What debts are included?
Way Forward helps people manage multiple unsecured debts with different creditors through an affordable repayment plan.
These include debts such as:
- credit cards
- personal loans
- Buy Now Pay Later accounts
- wage advance products
- payday loans and other short-term credit
- lines of credit
- overdraft
- debt collection accounts relating to these types of debts.
Unsecured debts are debts that are not linked to an asset, such as a home or car.
Some debts are not included in a Way Forward repayment plan, including:
- home loans or mortgages
- car loans and other secured loans
- ATO debts
- government fines or penalties
- toll debts
- rent arrears.
However, these debts are still an important part of your overall financial situation.
When we work with you to develop a budget, we make sure that essential living costs and secured debts — such as mortgage or car loan repayments — are taken into account before determining what you can afford to pay toward your unsecured debts.
If you are experiencing financial difficulty with a loan such as a mortgage, car loan or other credit product, you may also be able to ask your lender for a financial hardship variation. This is a temporary change to your repayment arrangements designed to help people manage short-term periods of financial difficulty.
Every situation is different. When assessing whether our service may be suitable, we look at your full financial circumstances and the debts you have.
If Way Forward is not the right service for your situation, we will point you toward other sources of support.
