Frequently asked questions
About Way Forward: Who is behind Way Forward?
Way Forward Debt Solutions is a not-for-profit charity set up to help people who are struggling with debt. We are supported by the major banks (who provided seed funding in 2018), as well as a number of other financial institutions in Australia. We also have close links with a number of community service organisations, who were also involved in decision-making when we were being set-up. Our team of financial hardship advocates are independent and help our clients find a sustainable way forward with their debts.
About Way Forward: Is Way Forward really free?
Yes, our debt management services are completely free of charge. We don’t take commissions, we don’t add fees and 100% of what you pay goes directly to reducing your debt. Our ongoing funding comes from donations from the major banks and a number of other financial institutions. Discover more about our supporters.
About Way Forward: Is my data with Way Forward safe?
We take your privacy and security very seriously. All client information is stored securely, and we comply with Australian privacy and data protection laws. Your personal and financial details will only ever be used to help us manage your debt plan and communicate with your creditors. Our privacy policy has more information.
Getting Started: What are the eligibility criteria for Way Forward?
We can help people who are experiencing long-term financial hardship and want to repay their unsecured debts (such as credit cards, personal loans, buy now pay later accounts, payday loans, wage advances etc). You will need to have some income left over after essential living expenses in order for us to make a repayment offer to your creditors.
It is unlikely we can assist people whose sole income is from Centrelink, as they generally do not have sufficient funds for debt repayments after living costs.
Each client’s situation is assessed individually to make sure a Way Forward plan is the right fit. Our services are not means tested – if we can help you, our services will always be free.
Getting Started: What information do I need to provide to Way Forward?
To get started, we’ll need information about your income, expenses and debts. This helps us build a clear picture of your financial situation and work out an affordable repayment plan. If it seems likely we can assist, we will then need to verify this information with copies of pay slips and bank statements. We will also need to confirm your identity and will request a copy of your driver licence or passport.
Your Debts: Does Way Forward offer debt consolidation?
We don’t provide loans or debt consolidation products. Rather than consolidating your loans, we consolidate your payments. We negotiate with your creditors so that you can make one affordable regular payment through Way Forward, which we then distribute to your creditors on your behalf. This payment comes out of your account the day after your payday, making it easier to manage your money.
Your Debts: Which debts can Way Forward help with?
We help by putting in place a payment plan for your unsecured debts such as credit cards, personal loans, buy now pay later accounts, payday loans, wage advances etc. We deal with your creditors on your behalf to set up your plan.
For secured debts, such as mortgages or car loans, or with tax debts, we will include these payments in your budget, but we don’t make payments to these creditors on your behalf.
The Process: How long does it take to set up a debt repayment plan with Way Forward?
Once we have the information we need from you, most plans are set up within about six weeks. The timing can vary depending on how quickly your creditors respond and confirm arrangements.
The Process: Will I still get calls from debt collectors?
While we are negotiating with your creditors, we ask them to cease any debt collection activity. Once a plan is in place, debt collection activity from the creditors involved must stop (as long as you are making the agreed payment). If you experience any debt collection activity, please let us know and we will contact the creditor involved to find out why.
The Process: What impact will an arrangement via Way Forward have on my credit report?
Entering into an arrangement with Way Forward may be noted on your credit report. Different creditors record the information in different ways: some creditors will close your account while others record it as a hardship arrangement (however, this cannot be used in calculating your credit score).
The impact of an arrangement with Way Forward will generally be far less serious than default listings or ongoing missed payments, and it shows creditors you are taking responsible steps to repay your debts. See our credit reporting page for more details.
Other Help: Where can I get emergency cash or food?
Way Forward isn’t able to provide emergency relief or cash assistance. If you need urgent help with food, bills or living expenses, we recommend going to the Ask Izzy website and searching for a service in your area. You can also talk to a free and independent financial counsellor at the National Debt Helpline (1800 007 007) who can provide advice about managing debt.
