Frequently Asked Questions
Can I really become debt free (and mortgage free)?
Debt Breaker clients are debt free in an average of 7 years. Your time could be less, or it could take 15 to 20 years or more. Several factors determine if the Debt Breaker Program could work for you and how fast you will be debt free. Your Free Analysis will show you exactly how quickly you can become completely debt free. It may surprise you.
How does it work?
The Simple Debt Breaker Process:
1st: 10-minute prequalification to see if Debt Breaker can help you too.
2nd: Free analysis to gather some numbers, cover your budget, and put everything into the Debt Breaker Program and create a customised financial plan for you.
3rd: Final appointment to go through your personal financial plan, show you your estimated debt free date, and explain how you can do this all without drastically changing your lifestyle (and sometimes even improving your lifestyle in the process).
When you are in debt and trying to get out, it’s really hard. You don’t know what it feels like unless you have been in that situation and have felt the stress. It takes a lot of time, work, and discipline to keep up. One common strategy is to just pay a little more every month towards your mortgage. Debt Breaker uses a combination of similar strategies – but we do all the hard work, figure everything out for you, and give you the help you need to become mortgage and debt free.
Will it work for me in my situation?
Not everyone is right for the Debt Breaker Program. By speaking with a Debt Breaker adviser, you can learn in just a few minutes if this will work for you. Click Here to begin filling out some basic information, or call 0800 332 827.
How is Debt Breaker different from other programs?
We are not “debt professionals” who will attempt to negotiate interest rates or reduce or settle debts for cents in the dollar. Credit counselling and debt settlement programs cause harm to your credit. Their process of renegotiating for concessions or reductions in the balance or terms, and not making payments can do far more harm than good. The Debt Breaker program will help pay off all of your debt including: mortgages, auto loans, personal loans, and credit cards.
Plus, the Debt Breaker team of friendly professionals will continue to work with you until you are completely debt free. Financial coaching companies only work with you for about six months, after that point you are on your own. Most other financial companies will sell you "information", Debt Breaker helps you "take actions" that produce results.
Debt Breaker has a very high client success rate (click here to see a handful of our success stories). We provide the discipline, strategies, systems, and tools in a proven program that will work for you. Other companies offer financial education and try to teach you to budget, spend less money, apply more money to the debt, and how to do a debt consolidation. These programs have great strategies and could really work, but they completely depend on your ability to precisely implement their strategies day after day for years. With do-it-yourself programs like those, most people fall off track within 3 to 6 months. Many Debt Breaker clients come from these other programs because they have tried it on their own un-successfully, and now they are ready for personalised help.
How much does the program cost?
The Full Service Debt Breaker Program, including access to a monthly meeting with your Debt Breaker account manager costs only $483 down, then $75 a month thereafter for as long as you choose to continue. Most of our clients begin saving far more than that within 60 days, but more importantly, after completing your free analysis, we will build your customised financial plan and show you how soon you will be debt free. Before you make any decisions, you will know exactly how much you will be saving so the decision to get started will be a simple one for you. You will see, in advance, that you will be saving many times more than it’s costing you to do the program.
Does Debt Breaker just help me to pay off my mortgage?
Absolutely not. While helping clients to become debt free is our primary focus, we help our clients with so much more than just that. You’ll have personal access to a personal Debt Breaker Adviser who can help you with almost any financial question. Here are some additional areas where we have helped clients obtain information in the past:
Budgeting and money management
Money saving tips
Building emergency savings fund
Insurance restructuring and planning
Refinancing your mortgage
Tax planning strategies
Estate planning services
Pre-Approval for home loans
Basically, anytime you have any questions financially, you can contact your Debt Breaker adviser first who can point you in the right direction to get you the help you need. We have helped many clients avoid major pitfalls in the past by consulting with us first.
Does your program just pay extra on my mortgage?
No. Although just paying extra money on your mortgage is one way to become debt free, most Debt Breaker clients don’t have a lot of extra money to pay on their mortgage. They are already tight month to month and if they had extra cash they would probably have paid off all of their mortgage by now.
Could I do this on my own?
Yes, you absolutely could do this on your own. Some people do a great job of managing their finances on their own. Anyone with enough time, discipline, and work over a long period of time could build, implement and follow through on a financial plan without any help. The Debt Breaker program doesn’t contain any secret debt elimination techniques. There isn’t anything magical about what we are doing. Technically, everything we are doing you could do on your own. So why isn’t everyone already debt free if they could do this on their own?
It's simple really…
Just because you can do something, doesn’t necessarily mean that you will do it. The debt problem in New Zealand is worse than ever and so many people are struggling with their finances and hoping for some kind of help. Our program changes lives and helps our clients to take control of their finances. We are passionate about helping our clients become debt free. Part of our process is to identify all of the problems and reasons for why each client hasn’t been able to pay off the mortgage on their own. Then we customise a financial plan to solve every one of those problems so you can finally get results. We realised that we had to have a program that would work every single time, where the client does not have to do anything except follow the system.
Some people need help with their finances and they know it. Besides the discipline it takes to become debt free on your own, there is a very large time investment to research, learn, understand, implement, and follow through. You may seek professional help in many areas of your life, like visiting the doctor, using an accountant, hiring a mechanic or personal trainer, the list goes on and on. So when does it make sense to seek professional help to do something?
The answer is simple: whenever the benefits outweigh the costs. If getting professional help to become mortgage and debt free even faster is going to cost you less than you would have paid to the banks by doing it on your own, then the benefit absolutely outweighs the cost. It makes sense to pay for professional help to get out of debt as long as it’s going to save you more than it’s going to cost you. Right now you are paying interest to stay in debt. The banks don’t want that to change, but we can help!
So how do I know if I really need help or not?
There are many indicators that you might need help. Here are a few:
Finances have become a source of contention.
The debt is stressing you out to where you avoid dealing with it.
You and your spouse are on two different pages financially.
You don’t have enough time to give your finances the attention they need.
You have tried to pay off the debt in the past and it hasn’t worked.
You are not paying off the debt on your own as fast as you would like.
You don’t have the long term discipline to stick to a debt reduction plan on your own.
You forget to make payments some months because you are too busy.
You feel like will never be able to retire in style because you have too much debt.
Your time is too valuable to spend managing your debt.
If you aren’t certain if you need help or not, don’t worry–that’s why we offer the financial analysis for FREE. Call us up and tell us about your situation. We will let you know if it sounds like you are doing well on your own. But if we think we can help, we will build a financial plan to show you how fast we can help you pay off the debt.
How can you pay off my debt with the same payments I’m already making?
First, your Debt Breaker Adviser will go through some basic prequalification questions to get started. Then we’ll schedule a time for your analysis. We won’t ask for account numbers or other sensitive information, but we do need to know the balances, minimum payments, and interest rates on all of your mortgage and any other debts such as hire purchases or personal loans or credit cards. We also go over your budget and your expenses. The Debt Breaker financial plan is customised for each of our clients so we will begin by reviewing your financial goals and priorities, such as:
Are there any other major financial goals we need to consider in your plan?
How soon you want to be debt free and why?
How soon you want to retire?
Do you need to start school funds for children?
Is there anything that can slow down the process?
Yes. We can’t move forward unless all decision makers are on the same page, so if you are married, both you and your spouse should be ready to become debt free and participate in the process. We will go over all of your combined mortgage, hire purchases, personal loans, credit cards, expenses, and income to make sure this will work for you before we get started.
After that, we will schedule one final appointment to go through your financial plan details, including your estimated debt free date. There is no charge or commitment for this meeting.
What about flexibility? What if I buy another car, or want to take a holiday?
With the Debt Breaker program you always have the ability to make adjustments to your financial plan along the way, with no additional cost. We understand that you might want a new car, or to sell your home, or experience a change in employment. Your Personal Debt Breaker Adviser will be available to help guide you through any necessary adjustments.
What happens if I lose my job?
More and more people are finding themselves unemployed in today’s economy. To help our clients if faced with this unfortunate situation, your Personal Debt Breaker Adviser is more than skilled at helping with additional guidance to find the best possible solution. If necessary, we can restructure your program or temporarily place your program on hold until you are ready to get you back on track.
Will I lose control of my finances?
No. Firstly, you remain in full control of your money at all times. Secondly, Debt Breaker will serve as your long-term financial partner. You have full control over everything. You can make adjustments to your Financial Plan at any time.
Will Debt Breaker work in Australia?
Yes. The Debt Breaker program is currently being developed for our partners in Australia. When those changes have been added to the Debt Breaker Program, a link to the full Australian version will be on the home page of our website.
When will I be contacted?
Your Debt Breaker adviser will contact you for a free consultation within two business days of your submission. Due to the high volume of free analysis requests, this time frame may be slightly longer. If you would like to speed up the process, you can contact us at 0800 332 827.
Who is Debt Breaker?
Our Chairman is Barry Kloogh, renowned authority on personal and organisational wealth management, CEO of Financial Planning Limited, and author of “The Money Cookbook”. Mr Kloogh has pioneered many of the best techniques currently being used by top planners across New Zealand. With a 27 year track record, Barry has used his keynote seminars, books, audios, consulting and the Debt Breaker Program to change lives, fix financial missteps, and enable his clients to enjoy financial freedom once and for all.
Our headquarters are located at 34 MacLaggan Street, Dunedin, and our well trained advisers includes financial professionals in debt reduction, financial services, insurance and mortgages. In addition, we have a team of advisers in Timaru and Christchurch. Each of our teams have a mix of Authorised Financial Advisers and Registered Financial Advisers to provide advice on every financial aspect of a personal or business. Every member of the Debt Breaker team is highly trained and dedicated to each client’s success and to the continual improvement of our program in every way.
How do I find out more about this program?
Click Here to get started online or call us toll-free at 0800 332 827.
DO need a particular type of mortgage for the system to work?
The system works best on a flexi mortgage – view the webinar for an explanation
Debt Breaker Program:
The Debt Breaker Program is unlike other method for getting out of debt.
Act now to take advantage of our special offer to receive a complimentary Financial Analysis from a qualified Debt Breaker Adviser, with no obligation. Your personal Debt Breaker adviser will compile a customised plan detailing how much you will save in both time and interest, and what strategies can be utilised to help you become debt free faster than you ever thought possible.
By participating in the Debt Breaker program, you will realise the New Zealand dream of being completely mortgage free including your short term debt, faster and easier. You can also visit the home page of the Debt Breaker website where you can gain free access to invaluable financial advice, money-savings tips, and straightforward debt reduction tactics to help you get out of debt faster.
Remember, a debt free future can be yours today! Contact us now to learn how Debt Breaker could change your life and put your family on the path to financial security.