Debt Help from the Experts: Get on top of your finances

5th March, 2012No Comments

Do you need debt help? When debt becomes a problem, Debt Rescue can help. Our professional case managers have shared their tips and debt help so you can put it to practice and get out of debt!

The need for Debt Help in Australia

Debt is a national problem which can take hold of anyone. No matter your situation, debt can cause high levels of stress which can impact your relationships, your job and even your health. Being in debt isn’t about being poor, it’s about having a lack of money management skills which in Australia is quite common.  We aren’t taught how to manage our finances in school. We are expected to develop proper money management skills gradually as we move out of home, get out first job and need to start paying our own way. Unfortunately this means many of us aren’t planning for the unexpected. In the 2013-14 financial year unemployment and loss of income was the highest cause of Personal Insolvency in Australia. After that was excessive use of credit, relationship breakdowns and ill health. From this reasoning, it is clear to see Aussies just aren’t planning for a rainy day. While everything is fine now, do you have a plan in place if you suddenly lost your job, broke up with your partner or couldn’t work due to illness? Our Case manager have shared their debt help tips so you can avoid falling into debt, or take the right steps to start your recovery from debt.

Elle’s Debt Help Tip: A Bad Credit Loan might help.

Elle works for our affiliate partner Positive Solutions Finance, but offers some great debt help when it comes to your credit rating. If you are looking to consolidate your debts but your credit file has been damaged by your late payments, you can try for a bad credit consolidation loan. A bad credit consolidation loan will pay off your existing debts and leave you with a single easy-to-manage repayment. This can help free up your cash flow and ease the stress of your debt. Positive Solutions Finance specialises in loans for bad credit and can also assist people who are looking for finances who have recently completed a Debt Agreement or are undischarged bankrupts.

Lorna’s Debt Help Tip: When all else fails, consider bankruptcy

Bankruptcy is the final stop for people experiencing bad debt. For those who can see no other way out, Bankruptcy can provide a solid foundation from which to rebuild your finances and start again. There are several harsh consequences of bankruptcy including restrictions of your assets and income, overseas travel and owning any part or share of a property. The period of bankruptcy usually lasts for 3 years, however it can be listed on your credit file for up to 8 years and your name will be listed on the National Personal Insolvency Index for life. While this all seems like a bit much to take in, for someone who has been experiencing severe debt, who has been hounded by their creditors and has no way to repay what they owe, bankruptcy is a relief. It is a way to give what you can to those you borrowed from and a forced way of living to ensure you don’t overspend. It is a time to recap, find your feet and get your money management skills down pat before trying again.

Jacq’s Debt Help Tip: Seek help and heed advice

If you are experiencing any kind of debt, or even just starting to stress out over money, you should talk to someone. You could call 1800 007 007 to speak to a free financial counsellor from anywhere in Australia. Or if you know you need debt help call Debt Rescue on 1800 00 3328. Case manager such as Jacq are here to talk to you about your situation, learn about your debts and help you find a debt relief solution to suit your life and circumstances. It can be difficult trying to get out of debt on your own, especially if your don’t know much about your debts. Speaking to a professional will help you understand what information you should know, what steps you need to take and what options you have. Once you have spoken to a professional, take action on the advice they have given you. The sooner you act, the sooner you will start on the road to financial recovery. Leaving debt alone will only accelerate your situation and make things worse.

Chris’s Debt Help Tip: A Debtstroyer Agreement won’t mark your credit file

A Debtstroyer Agreement is an informal Debt Agreement offered by Debt Rescue. An informal debt agreement is a contract between you and your creditors outlining a new payment arrangement of your debts – one you can afford. Informal Debtstroyer Agreements are arranged through professional debt negotiators as it can be difficult to get creditors to agree. Unlike a formal debt agreement, it is not monitored by the government so your name is not listed on the National Personal Insolvency Index. This is great for tradespeople, real estate agents or anyone who can not enter an act of bankruptcy for work or other reasons. A Debtstroyer Agreement could

  • reduce your overall debt amount
  • freeze the interest
  • freeze all fees payable
  • allow you to settle the debt for a reduced amount paid in one lump sum
  • A combination of the above methods

Do you need debt help in Australia?

I hope these debt help tips have helped to ease your mind about your debt. If you require further debt help or would like to speak to one of our case managers call Debt Rescue on 1800 00 3328. We can help you with your debt and put you on the road to financial recovery today.

You might also like: