Having financial troubles?

financialtroublesAre you having trouble meeting your financial commitments? Many Australians have experienced this hardship.

Unforseen circumstances like accidents, illness, loss of job... and not to mention fuel and food prices, can create financial chaos!

 

This is a tough time for all in the family.

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.

 

Act Immediately

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. 

 

Call your Mortgage Broker

In some cases, people may unintentionally overcommit 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.

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.

 

Educate Yourself

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!

 

Start Budgeting

We all hate to think about budgeting, but it is essential for you to look at where your money is going, and to help you keep track of all income and expenses.  This will enable you to plan ahead for your financial needs rather than getting caught short and starting the pain all over again.

Download our great little budgeting program at no charge!

 

Get Legal Advice

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!

If you dont 'need' it, dont buy it!

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Disclaimer : While we have taken all reasonable care in producing the information contained on this site, we do not promise that it contains all the information you need to answer all your questions. This document is for information purposes only, and must not be relied upon as a substitute for professional services or legal advice. Mortgage Broker.com.au does not guarantee the accuracy of information provided by third parties linked to this site.

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