Video transcript: I owe money I can’t repay

[Audio: Soft music in the background.]

[Visual: Background is 3 geometric triangular shapes in teal, turquoise and coral colours. New Zealand Insolvency and Trustee Service branding in white in the middle of the page.]

[Visual: Caption appears saying 'I owe money I can’t repay – who can help me?']

[Audio: Soft music in the background.]

[Visual: Screen switches to the presenter sitting at a table. In the bottom right corner of the frame, a New Zealand sign language interpreter translates throughout the video.]

[Visual: Turquoise box appears in lower left-hand corner of the screen with white writing reading ‘If you’re having trouble managing debts, there are options to help get you back on track’.]

[Audio: Presenter speaks.]

Presenter: We know that managing your finances and making repayments isn’t easy, and sometimes it just isn’t enough to get on top of your debt. If you’re having trouble managing debts, there are options to help get you back on track.

[Visual: Screen switch to Felicity sitting at the other side of the table.]

[Audio: Felicity speaks.]

Felicity: That’s right. High interest loans, penalties and even life changes can make it really hard to keep on top of debt and owing money can cause a lot of stress for you, your whānau and your community. But I heard that insolvency could help?

[Visual: Screen switches to presenter.]

[Audio: Presenter speaks.]

Presenter: Absolutely – there are options that can stop your debt from growing so you can get back on your feet. Just remember, insolvency options do have long-term effects so we’ve got a few things you could try before going down that path. Let’s run through them.
Presenter

[Visual: Turquoise box appears in the lower left-hand corner of the screen with white writing reading ‘Talk to your creditors’.]

Presenter: I’d start by reaching out to my creditor and let them know that I’m having a hard time making repayments just in case they can do something to help. You never know, they might have some payment options that could make things a bit more manageable.

[Visual: Turquoise box moves off screen to the left.]

[Visual: Screen switches to Felicity.]

[Audio: Felicity speaks.]

Felicity: That’s a good idea. What about if something unexpected happened that made it harder to pay my debt?

[Visual: Screen switches to Presenter.]

[Visual: Turquoise box appears in the lower left-hand corner of the screen with white writing reading ‘You might qualify for hardship assistance’.]

[Audio: Presenter speaks.]

Presenter: That’s when I’d check to see if I qualified for hardship assistance. A repayment holiday or reduced payments with a longer time to pay could make a big difference.

[Visual: Turquoise box moves off screen to the left.]

[Visual: Screen switches to Felicity.]

[Audio: Felicity speaks.]

Felicity: Oh yeah? What would you do to find out if that’s an option?

[Visual: Screen switches to the presenter.]

[Audio: Presenter speaks.]

Presenter: I’d need to talk to the people I owe money to, and they’d point me in the right direction.

[Visual: Turquoise box appears in the lower left-hand corner of the screen with white writing reading ‘Talk to a financial mentor MoneyTalks 0800 345 123’.]

Presenter: But, before I did any of that, I’d chat to a free financial mentor. They’d take a look at my options with me and create a budget that works for me. Plus, they can actually speak to creditors, debt collectors, and others for me. All you need to do is call MoneyTalks on 0800 345 123 to find a free financial mentor.

[Visual: Turquoise box moves off screen to the left.]

[Visual: Screen switches to Felicity.]

[Audio: Felicity speaks.]

Felicity: What if it turns out that I can’t repay my debts?

[Visual: Screen switches to the presenter.]

[Audio: Presenter speaks.]

Presenter: That’s when you might need to look at an insolvency option. If you owe more than $50,000 in unsecured debt, then bankruptcy is your only insolvency option.

[Visual: Graphic with a grey background, the Your Insolvency Options diagram appears on screen. This is a flow chart representation to the right, with an elongated circle shape in teal, with white writing reading ‘I owe more than $50,000’. The branch from this is Bankruptcy shown in a coral circle with white writing.]

Presenter: If you owe less than $50,000 in unsecured debt, the options depend on whether you can repay some or none of your debts.

[Visual: Graphic appears with a grey background, the Your Insolvency Options diagram appears on screen. This is a flow chart representation to the left, with an elongated circle shape in teal, with white writing reading ‘I owe less than $50,000’. A branch to the left shows a smaller elongated circle in turquoise. White writing reads ‘I can repay some’. The branch from this is Debt Repayment Order shown in a coral circle with white writing.]

Presenter: If you’re able to make repayments towards your debts, your best option might be to apply for a Debt Repayment Order (also called a ’DRO’).

[Visual: Screen switches back to Presenter who speaks.]

Presenter: This means a supervisor is assigned to work with you to figure out how much you can afford to repay and the weekly repayment amount. Once the DRO is approved, you continue to make repayments over a set period of time, which is usually about 3 years.

[Visual: Graphic with a grey background, the Your Insolvency Options diagram appears on screen. This is a flow chart representation also starting from the ‘I owe less than $50,000’ elongated circle. The branch veers to the centre right of the flow chart with a turquoise elongated circle with white writing reading I can’t repay any’. The branch from this is No Asset Procedure shown in a coral circle with white writing.]

Presenter: If you can’t repay any of your debts and your total debt is under $50,000 (both unsecured and secured), your best option could be a No Asset Procedure, a NAP. This means your debts would be wiped after 12 months, and you wouldn’t have to worry about them anymore.

[Visual: Screen switches to the presenter.]

[Audio: Felicity speaks.]

Felicity: Is this all on a website somewhere?

[Visual: Screen switches back to Presenter.]

[Audio: Presenter speaks.]

Presenter: It is! Head to the insolvency website insolvency.govt.nz

[Visual: Turquoise box appears in the lower left-hand corner. White writing reads insolvency.govt.nz.]

Presenter: On there, you can find out more and apply for an insolvency option.

[Visual: The turquoise box moves off screen to the left.]

Presenter: Don’t forget that going down the path of insolvency does have consequences that could seriously impact your future. I’d definitely get some independent advice first.

[Visual: Scene switches to the presenter standing.]

[Visual: Turquoise box appears at the top right-hand corner of the screen. White writing reads ‘MoneyTalks – 0500 345 123’.]

Presenter: MoneyTalks is a free helpline offering budgeting advice to individuals, family and whānau. They can put you in touch with financial mentors who can help you understand your financial situation, organise your debt and plan for the future. 

[Audio: Soft music plays in the background.]

[Visual: Teal and white New Zealand Insolvency and Trustee Service branding and Digital Boost Branding show in top corners of the screen.]

[Visual:  Appearing slowly white writing reads ‘Want to know more? Insolvency.govt’.]

[Visual: Teal background with the Ministry of Business, Innovation and Employment and New Zealand Government brandings in white.]

[End of video]

Video transcript: I owe less than $50,000 that I can’t manage

[Audio: Upbeat music plays.]

[Visual: Background is three geometric triangular shapes in teal, turquoise and coral colours. New Zealand Insolvency and Trustee Service branding in white in the middle of the page.]

[Visual: Title of video appears reading 'I owe less than $50,000 that I can’t manage'.]

[Visual: Screen switches to the presenter standing in an office setting. In the bottom right corner of the frame, a New Zealand sign language interpreter translates throughout the video.]

[Visual: Turquoise box appears in the lower left hand corner, with white writing which reads ‘For debt under $50,000 here are the insolvency options to get you back on track’.]

[Audio: Presenter speaks.]

Presenter: If you’ve got to a point where you can’t manage your debt repayments, it could be time to look into an insolvency option.

If you owe more than $50,000 in unsecured debt, bankruptcy is your only option.

[Visual: Turquoise box moves off screen to the left.]

Presenter: It’s still an option if you owe less than that but there are also a few other ways to manage your debt depending on your circumstances.

[Visual: Turquoise box appears on the lower left-hand corner with white writing which reads ‘Debt Repayment Order’.]

Presenter: If you owe less than $50,000 in unsecured debt, and you can afford to repay some of your debts, you can apply for a Debt Repayment Order, or DRO. 

[Visual: Turquoise box moves off screen to the left.]

Presenter: If you’ve got less than $50,000 secured or unsecured debt, can’t afford repayments, and you don’t have anything of value that you could sell to help pay it off, you can apply for a No Asset Procedure, often called a NAP. 

[Visual: Turquoise box appears on the lower left-hand corner with white writing which reads ‘No Asset Procedure’.]

[Visual: Turquoise box appears in the top right-hand corner with white wring reading ‘These options will have an impact on your credit rating for 5 years or more’.]

[Visual: Turquoise box in the lower left-hand corner moves off screen to the left.]

Presenter: Just remember, all of these options will have an impact on your credit rating for five years or more.

[Visual: Turquoise box in the top right-hand corner moves off screen to the right.]

[Visual: Screen switches to Felicity sitting on a sofa/couch.]

[Audio: Felicity speaks.]

Felicity: I don’t know what to do.

[Visual: Turquoise box appears on the lower left-hand corner with white writing which reads ‘Debt Repayment Order’. At the same time another turquoise box appears on the upper right-hand corner with white writing reading ‘Felicity has debt from:

• Buy Now, Pay Later
• Credit Cards
• Personal loans’]

Felicity: I’ve got three kids and a full-time job, but I only earn minimum wage, so things are really tight.

I’ve been using the credit card to buy a few extras here and there – like a new washing machine because my old one stopped working – and now paying it off is too much on top of the rent, bills and the personal loan I’ve got!

[Visual: Turquoise boxes both move from the screen. The lower one moves off to the left and the upper one to the right.]

Felicity: I can make some repayments – I just need some help and a bit more time to do it so I can still afford to look after the kids.

[Visual: Screen switches to presenter.]

[Audio: Presenter speaks.]

Presenter: Hi Felicity. Thanks for your honesty. We know it’s not an easy topic to talk about. The first step would be to reach out to a budget advisor or financial mentor to get some advice.

[Visual: Turquoise box appears in the upper right-hand corner. White writing reads ‘DEBT REPAYMENT ORDER’.]

Presenter: Your best option might be applying for a Debt Repayment Order, DRO, if your debt isn’t secured with an item that can be repossessed.

[Visual: Further white writing appears in the turquoise box in the upper right of the screen reading ‘DRO Supervisor’.]

Presenter: If you go down this path, you’ll sign up with a DRO Supervisor who will help you work out how much of your debt you can afford to pay each week.  Your DRO Supervisor will work with you, the Official Assignee and your creditors to arrange the details and your payments.

[Visual: Further white writing appears in the turquoise box in the upper right of the screen reading ‘Debts combined’.]

Presenter: When the DRO is finalised, your debts would be combined, and you’d make regular repayments towards them. Every six months your creditors will receive payments towards the debt.

[Visual: Further white writing appears in the turquoise box in the upper right of the screen reading ‘Usually lasts for 3 years’.]

Presenter: A DRO usually lasts for about three years. You won’t be chased for payments by the people you owe and there won’t be any additional interest or penalties while you’re in the DRO. When your DRO is complete, any unpaid debts included in the DRO are wiped and you don’t have to worry about them anymore.

[Visual: Turquoise box moves off screen to the upper right.]

[Visual: Screen switches to George who is sitting on a sofa/couch.]

[Visual: Turquoise box appears on the lower left-hand corner with white writing which reads ‘Debt Repayment Order’. At the same time another turquoise box appears on the upper right-hand corner with white writing reading ‘George has debt from:

• Car finance
• Utility Bills’]

[Audio: George speaks.]

George: I was doing OK but I don’t earn much and the other day I had to pay for my car to be fixed.

I’m still trying to pay the loan on the car so now I’m behind on all my bills – my rent, my power, even my mobile.

[Visual: Turquoise boxes both move from the screen. The lower one moves off to the left and the upper one to the right.]

George: It’s the first time this has happened to me – I’ve always paid off my debts but right now I don’t have enough money coming in or anything valuable enough to sell to help pay it off.

[Visual: Screen switches to presenter.]

[Audio: Presenter speaks.]

Presenter: Thanks George. Looking for help is a great first step so you’re doing the right thing!

Budget advisors and financial mentors are a good place to start for anyone in your position. They’ll take a look at your budget and help you work out a solution.

[Visual: Turquoise box appears in the upper right hand corner. White writing reads ‘No Asset Procedure.

• Unsecured or secured debt
• Lasts for 12 months
• Enter NAP once’]

Presenter: It might be that a ‘No Asset Procedure’ is the best option for you.

[Visual: Further white writing appears in the turquoise box in the upper right of the screen reading ‘Unsecured or secured debt’.]

Presenter: You can apply for one with unsecured or secured debt. 

A NAP doesn’t have as many restrictions as bankruptcy, but it will still have an impact on your credit rating which could affect your access to banking and other services. 

[Visual: Further white writing appears in the turquoise box in the upper right of the screen reading ‘Lasts for 12 months’.]

Presenter: With a NAP, debts are wiped after 12 months, but you can only enter into a NAP once.

[Visual: Further white writing appears in the turquoise box in the upper right of the screen reading ‘Enter NAP once’.]

Presenter: So, if you’ve already completed one and can’t afford to make repayments, then bankruptcy is your only option.

[Visual: Turquoise box moves off screen to the upper right.]

Presenter: For more information or to apply for a DRO or NAP, go to insolvency.govt.nz(external link).

[Visual: Turquoise box appears in the lower left-hand corner of the screen. White writing reads ‘insolvency.govt.nz’.]

Presenter: Entering a formal insolvency procedure has consequences that could be significant for you, so it’s worth seeking independent advice.

[Visual: Turquoise box moves from the screen to the left.]

[Visual: Turquoise box in the top right-hand corner moves off screen to the right ‘MoneyTalks 0800 435 123’.]

Presenter: MoneyTalks is a free helpline offering budgeting advice to individuals, family and whānau. They can put you in touch with financial mentors who can help you understand your financial situation, organise your debt and plan for the future. Call 0800 345 123.

[Audio: Upbeat music.]

[Visual: Teal and white New Zealand Insolvency and Trustee Service branding and Digital Boost Branding show in top corners of the screen.]

[Visual: Appearing slowly white writing reads ‘Want to know more? Insolvency.govt.nz’.]

[Visual: White writing fading to plain teal background.]

[Visual: Teal background with the Ministry of Business, Innovation and Employment and New Zealand Government brandings in white.]

[End of video.]

Video transcript: I owe more than $50,000 that I can’t manage

[Audio: Gentle music.]

[Visual: Background is three geometric triangular shapes in teal, turquoise and coral colours. New Zealand Insolvency and Trustee Service branding in white in the middle of the page.]

[Visual: White writing changes to read ‘I owe more than $50,000 that I can’t manage’.]

[Visual: Screen switches to the presenter standing in a living room setting. In the bottom right corner of the frame, a New Zealand sign language interpreter translates throughout the video.]

[Audio: Presenter speaks.]

Presenter: No one wants to be in a position where they can’t repay their debts.  It can put a lot of stress on you and your whanau. But there is help available if you’re facing financial difficulties and can’t seem to get on top of things. 

If you owe more than $50,000 in unsecured debt that you just can’t repay, bankruptcy might be the right insolvency option for you. 

The good news is that once you’re bankrupt, creditors can’t keep chasing you for payment, which can provide some relief.

[Visual: Teal box appears in top right-hand corner of the screen with white writing reading ‘Bankruptcy typically lasts for 3 years’.]

Presenter: Bankruptcy typically lasts for three years, and once it’s over, most of your debts will be wiped clean.

[Visual: Turquoise box appears in top right-hand corner of the screen with white writing reading ‘Debts excluded:

• Court fines and reparations
• Child support or maintenance
• Debts incurred by fraud’.]

Presenter: However, it’s important to know that some debts, like court fines and reparations, child support and maintenance payments won’t be included in your bankruptcy.  You will need to keep paying those debts even when you’re bankrupt.

[Visual: Screen switches to Jono sitting in at a table with bills and invoices spread out in front of him.]

[Visual: Turquoise box appears at lower left-hand corner of the screen. White writing reads ‘Over $50,000 unsecured debt’.]

[Audio: Jono speaks and sighs.]

Jono: Things have been really hard recently, and my debts are getting on top of me.

[Visual: Turquoise box appears at the top right-hand corner. White writing reads ‘Jono has debt from:

• Mortgage
• Utility Bills
• Debt consolidation loan
• Credit cards’.]

Jono: I had a good job, but I got laid off a few months ago and I’ve been struggling to scrape together the money to pay my bills ever since.  My mortgage payments have fallen behind, and I’ve been missing my utility bills too now. Now I’m getting penalty and interest charges on top of everything else!

[Visual: Both turquoise boxes close from the screen.]

Jono: I already have a debt consolidation loan, but everything is so expensive these days! I’m using my credit card to buy food and fuel, but because I can’t clear the balance each month, the interest just keeps adding up. 

All up, my debts come to over $50,000 now. I just don’t know what to do.

[Visual: Screen switches back to the Presenter.]

[Audio: Presenter speaks.]

Presenter: Thank you, Jono, for sharing your experience.  It’s tough when life throws unexpected challenges your way, and debt can quickly become overwhelming. 

With over $50,000 owing, bankruptcy is the only formal insolvency option available to you.  It offers a fresh start, but it’s essential to understand its implications.

[Visual: Turquoise box appears in the top right-hand corner. White writing reads ‘Bankruptcy will show on

• Public insolvency register
• Credit reporting sites’.]

Presenter: Your name will be on the public Insolvency Register throughout your bankruptcy period and for four years after your discharge.

[Visual: Turquoise box closes from the screen.]

Presenter: Your credit rating will also be affected for up to 7 years.  This is the usual length of time that your name will appear on the Insolvency Register, but some credit agencies operate public websites, and they may keep your credit history for longer than 7 years. This may affect your access to some banking or money lending services.

If you apply for bankruptcy, the Insolvency and Trustee Service, acting for the “Official Assignee”, will look after your bankruptcy. They will contact everyone you owe money to on your behalf. 

[Visual: Screen switches back to Jono.]

[Audio: Jono speaks.]

Jono: It would be a relief to not have to deal with my creditors anymore. I feel bad about the whole situation, and I just don’t think I can face them. 

What would happen to my car, and more importantly, my house if I go bankrupt?

[Visual: Screen switches back to the Presenter.]

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘You can keep:’]

[Visual: White writing appears in the turquoise box from the right reads ‘Vehicle below $6,500’.]

[Audio: Presenter speaks.]

Presenter: You can keep your car as long as its value is below $6,500. 

[Visual: In turn white writing appears in the turquoise box from the right reading ‘$1,300 in the bank’, ‘Basic household furniture’ and ‘necessary tools of trade’.]

Presenter: You’ll also be able to keep up to $1,300 in the bank, most of your household furniture, and any necessary tools of trade.

[Visual: Turquoise box disappears to the right.]

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘Your house’ and ‘Considered an asset’.]

Presenter: However, your house will be considered an asset in your bankruptcy, even if you’re still paying off your mortgage. 

[Visual: In turn white writing appears in the turquoise box from the right reading ‘Equity will be assessed’ and ‘May be sold’.]

Presenter: If there’s equity in the property, the Official Assignee may sell it to help pay back your creditors. They will contact your bank to find out how much is owing on the mortgage and decide on the appropriate course of action from there. 

[Visual: Teal box disappears to the right.]

Presenter: Remember, you must be transparent about your assets.  You’ll need to declare any assets you have to the Official Assignee in a Statement of Affairs. The Official Assignee will then assess their value and decide on the necessary actions.

[Visual: Screen switches back to Jono.]

[Audio: Jono speaks.]

Jono: What happens to my student loan when I’m bankrupt?  Until I lost my job, repayments were automatically taken out of my wages.  Will that start up again when I find another job?

[Visual: Screen switches back to the Presenter.]

[Audio: Presenter speaks.]

Presenter: Your student loan will be included in your bankruptcy debts. You won’t need to make any repayments towards it while you’re bankrupt, and at the end of your bankruptcy, just like the other debts included in your bankruptcy, your student loan will be wiped clean.  

[Visual: Screen switch to Jono.]

[Audio: Jono speaks.]

Jono: One more thing – will the Official Assignee manage my bank account when I’m bankrupt.  Will they tell me what I can and can’t spend money on? I couldn’t imagine that.

[Visual: Screen switches back to presenter.]

[Audio: Presenter speaks.]

Presenter: I understand your worries, and it’s natural to have questions about the Official Assignee’s role during bankruptcy. 

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘Official Assignee’s role:’]

[Visual: White writing appears in the turquoise box from the right reading ‘Won’t manage your bank account’.]

Presenter: The Official Assignee won’t manage your bank account. You’ll still have control over your day-to-day spending. 

[Visual: White writing appears in the turquoise box from the right reading ‘Be aware of income, expenses and assets’.]

Presenter: But they will need to be aware of your income, expenses, and assets. Part of the Official Assignee’s role is to ensure a fair distribution of available funds to your creditors. 

[Visual: Turquoise box disappears to the right.]

Presenter: So they will look at how much you earn and assess whether you’re in a position to be able to make regular repayments towards your debts during your bankruptcy period.

Your bank will have the biggest influence on how you can manage your money.

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘Your Bank may:

• Close your account
• Limit how you use their services’.]

Presenter: The bank may close your accounts or limit how you use them. For example, you might not have access to internet banking, or you may not be able to have a credit card or debit card. 

[Visual: Turquoise box disappears to the right.]

Presenter: You may also find that it’s harder to get credit after you’ve been discharged. Each bank has its own policies in regard to bankruptcy.

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘It’s a good idea to:

• Talk to your bank first
• Consider future banking needs’.]

Presenter: So, it’s a good idea to talk to your bank beforehand to understand how you might be affected. 

[Visual: Turquoise box disappears to the right.]

[Visual: Screen switches to Sarah, sitting at a desk in a working from home setting.]

[Audio: Sarah speaks.]

Sarah: I own my own business and lately it’s been tough.

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘Sarah has debt from:

• Inland revenue debt
• Penalties
• Interest’.]

Sarah: My Inland Revenue debt has piled up, and I realised six months ago that I needed help.  I went to see Inland Revenue about a payment arrangement, but between my original debt, penalties, and interest, it just wasn’t an option anymore. 

[Visual: Turquoise box disappears to the right.]

Sarah: I had let things go on for too long before acting, and now it’s all caught up with me.

It was all too overwhelming at the time, and now the Inland Revenue has put me into bankruptcy.  What happens now?

[Visual: Screen switches back to the Presenter.]

[Audio: Presenter speaks.]

Presenter: Thank you, Sarah for opening up about your situation. Facing financial challenges can be difficult, but we’re here to guide you through this process.

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘Statement of Affairs’.]

Presenter: The first thing you must do now that you’re bankrupt is complete a Statement of Affairs.

[Visual: White writing appears in the turquoise box from the right reading ‘Assets, liabilities, income and expenses’.]

Presenter: A Statement of Affairs is crucial, as it lists your assets, liabilities, income, and expenses.

[Visual: White writing appears in the turquoise box from the right reading ‘Affects your discharge date’.] 

Presenter: You can fill out this form online, and it’s really important that you do this as soon as possible, as it will affect the date that you’re discharged from bankruptcy in the future.  Putting off completing the form, means you’ll stay bankrupt for longer.

[Visual: Turquoise box disappears to the right.]

[Visual: Screen switches to Sarah.]

[Audio: Sarah speaks.]

Sarah: I appreciate the information, but my business is my livelihood. I’m really worried about its future during my bankruptcy.  Can I continue to be self-employed now that I’m bankrupt?

[Visual: Screen switches back to the Presenter.]

[Audio: Presenter speaks.]

Presenter: Good question, Sarah.

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘Approval is required to:

• Be self employed’.]

Presenter: You need approval from the Official Assignee to be self-employed once you’re bankrupt.  You can make an application to the Official Assignee, and it will be assessed on your individual circumstances.

[Visual: In turn white writing appears in the turquoise box from the right reading ‘Manage a business’ and ‘Be employed by a relative’.]

Presenter: While you’re bankrupt, you won’t be able to serve as the director of a company, and you also need the Official Assignee’s consent to manage a business or to be employed by a relative.

[Visual: Turquoise box disappears to the right.]

[Visual: Screen switches to Sarah.]

[Audio: Sarah speaks.]

Sarah: I’m finding this all pretty stressful and I don’t have a lot of family around.  Can I go and visit my mum in Australia?  Her home cooking always makes me feel better.

[Visual: Screen switches back to the Presenter.]

[Audio: Presenter speaks.]

Presenter: Support from family can make a world of difference. 

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘Approval is needed to travel overseas’.]

Presenter: However, while you are bankrupt the Official Assignee needs to approve any overseas travel.  It’s best to submit an application and obtain the necessary approval before making any travel plans. 

[Visual: Turquoise box disappears to the right.]

Presenter: Bankruptcy comes with some restrictions, but it does offer a way out from unmanageable debt.  Once you’re discharged, you won’t have these debts hanging over you anymore. You’ll have a fresh start, free from the burden of debt.

[Visual: Screen switch to presenter.]

Presenter: For more information about your insolvency options, go to insolvency.govt.nz(external link).

[Visual: Turquoise box appears in the lower left-hand corner of the screen providing the website address. White writing reads ‘insolvency.govt.nz’.]

Presenter: Remember, bankruptcy is a significant step and it’s crucial to consider all options and seek professional advice before deciding. 

[Visual: Turquoise box disappears to the left.]

Presenter: There may be other alternatives that better suit your unique situation.

[Visual: Turquoise box appears in the top right-hand corner of the screen. White writing reads ‘MoneyTalks’ with the contact telephone number ‘0800 345 123’.]

Presenter: MoneyTalks is a free helpline offering budgeting advice to individuals, family and whānau. They can put you in touch with financial mentors who can help you understand your financial situation, organise your debt and plan for the future. Call 0800 345 123.

[Visual: Screen switched to teal background.]

[Audio: Gentle music.]

[Visual: Teal and white New Zealand Insolvency and Trustee Service branding and Digital Boost branding show in top corners of the screen.]

[Visual: Appearing slowly white writing reads ‘Want to know more? Insolvency.govt.nz’.]

[Visual: Teal background with the Ministry of Business, Innovation and Employment and New Zealand Government brandings in white.]

[End of video.]