Firstly, part 9 debt agreements are suitable if you are on a low income; and fit within the DA thresholds.
Secondly, full bankruptcy is most suitable when there is no income, or limited assets that a trustee can sell.
Thirdly, home loan debt consolidation can be suitable with sufficient equity and income.
Also, unsecured personal loan debt consolidation usually has minimal benefits. As the loans are unsecured, the lender policies are very strict. Plus, can result in small loan amounts & high-interest rates.
Finally, informal payment agreements are usually established to reduce payments. However, payment terms can be quite long, and you may find you have the same amount of debt after many years.
