Shipshape
Shipshape is only available to Debtfix clients. It is a legally binding debt repayment agreement designed for people with debt obligations to multiple creditors. Debtfix will structure a Shipshape debt solution following a full assessment of your financial position.
Feedback from a Shipshape client
“Honestly Bev, I am so grateful to you and the team for everything. It was hard, but the time went so quickly and I am glad that I stuck to my guns with everything because now I am completely debt free and it also means that I can now start saving for the future that I want.
I know 100% that I wouldn't have been able to get this far without you and the teams help, but I know now that I will never want to put myself into a position of being in debt ever again!!
Again, so grateful to everyone at Debtfix and can't wait for a bright future! :)”
WP, Auckland
Shipshape has been designed:
as an alternative and less formal debt solution compared to existing insolvency procedures;
to help clients repay their debts in an affordable and sustainable manner;
to facilitate a better return for creditors by increasing cash collections over time and reducing internal and external debt collections costs;
for Debtfix to act as the Administrator to support the client and help keep them on track by administering the receipt and distribution of client funds to creditors.
Debtfix, with the support of the financial capability sector will help facilitate access for a client to localised social support services (where needed) and help empower the client to make better decisions around money in the future.
Shipshape has been co-designed with representatives from the building financial capability sector (FinCap and Debtfix), various lenders and government departments. All parties involved in its co-design have the client’s wellbeing as a priority and have worked together to design some Guiding Principles and Terms of Reference for Shipshape.
The Guiding Principles (in the stated order of priority) are to:
A - Deliver a good outcome for a client;
B - Deliver a good outcome for creditors;
C - Create a process for reviewing and reporting on irresponsible lending practices by creditors.
Who can benefit from Shipshape ?
Shipshape is appropriate for people who have more than one unsecured debt. It is only available to individuals that have a reliable source of income that provides a weekly or monthly surplus over and above normal household expenses before unsecured debts are repaid.
Shipshape might not be suitable for you - our advice about the best debt solution for you will be based on a full assessment of your personal circumstances and the information you provide us.
As ALL creditors have to consent to Shipshape before it can be activated, there is possibility that your Shipshape might not be accepted by creditors (for whatever reason). Debtfix is unable to guarantee that a Shipshape will be accepted, however if an agreement is rejected by one or more of your creditors, then we can advise you on other debt solution options that are available.
Partnering with Fincap
FinCap works with over 200 financial capability and budgeting services in New Zealand to reduce financial hardship of people, whānau and communities in New Zealand.
FinCap work with these services to build the capability and professionalism of Financial Mentors and to reduce the causes of financial hardship.
FinCap is funded by the Ministry of Social Development as part of their Building Financial Capability initiative.
FinCap’s mission is “to reduce financial hardship by developing and supporting New Zealand’s free financial capability and budgeting services and advocating for system-level change”.
