Debt and financial issues
Debt and financial issues
Debt is money that is owed to another person or organisation through an agreed contract, whether written or spoken.
A person or organisation in debt is known as a ‘debtor’. A person or organisation that is owed money is known as a ‘creditor’.
Both debtors and creditors have legal rights. There may be reasons why a debtor does not have to pay a creditor in full.
If a debtor cannot repay a debt by an agreed date it is important to seek advice and take action as soon as possible. There are free financial counselling services that can help in dealing with debt. Unpaid debt may result in a creditor seizing assets or taking a debtor to court in order to recover costs.
More information
Reasons you might not have to pay
Creditor notices and letters of demand
Notice of legal action – being sued
See also Debts owed under the SRSS Program.
Get help
Find out how you can get help with debt and financial issues.