Budget Blog

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Friday 18th October 2018 

Should I apply for Bankruptcy? Never apply for Bankruptcy for debt relief as a knee jerk reaction to an immediate financial crisis, the Laws governing Bankruptcy is complex and cleverly written to endorse lawful seizure of assets you may assume to be protected. Think about the consequences, seek out legal advice for further confirmation and after weighing up the benefits verse the costs then make your decision for debt assistance. This blog was written by Laurence Hugo of Credit Mediation Service Pty Ltd, professional Debt Negotiators. For more information on debt mediation and how we can help contact Laurence on info@creditmediationcom.au or 02 9899 6100. This article is not intended for legal advice, if you require legal guidance on the matter of Bankruptcy please seek out a professional in the field for further guidance. For more information, go to: www.afsa.gov.au


Monday 22nd October 2018

Pro's & Cons of Financial Hardship

Hardship application pro’s:
1. The banks may reduce or nullify your interest rate for a prescribe term, i.e. 3 months
2. Lowered payment arrangement for the same term
3. Short term avoidance of ongoing collection activity
4. Customer has time to trade their way through their problems

Hardship application cons:
1. Short term solution only
2. Increase likelihood of a Veda credit rating default
3. Hardship offers can just as easily be pulled from the customer, exposing them to sudden and possible vigorous collection activity. Hardship applications is a false economy, once taken off the hardship program they face extensive arrears which then must be brought up to date

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