http:// 2013-05-01T22:58:29Z 2013-05-01T22:58:29Z aussies-sitting-on-50-billion-credit-card-debt

Credit card debt is a huge problem in Australia with the nation racking up a debt to the tune of $50 billion.While Aussies have slowed their credit card usage, we aren’t out of the woods yet.In the past 30 years, the national credit card debt has increased year on year, sometimes by up to 28%.New research from the Reserve Bank shows the total credit card debt has been between $48 and $50 billion for the past two years.These figures suggest people are only making minimum repayments on their credit card, rather than making an effort to pay down their debt.“It’s great for Aussies to have moved away from relying so heavily on their credit cards, but the remaining debt can still cause a lot of problems,” Debt Rescue operations manager Rachael Witton said.According to Ms Witton, sticking to the minimum repayment amounts set by banks could cost you thousands of dollars over a number of years.“By making the minimum repayment (which is 2% on average) on a $2,500 debt, it will take about 20 years and three months to pay off,” she said.“The total interest you would pay in that time is roughly $4391 (based on the average purchase rate of 17.21%) which could be better spent on the family home, a holiday, a car or a rainy day fund.”Credit Card holders are encouraged to get a handle on their debt by prioritising their repayments.“Credit card debt is easy to lose control of because the money is always available to you,” Ms Witton said.“By sitting on the debt for so long, it’s easy to become complacent.”Debt Rescue helps people take control of their debt every day and Ms Witton said the debt cycle can easily be broken with a few small changes in your spending behavior.Start BudgetingHow do you know what you can afford without knowing how much your have to spend? Taking an inventory of your income and your expenses in a budget will help you understand where your money is going and the places you can cut back on.For example, if you are buying your lunch at work every day you could be spending over $75 each week. Packing left overs and planned lunches at home could save you hundreds of dollars each month.Consider Balance Transfer OffersThere is a lot of competition for consumers in the credit card market at the moment. One way to steal consumers from the opposition is for banks to offer great deals on balance transfers.  Shop around for a balance transfer deal. The best ones out at the moment offer you an interest free period of 6 months. During this time you should knuckle down and pay off as much of your debt as possible. Then once the interest free period ends your debt should be manageable. Be wary of transfer fees, but these are usually a lot less than the interest you would be paying over the 6 month period.Stop using your credit cardsPaying off a debt is hard enough without it continuously growing. The only way you can plan to pay down and keep on track is to stop using your card. Your budget will help you plan for your bills so you can ensure you have enough money to cover your big ticket bills, then any money left over can be used as you see fit. If you can’t afford it straight away, save up or ask if you can put it on lay-by.Renegotiate TermsWith so much competition for consumers, a simple phone call might be all it takes to lower the interest rate on your credit card. Enquire with your bank if they would consider giving you a better offer.Have a look around at the offers available through other credit card providers and ask them to match or beat a competitor’s deal.Consider a debt relief planDebt can be tough to tackle on your own, fortunately there are experts out there who specialise in cutting down debt. If you want to get fit, you would visit a personal trainer, if you want to get out of debt, talk to an expert. There are a number of debt relief options available to people at different stages of debt. From debt consolidation and informal debt agreements to formal debt agreements and bankruptcy, there is a positive solution available for you.

2013-04-16T01:17:27Z bankruptcy-in-australia-at-an-all-time-low

The first quarter of March 2013 has revealed personal debt in Australia could be improving. Statistics released by ITSA show the amount of bankruptcies declared in January, February and March this year is the lowest quarterly figure since 1996. A total of 4774 people declared bankruptcy across the country with the majority occurring in New South Wales and Queensland. New South Wales saw 1553 bankruptcies and Queensland 1411 while South Australia was next in line with only 332. While the number of bankruptcies declared in Australia is dropping, the number of Part IX Debt Agreements remain consistently high. In the December quarter of 2012, Australian’s entered a 2510 Debt Agreements, setting a new high. The march quarter this year, 2376 Debt Agreements were entered into. Debt Rescue operations manager Rachael Witton said these figures are optimistic. “Any reduction in the number of people who are struggling with debt is a fantastic sign, and the lowest figure since 1996 is a great step forward for Australians,” Ms Witton said. The main reasons quoted for the cause of bankruptcy were economic conditions related to business and unemployment. Ms Witton said this is not surprising. “When people take on a loan or lines of credit, they don’t often think about what would happen if they ever lost their job or couldn’t work for any reason. That’s when things start to go wrong.” “Being in debt can be stressful, upsetting and embarrassing so people don’t seek out help until it is too late.” Bankruptcy comes hand in hand with a set or strict rules, restrictions and obligations which have a heavy impact on your life. Ms Witton said declaring bankruptcy is by no means the ‘easy way out’ and it should not be taken lightly. “We have had people call us and tell us they want to go bankrupt over $3000 worth of debt, just because they have had a fight with their creditor and don’t want to pay them,” Ms Witton said. "Bankruptcy is a very restrictive obligation which has lasting ramifications for many years and it is definitely not worth going through over something like that". Ms Witton said there are other debt relief options you can pursue before you reach bankruptcy, such as debt consolidation and a Debt Agreement. “Bankruptcy does have its place, but it not the only option available for people in debt. There are other debt relief options available that won’t effect your credit rating at all such as consolidation and an informal debt agreement.” For more information on debt relief option in Australia visit www.debtrescue.com.au

2013-04-04T04:54:02Z unpaid-fines-another-debt-to-add-to-queenslands-growing-pile

In a bid to recover $838 million in outstanding debts, the Queensland government has introduced a team of professional debt collectors. The fines making up the pricy debt include failing to vote and jaywalking as well as drink driving and speeding offences. So far an average of $19.8 million a month has been recovered, however another $10 million a month is being accumulated. If it continues at this rate it is expected the debt will exceed $1 billion in just over a year. Queensland Council of Social Service CEO Mark Henley said the Government's management of unpaid fines needed to take into account a person's capacity to pay. "When you consider that an unemployed person on Newstart is already living below the poverty line, they have a very limited capacity to pay fines," Mr Henley said. "Paying back those debts shouldn't cause further hardship or poverty." Debt Rescue operations manager Rachael Witton said she is seeing an increase in people experiencing financial trouble. “There is a large number of families and individuals in Australia who are struggling to cope with the basic costs of living, “ Ms Witton said. “People calling us for help can’t afford their mortgage, car loan, utility bills or petrol. Some are even going without food to try to cope,” she said. “An unpaid fine is just another expense to add to the unmanageable pile of debt they are facing". Ms Witton said options are available for people who want to get out of debt. “A number of debt relief options are available in Australia to help people get back on track with their debt including debt consolidation, debt agreements and budgeting.” Debt collectors will continue to chase unpaid fines until June when the government will assess the effectiveness of the trial. If you want to gain control of your debts call Debt Rescue on 1800 00 3328.

2013-02-28T05:30:55Z don-t-let-financial-stress-cause-relationship-stress

Leading Australian personal debt management company Debt Rescue says the dynamics between relationships and finances consistently affect one another and in most cases, financial stress or debt tend to be the leading causes of marriage and relationship breakdowns. Debt Rescue Operations Manager, Rachael Witton, said in some instances it is hard to recognise what comes first however, in most cases when finances begin to slide out of control, relationships are affected equally as much. A recent online survey of Debt Rescue clients found that the majority of respondents had admitted that debt had caused some kind of relationship issue for them. “Symptoms of financial stress leading to relationship breakdowns can be varied and often overlooked by the significant other,” Ms Witton said. “More often than not, hiding credit card purchases or expenses from your partner, while they may seem innocent enough in the first instances, can lead to untruths and eventually distrust in the relationship,” she said. Other symptoms of financial stress leading to relationship stress include secret separate bank accounts; not valuing the input of the other party; and inequality if the primary income earner gives most of their pay to their partner to manage the household and as a result the earner does not have a thorough understanding of the household costs. “All of these symptoms, once recognised, can be rectified if couples are willing to tackle the financial issues and in most instances, simply talking about financial stress eases pressure off the relationship,” Ms Witton said. “Only together can couples solve their relationship and financial stress, take a deep breath and work together as a team. The best advice I can give to couples facing relationship stress caused from financial issues is to seek help from a professional to create a debt management plan. “Once you recognise you are in over your head, talking to a non-judgmental outsider or third party is valuable and Debt Rescue can help couples to set up realistic budgets, understand where they went wrong and look ahead,” she said. “Once you begin to get back on track with your finances, look to reward each other by finding some space in your budget for each of you to have your own spending money or have a pre-determined monthly financial reward for being responsible. “But most importantly, you managed to overcome your financial stress together, so be sure to celebrate your achievements together.” Anybody experiencing problems with debt can contact Debt Rescuefor help toll free on:  1800 00 3328. For further information visit www.debtrescue.com.au.

2013-02-27T01:12:24Z carefully-considered-debt-agreements-turning-aussie-lives-around

With financial stress affecting millions of Australian households, a growing number of people are turning to Debt Agreements as a responsible and informed way of turning their lives around. Personal debt management company Debt Rescue currently has Debt Agreements in place with clients across Australia. Debt Rescue operations manager Rachael Witton said the success rate with “rescuing” people from debt through Debt Agreements was significant, with the company spending 4-5 years with each client on average from the initial assessment to the completion of the Debt Agreement.  “Debt Agreements are just one tool in the armoury of easing financial stress and are often one of the last resorts,’’ Ms Witton said. “However, when a client is entirely informed about their options they can be a highly effective solution for avoiding bankruptcy and getting out of the financial black hole,’’ Ms Witton said. Simply put, a formal Debt Agreement is a negotiated agreement between a debtor and a creditor governed by Federal legislation. There are also informal Debt Agreements which are merely a contractual arrangement between debtors and creditors available to clients. Ms Witton said Debt Agreements provided a low cost alternative to bankruptcy and has fewer limitations on people’s future in the majority of cases. Other benefits include: Unsecured debts are paid through one regular weekly repayment which is more affordable and easier to manage, tailored to the clients’ budget. No more interest is charged once your creditors approve the Debt Agreement Proposal Once the Debt Agreement is lodged all recovery proceedings and garnishees cease – this means no more harassing phone calls, and your financial and emotional stress is eased. An experienced team negotiates with your creditors for you A registered and qualified administration service manages all payments to your creditors on a regular basis.Ms Witton said Debt Rescue carefully assessed each clients’ individual situations and only suggested Debt Agreements if there were no other options. Often a client’s debt problems could be successfully resolved with less formal strategies including professional assistance with budgeting, money management, debt consolidation and direct negotiations with lenders. Anybody experiencing problems with debt can contact Debt Rescue toll free on:  1800 00 3328. For further information visit  www.debtrescue.com.au.

2013-02-26T04:40:07Z electricity-price-hike-puts-queenslanders-on-edge

Queensland residents are up in arms over the plan to increase electricity prices by 21% with many households wondering where the extra funds will come from. The Queensland Competition Authority (QCA) has released a draft determination outlining increases in regulated pricing in 2013-2014. The 21% price hike will see an average $400 increase in quarterly power bills which leaves many Queenslanders struggling to rearrange their budgets. Personal Debt Management company Debt Rescue assists people with budgeting and money management and says many people feel they have no choice but to cut back on their grocery bill. “We have had a lot of people calling us at wits end, who are struggling to repay their bills, but don’t know where to find the extra money as they are already struggling to put food on the table”, Debt Rescue Operations Manager, Rachael Witton said. “And this is before the new electricity prices have been introduced”. Yet after working through their budgets, they aren’t left with many options. One worried Queenslander was asked where she might be finding the extra money to cover the inflated power bill and she said it was coming straight out of her food budget. “There's simply nothing left to cut and we've already reduced our food budget by $50 a fortnight in an effort to pay our son's kindy fees,” she said. Ms Witton said as sad as it is to think there are people in our country who are struggling to feed their children, it is a sad reality for more families than we know. “By the time people call us for help, they have been struggling on their own for years before it all gets too much to bear,” she said. “We have noticed an increase in debt in the last 6 months, and that is only through people who are asking for help, there must be thousands of people who are trying to make it on their own.” Debt Rescue has been operating since 2005 and provides debt relief solutions such as budgeting help, Debt Consolidation, Debtstroyer Agreements, Debt Agreements and can even assist people through the Bankruptcy process. “We help people at every stage of debt, whether they are struggling to pay a huge bill or if they are 6 months behind on their repayments,” Ms Witton said. “The worst thing you can do to overcome your debt is nothing at all and I encourage anyone in financial trouble to give us a call,” Ms Witton said.

2013-01-10T02:39:54Z debt-relief-an-increasing-trend-as-aussies-take-a-stand

Debt relief is an increasing trend in Australia as more and more Aussies strive to turn their lives around.Personal debt management company Debt Rescue has reported a 265% increase in enquiries since January 1 and believes the increase in interest has come from Aussies who are ready to see change in their lives. Debt Rescue operations manager Rachael Witton said the beginning of a new year usually inspires change in people, but this year is different.“January is usually a busy time for us as people commit to their New Year’s resolutions to get out of debt,” she said.“It is also around this time when families will receive their credit card statements for the Christmas period, and some will need our help to keep on top of their repayments.”But Ms Witton said this year there seems to be a national trend toward getting out of debt.“Toward the end of 2012 we started seeing reports which suggested a shift in people’s attitudes to their debt,” she said.“Only 9 days into the new year and a report has shown fewer Aussies are struggling with their loan repayments and the demand for debt relief services is increasing at an enthusiastic pace.”It seems struggling Aussies are only chasing one thing – debt relief.Debt Rescue has been operating since 2005 and is continually growing and developing new strategies to help people out of debt.One such strategy is a Debtstroyer Agreement.“A Debtstroyer Agreement can be a secret weapon against bad debt,” Ms Witton said.“Essentially, it is a debt repayment plan which allows you to renegotiate your outstanding debt to an amount which you can afford.“The thing that makes a Debtstroyer Agreement so unique is it won’t impact your credit rating.”While there are a number of different options available to people in debt to find relief from their financial struggle, most of them are noted on your credit file which can have the potential to hinder the ability to obtain financing down the track.“A Debtstroyer Agreement isn’t noted on your credit file, so once your debt has been repaid through the agreement you can start to build your credit rating straight away without a lasting mark against your name,” Ms Witton said.Debt Rescue can offer several debt relief strategies for Aussies at any stage of debt, whether they are only starting to fall behind or are facing bankruptcy.If you would like to join in the national movement towards debt relief, contact Debt Rescue today.

2013-01-02T03:27:35Z count-down-your-debt-in-2013

 The new year calls for a brand new you. How do you see yourself in 2013? Fit, cigarette free, travelling the world, or is it simply being able to afford to pay your bills on time.Thousands of Aussies are living from payday to payday, struggling with bad debt and desperately searching for some help. Well now is the time to kick start you financial resolution.Here is a New Year’s countdown which will get you well on the way to reducing your debt, boosting your savings and getting your finances back on track.10. Organise a budget.Debt Rescue Operations Manager Rachael Witton says many people she talks to have no idea what they owe to their creditors. To get on top of your finances, you need to know what you are tackling and the easiest way to figure that out is with a budget."You need to know your income, from all sources including government benefits and investments, then write down a list of your regular expenses including loan and credit card repayments, bills and everyday expenses like petrol and food," she said."Does your income cover your expenses? If not, go back through your list and find ways to cut back on spending, like making coffee and lunch at home instead of buying them, cutting back on smoking or cancelling your magazine subscription."9. Cut up your credit cards"Every time you use your credit card you are putting yourself further and further into debt," Ms Witton said."You are using money you haven’t earned yet and having to pay it back with interest."Instead she recommends paying your balance out and then start putting that money into an account with a debit card attached.This will allow you to still make purchases on the internet and over the phone, but you are using your own cash instead of borrowing it from the bank.8. Pay more than the minimum"Banks love minimum repayments because that is how they earn their money," Ms Witton said."By paying just $10 more than the minimum repayment on your loan you can shave years off the life of the loan and save hundreds of dollars in interest."7. Review your spending habitsUnlike Maths and English, proper money management skills aren’t taught to us in school. Instead we are left to learn by trial and error.Unfortunately for most of us, this trial and error leaves us with unhealthy spending habits which get us into serious debt trouble.Rather than going cold turkey and trying to change a million bad habits at once, integrate good spending into your routine."Develop a strong banking structure with accounts which accommodate your spending needs, follow your budget, avoid unnecessary spending, open a savings account and so on," she said."Whatever you do, stay committed and if you need an extra push, tell your family and friends about your plan and they will help keep you focused."6. Cut back on the little thingsDo you really need your coffee from a café or would it be better off investing in a coffee maker at home?Smoking is bad for your health as well as your hip pocket, that’s two great reasons to quit.Is eating out the most affordable option or could you have a ‘bring a plate’ dinner party at home instead. With a little creativity you would be surprised by what you can cut back on.5. Avoid the after-spend guiltBuying something new always seems to cheer you up. But when it comes time to pay for a bill and you fall short, the silly spending guilt kicks in.You can easily avoid this horrid feeling by never buying on impulse. "If you see something you like or feel you ‘need’, go home and think about it over night before you go back and get it," Ms Witton suggests."This will give you time to check your budget, think about if you really need it and make sure it won’t take money away from essential spending like bills or loan repayments."4. Consolidate your debtsDo you have several credit card debts all accruing interest and fees?A consolidation loan will allow you to pay out all the balances, leaving you with the single loan repayment with a single lot of interest and fees. It could save you hundreds.3. Shop around for a better dealThe RBA has slashed the cash rate in recent months. Did your bank pass on the rate cut or are you still paying interest through the nose?There are plenty of financial institutions out there who are willing to play fair and pass on the interest cut backs to help you, the consumer.If your bank isn’t being competitive with fees, Ms Witton suggests it’s time to shop around. "In 2011, the Federal Government put a stop to banks charging exit fees for people who want to refinance so a better deal is always an available option." 2. Find more moneyIt is easier said than done to pull extra cash out of thin air, but the internet can definitely help. Sites such as Groupon and Grabone have amazingly discounted offers each day.These include haircuts, beauty treatments and dinner deals. If you don’t want to sacrifice your little luxuries to your budget, wait till a great deal comes up and get it at a reduced price.Ebay and Gumtree have heaps of good quality bargains.If you need anything for around the home, check these places first. Turn your hobby into a cash cow by selling your wares at the local markets or sign up to become an Avon, Tupperware or Intimo salesperson to earn a little extra pocket money.1. Ask for helpDon’t suffer in silence. Almost 70% of Australian’s have admitted to feeling financial stress.If you are struggling to make ends meet, you are not alone. Personal Debt Management companies, like Debt Rescue have experienced Case Managers on hand to find a positive solution to your debt."It’s free to talk and we will find a solution to fit your situation rather than a one size fits all financial plan. If you have bad debt, you have nothing to lose and everything to gain," Miss Witton said.Call 1800 00 3328 and Talk to An Aussie Who Cares.Happy New Year!

2012-12-05T01:37:13Z australian-youth-express-concerns-over-parent-s-financial-hardship

Almost 70% of Australians are dealing with a personal financial struggle. Unfortunately, their struggle is not as personal as they would like it to be. The Mission Australia 2012 Youth Survey spoke to 15,351 people aged 15 to 19 and asked them about their concerns, values, support systems and activities. Almost one third of respondents rated the economy and financial matters as the most important issue in Australia today. Many young people expressed concerns their parents couldn’t afford basic living items. Personal debt Management company Debt Rescue helps people deal with their debts on a day-to-day basis and operations manager Rachael Witton said this is not unusual. “Children aren’t taught any money management skills at school, instead these essential life skills are being picked up at home from watching mum and dad deal with their money,” she said. “As children grow into young adults, they notice their parents making sacrifices in order to make ends meet, which can be distressing for people that age.” While it is good for young people to know mismanaging their finances can get them into trouble, it shouldn’t take you leading by example to show them. The report also showed over half of the youth surveyed highly valued financial security which means they are open to learning proper money management skills. Fortunately kids are fast learners and the younger you start developing their financial literacy skills, the better. “They need financial information layered up each year in an age appropriate way, the same way the Life Education program does such an excellent job educating kids about drugs, health and how to make better choices,’’ Ms Witton said “It is no good teaching kids about money when they are 15 and have their first job. “This is a great reality-check time for them, as they juggle scenarios such as how many hours they need to empty bins at McDonalds to earn enough money for a movie ticket. “It makes kids appreciate mum and dad more,  but until they develop higher level money management skills than just living hand to mouth they are in for some hard, and expensive, lessons,’’ she said. Ms Witton recommends from around age seven, or earlier, children should know the different kinds of money – the money we need to spend each day, like bus money; the money we need to save over a short time for a holiday or new toy; the money we give to others in need and the money we grow to save for big things like a house or car. Parents, educators and financial services professionals have a responsibility to teach children:-- Money is a part of everyday life and is unavoidable- Developing good money skills & habits can happen from a very young age- Modelling responsible money attitudes and behaviours will teach our children more than giving them everything!- It makes no difference what you earn... it's what you do with it that counts! For more information on managing your debts visit Debt Rescue or call us on 1800 00 3328.

2012-11-12T07:40:28Z experts-share-industry-knowledge-with-eager-students

Enthusiastic students from years 9, 10 and 11 converged on Peregian Springs Golf Club last week to attend an event which would set them on their way to their dream career. The St Andrew’s Anglican College inaugural Meet the Professional’s Industry Night allowed students face time with some of the Sunshine Coast’s leading industry professionals. From arts and design to banking and finance, students could sit with the professionals of their choice, hear about the industry first hand and ask questions. “The feedback we have received from parents and students about the wealth of knowledge and wisdom shared to our students was outstanding,” Event organiser Amy Nieuwenhuis said. “Students have had the opportunity to connect and gain real world opinions and advice from experts in a variety of industries, something that will be invaluable in years to come”. The event was sponsored by Becker Helicopters and Debt Rescue, part of the Lanyana Financial Group. Debt Rescue is a leading personal debt management company with a mission to change the stigma associated with bad debt through positive management and education. The Meet the Professionals Industry Night was the perfect opportunity to impart some invaluable knowledge to students about personal debt management. “The questions the students were asking were amazing,” Debt Rescue Operations Manager Rachael Witton said. “With 75% of Australians admitting they have suffered from financial stress, the personal debt management industry is a new, exciting and growing field. It offers fantastic rewards for people who are genuinely interested in assisting others recover from one of the most stressful experiences of their life, bad debt.” The night was deemed a success and is expected to become an annual event.

2012-10-22T07:15:13Z debt-consolidation-all-the-facts

Whether you are struggling with debt or you are simply looking for a way to save money on your bills, debt consolidation is a wonderful way to organise your finances. With careful consideration, patients and a little bit of insider knowledge, consolidating your debts can save you hundreds of dollars in interest, simplify your budget and rid you of debt much faster.However, there are risks involved and if you don't carefully consider your options you consolidation loan could leave you further into debt with little hope of recovery.To ensure you aren't left out in the cold we have complied all the information you need which will help you secure a beneficial consolidation loan. What is debt consolidation? Like many Australians, you probably have more than one debt to your name. Credit cards, a personal loan, car loans and a mortgage are all common loans to have.Having several loans at one time means you are making several monthly repayments each with their own set of fees and interest.Consolidating these loans means you are left with one monthly repayment with one set of account keeping fees and only one lump of interest to pay.To do this, you need to take out a loan of the amount you owe on all you debts. You use this money to pay out the individual loans and you are left with the one repayment with one set of fees and one interest rate.Why consolidate? Debt consolidation loans can reduce your repayments, minimise your interest, simplify your finances and ease the stress of repaying your debts.  The money you save through reduced interest and account fees can be used for other things such as rennovations on your home, a holiday, a savings account or to repay other debt which you cannot consolidate.The single repayment each moth is easy to keep track of so you won't accidentaly miss a repayment and be penalised with a late fee. The new loan could extend the life of the loan, so you have more time to make the repayment, or it could shorten the life of the loan so you are out of debt sooner. Where to start You first need to determine what loans you would like to consolidate. If you have a credit card or a loan with a very low interest rate, it might be better to consolidate your other loans and use the money you save to pay off your small interest debt seperately. Look at your finances by writing down each of your debts and include how much money you owe and the interest you are paying.If you apply for a consolidation loan through an existing creditor, you may be able to save money on some cancelation fees, however you might not be getting the best deal. You should always shop around for the best interest rate, and if you prefer to stick with your existing creditor, tell them about the rate you are being offered elsewhere and see if they can't beat it. Once you find a great deal through a credible lender you can apply for the loan. Go through the paperwork with a fine toothed comb. Loans are often rejected because the applicant didn't fill in the form correctly or accidentally forgot to include some vital information.What to look out for Consolidating your debts can save you thousands but if your aren’t careful it could cost you thousands more. The chances are your loans will be through different creditors and you may have to break some of your contracts to consolidate. This can incure fees such as:  ·         discharge fees ·         deferred establishment fees ·         break costs ·         loan fees ·         legal fees Your new lender will have fees of their own. These might include: ·         application fees ·         establishment fees ·         valuation fees ·         settlement fees ·         registration fees ·         stamp duty ·         loan insurance To ensure consolidating your debts is worth your while, weight up how much you could potentially save with how much it is going to cost you in fees and charges. The fees involved will be different depending on the loans you are trying to consolidate and the lenders you are ging through. Be sure to check with each of them. Taking the first step Consolidating debts is a huge financial step to take and thankfully you don’t have to take it alone. Debt Rescue is a personal debt management company whose only interest is helping Australians get out of debt. Our professional case managers will ask you a series of questions to get the best idea of your financial situation. From there they can help you work through the figures to see whether consolidating your debts is the best solution for you. If it is, they can help negotiate with your creditors. Where necessary, they could refer you to Positive Solutions Finance to find an affiliated lender who specialises in consolidation loans. When all else fails Through your research, you might find debt consolidation wouldn’t be the best path to take to recover from financial distress. Don’t panic. There are other options available to you to get you back on track. The specialist case managers at Debt Rescue can also help you with Debtstroyer, an informal debt agreement which won’t affect your credit rating, a formal Debt Agreement or could simply help you devise a weekly household budget. The worst thing you can do is nothing when it comes to your debts. For more information on consolidating your debts, talk to An Aussie Who Cares. Visit Debt Recue or call 1800 00 3328.

2012-09-24T06:33:35Z to-the-debt-rescue

According to a report released by Insolvency Trustee Services Australia (ITSA), 23125 Australians became bankrupt in 2011. Debt Rescue, a personal debt management company, is working to help the near 70% of Australians experiencing financial stress and reduce the number of bankruptcies occurring in this country. This week Debt Rescue celebrates another success story as a client became debt free more than a year earlier than expected.Debt Rescue, a personal debt management company, is working to help the near 70% of Australians experiencing financial stress and reduce the number of bankruptcies occurring in this country. This week Debt Rescue celebrates another success story as a client became debt free more than a year earlier than expected.As a young man employed in full time work Steven* had never had any financial difficulties. With a baby to support, a personal loan and a few credit cards under his belt, Steven began to feel the pinch. He soon found he couldn’t keep up with his loan repayments and felt he was headed for bankruptcy. It was at that point he contacted Debt Rescue.After assessing Steven’s situation, Debt Rescue suggested he enter into a Debt Agreement which allowed him to pay back as much as he could to his creditors over four years. This significantly reduced his debt and allowed him the time and opportunity to get back on top of his finances. Steven repaid his debt 13 months earlier than expected and is now incredibly happy to be free from debt and back on track.Steven is celebrating his early repayments by marrying the love of his life and enjoying a stress free honeymoon in a tropical paradise. With the help of a financial planner, he hopes to never fall into debt again and will use the money he was putting toward his Debt Agreement to help his new wife repay her home loan.Debt Rescue offers a range of services, strategies and solutions to people in debt. From devising a household budget to negotiating Debtstroyer and Debt Agreements and even offering information and assistance with bankruptcy, Debt Rescue can help you.If you are struggling with debt and want to talk to someone about your options, call Debt Rescue and Talk to an Aussie Who Cares on 1800 00 3328 (DEBT).*Name has been changed for privacy reasons.

2012-09-13T00:35:00Z banks-are-no-help-for-people-experiencing-financial-hardship

The big four banks have a lot to answer for when it comes to they way they treat clients in financial distress said personal debt management company Debt Rescue.The comments came after the results of the 2012 Rank the Bank Survey conducted by the Financial and Consumer Rights Council (FCRC) showed all four banks ranking poorly in regards to their quality of communication, customer satisfaction, processes and attitudes toward struggling customers.Debt Rescue believes with 68% of Australians experiencing financial distress, the big banks attitudes are going to have to change.Debt Rescue operations manager Rachael Witton said she was not surprised by the results as mainstream banks were not forthcoming with hardship provisions when customers find financial difficulty. “They are obliged by law to offer clients certain provisions to meet their obligations where their circumstances change from the time they initially took out the loan, or credit card,’’ Ms Witton said “However, time and time again, they are either silent or totally inflexible. They seem like they have one objective only which is to get a repayment from the client regardless of individual circumstances even if it means sending them bankrupt.Ms Witton said the banks processes and attitudes feel people leaving daunted, isolated, misunderstood and hopeless.“In the rare cases when clients formally applied for hardship with banks, they were often refused because the application was so daunting and complicated that it couldn’t be filled out properly,” she said.“Another barrier is dealing with off-shore call centres which can increase feelings of abandonment and isolation for people at a time when they really need to be heard, understood and feel like someone actually cares.”Debt Rescue said it was helping a growing number of Australians who were getting a rough deal from the banks.Solutions offered include resubmitting hardship applications in more favourable terms and employing individual strategies to overcome financial difficulties, reduce stress and manage debt obligations.“In some cases we will lodge a complaint with the Credit Ombudsman Service, providing the client with protection from further collection action until the situation is investigated,” Ms Witton said.Debt Rescue specialises in personal debt management and can help with debt and provide options for people in financial distress. Anybody experiencing problems with debt can contact Debt Rescue toll free on:  1800 00 3328 and talk to and Aussie who cares.For further information visit  www.debtrescue.com.au.

2012-08-30T05:10:19Z pay-day-loans-a-saving-grace-for-australians-in-financial-stress

Pay-day loanswere becominga saving grace for a growing number of financially-distressed Australians, a personal debt management company said today.Commenting after the recent release of the Caught Shortreportexamining Australia’s burgeoning pay-day lending industry,Debt Rescue said the loans were becoming one of the few options open for thousands of individuals on the brink of financial disaster.“In a perfect world we wouldn’t need pay-day loans, but in the current climate they fill a void for people who have nowhere else to turn,’’ said Rachael Witton, Debt Rescue’s operations manager.“People in severe financial hardship are relying on pay-day loans because they have exhausted all other avenues - traditional banks won't lend them money, the government won't, they have tried family and friends and the creditors continue to hassle them.“It is impossible to get all creditors to accept a payment arrangement, they can't go bankrupt because the total debt is too low, a debt agreement is not viable, financial counsellors only provide budgeting tips and charities can support with food and clothing but generally offer no funds to pay debts.“Simply changing the law to stop perceived unnecessary lending practices doesn't remove the need and just disguises the real issue.“It is a desperate situation for a growing number of people who feel they have nowhere else to go’’ Ms Witton said.Anybody experiencing problems with debt can contact Debt Rescue toll free on: 1800 00 3328. For further information visit www.debtrescue.com.au.