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  1. #11
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    i just called fox symes , they wouldnt cover secured loans only unsecured... we may be better off paying it with dh's redundancy, as our unsecured loan isnt a huge amount to pay off weekly

  2. #12
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    Quote Originally Posted by Optimus_Lime View Post
    Oh crap

    5 years is too long, we want to get this debt out of the way and save for a house.

    Thanks for this info...

    I wonder if it is better to try and get a personal loan.
    My suggestion would be see a financial advisor and go through everything with them and they can steer you in the right direction.

  3. #13
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    Quote Originally Posted by Mummy2my5 View Post
    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.
    I'm so sorry this happened to you have you or would you consider making a complaint? There should be details on ITSA's website about how to do that.

  4. #14
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    Try going to a broker who specialises in consolidation loans. They have access to a lot of loans from different lenders and find one that suits your financial needs/limitations...

    If anyone wants contact details to a good one, PM me...

  5. #15
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    Quote Originally Posted by Shh View Post
    I'm so sorry this happened to you have you or would you consider making a complaint? There should be details on ITSA's website about how to do that.
    Thankyou.........no I hadn't thought about it,we are now 3 years into it so we are over the halfway mark now. I really think that Fox Symes should clearly state what you are actually in for They should just come out and say your going to go bankrupt but the only difference is you still pay back the debt. As we would have been better off going officially bankrupt as finance/phone companies look at the the same way.

  6. #16
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    Quote Originally Posted by Babymaker View Post
    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.

    We have just done this for a loan with Fox symes bout thirty thousand all together our fees for the whole term are like 1200 bucks already paid, and our repayments are 120, if you think in 7 years u aren't going to have paid back what u owe now then just go for it. You can pay it back quicker and we have actually had another loan afterwards (long story all paid back no tho) and even tho we had the agreement and it was all fine for our credit rating.

  7. #17
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    Quote Originally Posted by Optimus_Lime View Post
    Have you done a debt consolidation? Were they good to deal with? What company.

    I'm very interested in knowing aout this
    Yes we did a debt consolidation my obtaining a new personal loan and paying out all old debt.

    It was with a bank no Fox Symes or any of them like other have said problems arise when it is a debt agreement, I think you are just creating another problem rather than resolving one.

    We have been struggling lately had planned on working whilst preg but did not work out that way what we have done is restructured loans with providers and are now paying 1/2 the monthly amounts for the next 12 months at which time I shall be working again.

  8. #18
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    Quote Originally Posted by Mischief View Post
    Try Maxis homeloans. They are really good. We consolidated a few years back with them. Fantastic. I cant sing their praises enough!
    Ha! We are currently in the process of refinancing because Maxis has such ridiculously high interest rates after the GFC, and I can get my loan at more than a percent lower by taking out an almost identical loan at ANZ.
    They are taking a lo-o-o-ng time to come through on their end with the discharge.


    One thing you do need to take into consideration when you consolidate you debts is that instead of paying off a loan over, say 5 years, you'll be paying it off for the duration of the loan you have consolidated to, and if it's your home loan you could be paying off your five year debt over 20 years instead. So while the interest rate might be cheaper, you may end up paying the same amount over the life of the loan anyway.

    Your best bet might be to see a financial advisor.

  9. #19
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    It might not be what you're after, but google 'debt snowball'. It's a method for tackling multiple debts.

  10. #20
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    as people have noted ........ BEWARE :
    Debt Consolidation
    and Debt Agreemements are VERY VERY different.


    Debt consolidation is simply adding all of your debt into 1 loan and making the repayments as usual.

    If you have a credit card, a personal loan and a mortgage, you are far better off basically adding the credit card and personal loan onto your home loan as the interest rate is much lower. In order to make it cheaper you need to be still repaying the same amount - but all of it off the consolidated loan.

    If you reduce the repayments, then over the long term you may not be any better of $ wise as you are paying a lower interest but over a much longer time. However - it depends on your circumstances and reasons for consolidating.

    If you are consolidating to pay less interest - make the same repayments and you will save a bundle.

    If you are doing it because you cant afford all the repayments now, then consolidating will help by reducing the minimum repayment. You will end up paying more .... but it will resolve your current cash flow problems.


    A Debt Agreement (with Fox Symes or the like) where you pay no interest etc is a kind of bankruptcy without actually going bankrupt. It WILL affect your credit rating and make it MUCH more difficult to get a home loan or other types of credit in future.


 

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