realises they can’t meet their day-to-day cash flow needs
- Debtor contacts creditors but the proposed solution does not resolve cash flow issues
- Debtor contacts Personal Insolvency Practitioner (PIP)
- PIP meets debtor to review financial status and options
- If Debtor and PIP believe Debtor is eligible for scheme they sign a formal letter of engagement to proceed with the case
- PIP contacts Debtor to ensure all supporting material matches details contained in Prescribed Financial Statement
- PIP applies for Protective Certificate and, if successful, notifies all creditors
- Notified creditors may not contact specified Debtor (aside from normal communications such as bank statements) for the 70 day Protective Certificate period.
- Within 70 days PIP develops workable arrangement to meet legislation terms
- Debtor and majority of creditors must approve arrangement before presenting for court approval
- Debtor adheres to arrangement terms such as forwarding monies to PIP for distribution to creditors
- At the end of the arrangement term, the debts are restructured/written off in accordance with pre-agreed arrangements.
How do we help people in debt crisis?
- We can help stop the phone calls and threatening letters.
- We can provide you with a solution to get you back on the road to recovery.
- We put you in control of your debt.
- We offer expert debt solution consultation.