Debt Repayment Order (SIO)
Get out of debt and avoid bankruptcy with a formal debt repayment plan or summary instalment order.
This is a formal process involving the Official Assignee and an independent Supervisor, who work with you to formalise an agreement with your creditors to repay some or all of your debt over a 3 to 5 year period.
If you have an income and you owe less than $47,000 of unsecured debt then an SIO could be the right debt solution for you. The team at Debtfix will guide you through the process to see you back on dry land.
How does a Debt Repayment Order (SIO) work?
A Summary Instalment Order (“SIO”) is a formal debt repayment plan between you and your creditors, the people you owe money to. It provides structure and process to manage debt, possibly reduce it and avoid it increasing.
An SIO requires a Supervisor to be appointed to monitor your commitment to the scheme and to deal with your creditors, and they also work with the Official Assignee to arrange details, agree claims and make payments. Debtfix can be your SIO Supervisor, and although you have overall responsibility to comply with the SIO process, we will be on watch with you along the way.
Who can benefit from a Debt Repayment Order (SIO)?
It is a good option if you owe less than $47,000 in unsecured debt and are able to make some repayments. It usually takes about 3 years to fulfil an SIO, but can be up to 5 years.
Some debts, such as child support and maintenance orders, student loans and secured debt, can’t be included in an SIO and need to be paid for in addition to SIO payments.