Debt Busters Review

Eliminate feeling overwhelmed by debt and get your finances in order with help from Debt Busters.

Debt Busters offers personalised debt solutions and can provide a range of services such as budgeting, personal loans, debt consolidation, mortgage refinancing and many more. It offers tailored debt solutions that address unique circumstances and can help clients refinance their current debt situation. Having been in operation since 2005, Debt Busters has saved its clients more than $89.6 million in debt repayments.

Main points to consider with Debt Busters

You can use Debt Busters to help you get your budget on track as well as consolidate your debts through debt agreements and personal loans. You can apply for a loan of up to $5,000 to consolidate your debts and benefit from flexible repayment terms. Once approved, you can expect the funds to be in your account within 24 hours

Features of Debt Busters

Some of the features that come with Debt Busters include:

  • Variety of solutions. Ranging from budgeting advice to personal loans, Debt Busters has it all under one roof when it comes to managing your debt. No matter what you need help with, whether it’s handling your overdue accounts or figuring out a weekly budget to help you make your repayments, Debt Busters may have a solution for you.
  • Ten years experience. Debt Busters has been helping Australians get themselves out of debt for ten years.
  • Personalised plans. Debt Busters offers personalised and tailored debt solution plans to your unique and individual circumstances. Although you might worry that your situation is too unique, Debt Busters will work with you in order to find a solution that helps you get out of debt faster.
  • Access to over 35 lenders. As they have been around for ten years, Debt Busters has access to over 35 lenders that include some of the Big Four banks, such as Commonwealth Bank, National Australia Bank (NAB), ANZ and Westpac.
  • Judgement-free. Debt Busters offer judgement-free consultations and will work hard to help you change your current circumstances. No matter what situation you’re in, you can guarantee that they’ve encountered it before and will use their expertise to help you.

What debt solutions are available?

Some of the solutions available through Debt Busters include:

  • Debt agreements. This is a legally binding agreement between you and your creditors which allows you to pay one fixed weekly, fortnightly or monthly amount based on what you can afford rather than what you owe. Your creditors agree to freeze your outstanding balance and discontinue charging you further fees and interest. However, this option will negatively impact your credit rating for the next five years.
  • Debt negotiation. This involves Debt Busters speaking to your creditors directly and becoming your creditors’ contact. Debt Busters will negotiate the debt amount and new terms for payback to your creditors and then you will repay your debt on your terms with the help of a payment plan.
  • Mortgage refinancing. This is an option that allows you to refinance your mortgage to consolidate your debt into one regular payment. You benefit from a lower interest rate than a credit card and a personal loan.
  • Informal payment arrangement. This works similarly to a debt agreement but isn’t considered an act of bankruptcy. It will not go on your credit file and is a positive way to settle debt.
  • Debt consolidation. This allows you to consolidate all of your debts into one loan and reduce your monthly payments into one payment for all of your debts. However, it’s important to note that it takes longer to pay off your consolidated debts and you are likely to pay more interest over the longer term.

How to apply with Debt Busters

In order to apply with Debt Busters, click on “Go to Site” and ensure you meet the following criteria:

  • Be 18 years of age or older
  • Be in debt

Some of the documents you need to provide include:

  • An accurate record of your current financial history. This includes assets, debts, income and expenses. This can include bank statements, recent payslips, purchase receipts etc.
  • Credit cards or debit cards statements This is to ensure that Debt Busters has a fair and accurate picture of all of your debts. If you use credit cards or store cards, be sure to pull the statements from here and let them know what you need help with when it comes to getting out of debt.

Using Debt Busters to get out of debt might solve your financial problems. However, consider and compare other lenders and the loans that they offer before making a final decision.

Need help solving debt issues?

Whilst we don't directly compare Debt Busters, compare other companies offering similar solutions.

Rates last updated August 19th, 2018
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