Debt Escape

Debt – Bankruptcy in Australia

admin — Tue, 15 May 2012 20:02:41 +0000

If you have no assets, a relatively low income level and too many debts then bankruptcy may be the best debt relief available to you. Also, age is a consideration so if you don’t believe that you will be wanting anymore credit then it may also be an option. Having no assets is important. The Bankruptcy Act 1966 permits a bankrupt to keep particular assets but if you own goods that are not include in the exemption list then you will lose them and they will be sold by the trustee. If you own or are buying a home – even in joint tenancy, it will be lost to the trustee. Bankruptcy lasts for a minimum period of 3years but your credit file is annotated for 7 years. If you are considering taking the bankruptcy option then its wise to get professional advice before rushing into a Debtor’s Petition. There are other choices.

Contact www.debtescape.com.au or call 1300-661-671 Credit Counsellors Australasia.

Debt in Australia

admin — Sat, 12 May 2012 20:01:41 +0000

Australian bankruptcy laws are relatively unique when compared to other western civilizations.

A consumer may seek relief from indebtedness by proposing a legally binding agreement with all unsecured creditors and settling only a percentage of the amount owing based on a their capacity to pay. Often, consumers become tangled in a web of debt and cannot see their way clear, clouded sometimes by embarrassment and an inability to communicate with creditors. There are two such agreements available. First a Personal Insolvency Agreement, but this method of relief requires a trustee to act and may be an expensive option. Secondly and far more affordable is a Part IX Debt Agreement. There are considerable differences between the two options, the first being more appropriate for debtors with huge debts. The average consumer is indebted generally to no more than $100,000 and a Part IX agreement is more suitable.

If you are in debt and need some help contact www.debtescape.com.au or call 1300-661-671 Credit Counsellors Australasia.

Can You Acknowledge You have a Debt Problem?

admin — Tue, 08 May 2012 20:00:44 +0000

Can you find the courage to say to yourself ‘I cannot manage this debt or pay it off.’ You need to take a good long look at yourself, your life style and your expectations. You have to acknowledge the problems that have cause you to be in this position. Is it really someone else’s fault? Usually there is a point in time that you will remember when it all started. Maybe it was an event like a wedding, a death in the family, loss of employment, relationship breakdown or serious illness. Or, maybe you actually think credit cards don’t need to be paid back and they are a perennial supply of cash! Maybe you got caught up in gambling or even drugs. Whatever, you have to face the situation as it is.

For debt counselling contact www.debtescape.com.au or call 1300-661-671 Credit Counsellors Australasia.

Debt Advice – The good, the bad & the ugly

admin — Tue, 08 May 2012 03:25:39 +0000

You turn to someone for debt advice, but do you really know to whom you’re speaking?
The answer – probably not!

The internet is full of experts who claim to be able to give sound debt advice but the reality is that very few have any qualifications to support their claims, and the debt advice they are going to give you is no more than an introduction to some product that the adviser wants to sell you.

There are a number of ways to make sure that you find right people to talk to, those who are qualified to give you proper sound professional advice. You should ask the following questions:

What qualification do you have to give me debt advice?
Make sure that they have a tertiary financial qualification – Commerce, Finance, Law or Accounting.
Are you a member of the Association of Personal Insolvency Practitioners?
This is important because members of APIP abide by a strict Code of Professional Practice.
Are you a Registered Personal Insolvency Practitioner – with ITSA?
If the answer if yes then the answer to the previous questions should be yes.
What is your Australian Credit Licence Number?
Obtaining this number is essential. Only duly licenced operators are allowed to give dent advice.
What fees do you charge up-front?
If you are asked to pay any fees upfront over and above out of pocket expenses and lodgement fees then you should immediately cease your dealings.

You can be guaranteed personal, confidential and professional debt advice at Credit Counsellors. Every counsellor is tertiary qualified and the Company meets all the above criteria being associated with SRMC Limited, Australia’s No.1 personal insolvency practitioner.

Call today for immediate debt advice. 1300-661-671 or check out www.debtescape.com.au

Credit Rating – How can I keep a good one?

admin — Sat, 05 May 2012 20:59:35 +0000

Stop applying for credit! Your rating will be seriously affected if you make up to 6 credit applications every year.
You should get a free copy of your credit report at least once a year and check for defaults or other notations by creditors.
Don’t get hung up on the ‘need’ syndrome. Keep your needs simple as possible. ? Settle your bills from a properly constructed budget and keep to it.

Debt is slavery! If you want out of the chains contact www.debtescape.com.au or call 1300-661-671 Credit Counsellors Australasia.

Financial IQ Test: Am I as smart as I think?

admin — Wed, 02 May 2012 20:58:14 +0000

Do you:

Negotiate interest rates or annual fees on credit cards, mortgages and lenders?
pay off your credit card balance every month before interest is applied?
if you can’t pay when a debt is due, do you call the lender for help?
check your statements monthly to make sure there are no suspicious transactions?
keep a secured list of all your account numbers in case the cards are lost or stolen?

Debt can be distressful and you may need some help. Contact www.debtescape.com.au or call 1300- 661-671 Credit Counsellors Australasia.

Household Financial IQ Test: Can I manage my debt?

admin — Sun, 29 Apr 2012 20:56:34 +0000

Do you know:

How much you owe in total?
to whom you owe money?
the rate you’re paying on every credit card?
the difference between secured and unsecured debt?
what is good and what is bad debt?
how well you would manage an increase in mortgage rates?
What to do if you cant pay what your debts?

At Credit Counsellors Australasia we specialize in helping people with severe debt problems. Contact www.debtescape.com.au or call 1300-661-671

Travel and Debt Management

admin — Wed, 25 Apr 2012 20:54:53 +0000

Get your financial house in order before you get away on holidays. It’s a fact that nearly everyone who travels overseas comes home with maxed out credit cards. Will you be one of them? Pay your rent or mortgage, car payment etc, before you go away. Keep cash in the bank so you have something to return home to and use your cards wisely whilst you’re away.

If it all gets out of hand then contact www.debtescape.com.au or call 1300-661-671 Credit Counsellors Australasia

Financial Travel Tips

admin — Sun, 22 Apr 2012 20:53:52 +0000

We recommend travel insurance but most importantly medical cover if you’re flying overseas. Getting sick or injuring yourself while away is bad enough but in some countries hospitals wont even treat you if you can’t produce medical insurance – then you end up trying to find a doctor who works for social or church groups. When taking prescription drugs always check if you have to declare them on arrival – don’t get caught out. Check to see if your credit card covers you for medical insurance whilst travelling.

If debt gets out of control contact www.debtescape.com.au or call 1300-661-671 Credit Counsellors Australasia.

Credit Cards and Frequent Flyer Points

admin — Wed, 18 Apr 2012 20:52:46 +0000

Many people take their annual holiday overseas by obtaining points from airlines by using their credit cards. This is a great way to get a ‘free’ holiday so long as you are careful about balances. Nearly everything you owe can probably be paid by a card. So why not have the paymaster pay your wages to a particular credit card and then use the card for everyday expenses. You can keep an eye on balances and transactions by getting an internet access account. Banks pay interest on debit balances albeit it small.

If debt is getting you down contact www.debtescape.com.au or call 1300- 661-671 Credit Counsellors Australasia.