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Has Coronavirus Caused Your Debts to Spiral?

Coronavirus has drastically changed the way we live, work and communicate. It is having a huge impact across the country as job uncertainty increases and many Australians are now worried about how their finances will hold out during these challenging times.

The Australian Government has announced multiple economic stimulus packages to help support individuals and households through the pandemic. However, many Australians don’t have the emergency savings required for a time like this which may cause a number of people to use credit cards or take out personal loans just to get by. For those already struggling with unmanageable debt before the pandemic hit, the Government's support may not be enough.

It's important to act now and put a plan in place to get out of debt, once and for all. At Debt Rescue, we are here to support you through this crisis with a number of debt relief solutions available depending on your individual circumstances. We can help with:

  • Informal debt negotiations to reduce interest, fees and charges
  • A Debtstroyer Agreement
  • A formal Part 9 Debt Agreement
  • Personal Bankruptcy

If you're struggling with debt due to the impact of Coronavirus, you're not alone. Get in touch with our friendly team today on 1800 00 3328 for a free, 30-minute consultation.

Dealing with debt can be a stressful experience. Pairing that with the Coronavirus pandemic may make it even harder to address. Don’t worry, we’ve got you covered with a debt relief solution to suit your needs.

Stay financially and mentally healthy

Worried about how Coronavirus May Affect Your Finances?

Coronavirus is having a major impact across the country, with many Australians now facing financial insecurity and stress due to job loss or decreased hours of work. We’ve put together a few tips in the video below on how to stay healthy – financially and mentally – during these uncertain times.

“They are very helpful in helping me on my financial difficulties, by keeping me up-to-date how to process my application on debt relief program.” - Roland

Important information

The Australian Government’s Response to the Coronavirus

The Australian Government has announced multiple economic stimulus packages to help support individuals and households through the pandemic.

JobKeeper Payment

Businesses affected by Coronavirus can access a wage subsidy for their employees. Employers will be able to claim a fortnightly JobKeeper payment of $1,500 per eligible employee for up to 6 months back dated to 1 March 2020. Those who have been stood down due to the Coronavirus pandemic will also be eligible.

You can find out more here.

Income Support for Individuals

Individuals on Centrelink benefits, including Job Seeker, Youth Allowance and Parenting Payment will be able to access an additional temporary Coronavirus payment of $550 per fortnight.

You can find out more here.

Payments to Support Households

Eligible low income earners on Centrelink benefits, including Job Seeker, Youth Allowance and Parenting Payment will receive two separate payments of $750.  One in April and another in July.

You can find out more here.

Temporary Early Release of Superannuation

Individuals affected by Coronavirus will be able to access their superannuation early, without it being taxed or affecting any Centrelink benefit payment. They can access up to $10,000 in 2019-20 and a further $10,000 in 2020-21.

You can find out more here.

Update to Bankruptcy Legislation

Changes introduced to Bankruptcy legislation makes it extremely difficult for creditors to force you into Bankruptcy for unpaid debts.

  • You need to have over $20,000 of unpaid debts for a creditor to issue you with a Bankruptcy notice 
  • You now have up to 6 months to respond to a Bankruptcy notice, up from 21 days
  • Creditors cannot attempt recovery action for 6 months under the temporary protection period 

You can find out more here.

We’re here to support you through these uncertain times by reducing your debt stress and getting your finances back on track. You can count on us to provide you with trusted advice and solutions.

The best strategies

Strategies to Cope with Isolation during the Coronavirus Crisis

With the Australian Government advising Australians to stay at home, many people may be experiencing heightened feelings of isolation, loneliness or anxiety. The good news is that is that this situation is only temporary and there are ways to manage and mitigate these feelings. Here’s how:

  • Keep in touch with family, friends and loved ones through social media, video calls or over the phone. It’s important for your mental health to continue keeping socially active
  • If the news is distressing you, limit your interactions with it.
  • Try to continue your usual day-to-day routine, including exercising, eating healthily and sleeping well. There are many exercises you can do at home from dancing, yoga or pilates.
  • For those working from home, make sure you maintain a healthy work/life balance by taking regular breaks and ensuring your work space is separate to your living space.
  • Time at home may provide the perfect opportunity for you to work on your hobbies, whether it be reading, writing, arts and craft or playing the piano/guitar.

If you’re experiencing signs of stress, anxiety or depression due to staying at home, it’s important you speak to someone for help and support. There is free assistance available:

“My contact Jacqueline was wonderful and very understanding. She made sure that I understood every step of the process and always had time to answer any questions I had.” – Jo

They're good

Debt Relief Articles

For more information on our debt relief solutions, please read our articles below.

Has the Coronavirus Affected Your Job?

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Is the Coronavirus Pandemic Going to See You Sink Further into Debt?

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The Emotional Effects of Debt

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Debt Management Plan: A Guide to Curb Your Debt

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Rescue Your Finances with a Debt Agreement

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Informal Agreement: Debtstroyer Agreement

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