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Organization : Insolvency and Trustee Service
Facility : Apply for SIO Summary Instalment Orders
Country : New Zealand
Website :

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Insolvency Apply for SIO

A Debt Repayment Plan (SIO) is probably the best insolvency option for you if you owe less than $47,000 in unsecured debt and are able to make some repayments on your debts.

Related : Office of Ombudsman Make Complaint New Zealand :

What it is?

A Debt Repayment Plan (SIO) gives you extra time to pay back some or all of your debt — usually 3 years, though it can be more or less. It’s a formal debt repayment plan with the people or organisations you owe money to (your creditors).

After applying for a SIO, you’ll sign up with a SIO Supervisor, who’ll work with you, the Official Assignee (the government official who oversees the management of SIOs), and your creditors to arrange the details and your payments.

Who it’s for?

** You can only get a SIO if you owe less than $47,000 in unsecured debt.
** You must be unable to pay off those debts right now, but be able to make some repayments towards them over time.

** It may not be a good option if most of your debt is secured or relates to student loans, fines, penalties, and reparation orders, as that debt would be excluded from the SIO and you would have to find a way to pay it as well.
** To work out what your SIO repayments might be, use our repayment calculator.

How it Works?

A SIO Supervisor will work with you, the Official Assignee and your creditors while the Summary Instalment Order is in place.

Your Responsibilities

You must :
** do everything you’re asked to do by the Official Assignee and your SIO Supervisor
** make the agreed repayments
** tell the Official Assignee and your SIO Supervisor if you change your :
a. name, e.g. if you get married
b. address
c. employment
d. terms of employment
e. income and/or spending
f. comply with the terms of the order
** keep paying any other debts that aren’t part of the SIO.

Your Debts

Once you’ve entered into a SIO, creditors can’t continue to chase you for any debt included in your SIO, or add any extra penalties or interest to that debt. Once you’ve completed the SIO, you don’t have to pay any more of the outstanding amount owed to the SIO creditors. Any creditors not included in your SIO can continue to chase you for payment.


Your Supervisor will pay the money from your SIO in the following order :
** Administration costs — currently 7.5% of your payments.
** The Official Assignee’s costs — currently $102.22 application fee plus 2.5% of your payments.
** The debts owed to your creditors — the amount agreed to when you entered the SIO.
** Any extra money back to you.
To work out what your repayments might be, use our repayment calculator.

How to Apply?

1. Understand how it works and impact
2. Use the checklist to make sure you’ve got everything you need for the application
3. Register as a user of the website by going to the Do It Online tab

4. Make your application by following these steps :
** Once you’ve logged in, click on Do it Online and then Apply for Summary Instalment Order.
** Complete the application (Statement of Affairs) — you’ll need to include all money that you owe, both secured and unsecured.

** When you finish entering information, the system will use it to show you any other insolvency option(s) — you can change if you want to. Or, you can save your application and get advice before you finish.
** Submit your application.

** You will need to sign a Verification page which you need to complete and return to the Insolvency and Trustee Service. You can choose to have this emailed to you so that you can print it or you can choose for it to be posted to you.

** Find a SIO Supervisor. The Supervisor needs to provide a consent form before your application is considered. View the list of SIO Supervisors.

** Wait for the Official Assignee’s decision. You should get a written answer within 10 working days, including a reason if your application is rejected. If you provide a mobile phone number, you’ll get a text message when your application is received and another one when it’s been accepted or rejected.

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