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  1. #1
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    Default Debt consolidation???

    Hey Everyone, we are wanting to consolidate all of our debt into one payment. We are struggling BIG time and im hoping this will help us out.
    My question is has anyone done this?? Who did you go with?? Does anyone have any advice when dealing with consolidation?? Ive done a google search but didnt find much in the way of being able to compare different companies.
    Im not looking for advice on how to cut my expenditure, I have done that and we are still struggling.
    So if anyone could help I would be Majorly appreciated.

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    Please make sure that you're doing debt consolidation and not a debt agreement under the bankruptcy act. Read the forms really carefully, sometimes they won't tell you it is actually a debt agreement!

    A debt agreement under the bankruptcy act will affect your credit rating for 7 years. You'll also usually pay back a percentage of the original debt over a few years, as well as significant fees to the debt agreement administrator. If you propose a debt agreement and your creditors don't agree, they can vote to force you into bankruptcy.

    Have you been to see a financial counsellor? this is a free service and they can help you negotiate a private arrangement to pay back your creditors over time.

    I don't want to scare you but this is a really serious thing.

  3. #3
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    Mischief is offline Love. Dream. Laugh. The shadows simply mean the sun is shining!
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    Try Maxis homeloans. They are really good. We consolidated a few years back with them. Fantastic. I cant sing their praises enough!

  4. #4
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    headoverfeet is offline The truth will set you free, but first it will **** you off. -Gloria Steinem
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    Quote Originally Posted by Shh View Post
    Please make sure that you're doing debt consolidation and not a debt agreement under the bankruptcy act. Read the forms really carefully, sometimes they won't tell you it is actually a debt agreement!

    A debt agreement under the bankruptcy act will affect your credit rating for 7 years. You'll also usually pay back a percentage of the original debt over a few years, as well as significant fees to the debt agreement administrator. If you propose a debt agreement and your creditors don't agree, they can vote to force you into bankruptcy.

    Have you been to see a financial counsellor? this is a free service and they can help you negotiate a private arrangement to pay back your creditors over time.

    I don't want to scare you but this is a really serious thing.
    I did this with Fox Symes, and TBH they have been fantastic, no hassles at all we are paying the debt off interest free (yes there are fees but no where near what I would of paid in interest had we stayed the way we were). It has allowed us to actually pay off our debt rather then struggling to just pay the interest and not really get anywhere.

    FYI my fee was only $1500 and change for consolidating $16,000.
    Last edited by headoverfeet; 06-05-2010 at 19:23.

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    I'm glad it is working for you, Babymaker

    I worked with a lot of people who it didn't work for and would hate for anyone to go into it without really realising what it was about.

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    does debt consolidation effect your credit rating though?

  7. #7
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    I be interested in doing this.

    Like BJ said though, does it affect your credit rating? Also, its just a way t group all your debt into one so its easier to pay isnt it? You dont have to be struggling to pay them or anything do you?

    We can pay our debts off easily but its just a PIA when they are all over the place.

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    debt consolidation is great

    the only problem is when you have a secured loan where the security is worth less than the loan amount

    you can never sell that security before paying out the loan - huge problem

    we want to sell our car but can not


    does not effect credit rating its just another loan

  9. #9
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    good to know it doesnt effect your rating...
    RebekahLeigh, not only do you get to pay off all you loans in one, you get a much less interest rate, almost half of a banks personal loan rate...

    we could be saving over $100 a week by doing this

  10. #10
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    If you go with fox symes it DOES effect your credit rating as you are classed as a debt agreement part 9 of the bankrupcy act so cannot easily obtain finance or phones etc within that 5 year period. We are in the process of paying off a debt with them but were never told this initially. I would leave fox symes as a last resort because of that.


 

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