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Are you having trouble meeting your financial commitments? Five tips to help you get back on track.
Many Australians have done and are experiencing financial hardship. Unforseen circumstances like accidents, illness, loss of job...and the dreaded interest rate rises (not to mention fuel and food!) can create financial chaos! If this sounds like you, you are not alone. Below are some tips to help you work through your problems and hopefully guide you in the direction of a solution and a happy ending.
It is vital to call your credit providers as soon as you know you are unable to meet your repayments. Lenders are far more sympathetic and helpful if you inform them on your problem before they have to send you a letter of demand - or call you. Many facilities have a 'payment holiday' option which allows you to defer payments for a period of time. Even if your home loan doesn't have such a facility, you will probably find that they will be more than happy to make arrangements to help you through.
In some cases, people may unintentionally overcommitt themselves - often with personal debt. Credit cards, personal loans, interest free loans....the list goes on, and sadly many of us fall victim to the 'have it now and pay later' marketing ploys that show no mercy! You may be able to consolidate your debt (particularly the very expensive debt) into your home loan to relieve the pressure. Perhaps even refinancing your home loan to a more competitive product will provide the answer. If you don't have a mortgage broker you can trust, do a search on MortgageBroker.com.au and have the confidence in knowing you will find a professional. It is important to discuss this situation with your mortgage broker, and make a point of not repeating history by then going out and applying for more credit cards! Your mortgage broker cannot give you financial advice, but they can show you your options and provide a solution for you.
If you click on the 'Consumer Pack' located on the left side of MortgageBroker.com.au there are two fantastic handbooks to help you with the legal side of debt, and helping you take charge of your finances. Download a copy of 'The Debt Handbook' produced by Young Lawyers, and the Australian Governments 'Understanding Money' handbook. Read through them carefully - and make use of the resources they provide!
You will also find a personal budgeter in the Consumer Pack that you can download. It is very thorough - but simple to use, and will help you keep track of all income and expenses, and enable you to plan ahead for your financial needs.
If you still can't get on top of things, it is probably time to seek independent legal advice. Always remember as hard as it is to start again, your health and your family are the things that are truly important! |
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