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Using A Debt Consolidation Company To Get Out Of Debt In Australia

Using A Debt Consolidation Company To Get Out Of Debt In Australia

Free Yourself From Debt With Help From Proven Professionals

Throughout the media and online, you will always find debt consolidation companies advertising
their services to help you get out of debt. These services are designed to help
you get out of debt with the help and advice from financial experts. In this guide, we’ll go through exactly
what these companies do and how you can work with one to manage your debt and regain your financial freedom.

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How Do Debt Consolidation Services Work In Australia?

A debt consolidation service provides everyday people who have fallen into debt with a chance to combine their debts into one easy-to-pay loan. The interest rates are also combined and reduced after the consolidation service negotiates with your lenders for a more suitable repayment plan.

Once you have consolidated your outstanding amounts, a single loan with a flat interest rate is all you have to focus on. Some companies may suggest a debt settlement, which is when you negotiate one lump sum payment with your creditor rather than long term repayments. This is favorable on your side as the lump sum is usually far less than the total amount that you owe.

When you are in negotiations with a debt consolidation company and your lenders, be sure that you are kept in the loop and that communication is clear. You should ask as many questions as you feel necessary to fully understand what you are agreeing upon with both your lender and your consolidation service.

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What Types Of Debts Can I Reduce In Australia?

The Australian government have laid down strict laws and regulation when it comes to debt consolidation companies offering debt reductions. The laws have limited these companies to only dealing with certain types of debts. These debts include, but are not limited to:

  • Credit Card Debts
  • Third Party Collections
  • Unsecured Personal Loans

Unfortunately, mortgages and automobile loans are unable to be included.

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How Do I Choose The Right Debt Consolidation Service In Australia?

It’s important to find the debt consolidation company that is right for your individual situation. When it comes to finding solution for outstanding debts, there are usually two options: debt management services or debt consolidation services.

Debt Management, while similar to debt consolidation, is a more involved process, leading many people to prefer working with a debt consolidation service. Some companies offer both services, which is beneficial as different debts require different expertise and should be handled separately if possible. Before you make a decision you have to fully understand what each company does and how they can help you.

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Doing Research On a Debt Consolidation Company

Like anything to do with your finances, you should do the correct research of all debt consolidation companies you are considering. Be extremely cautious of companies that ask for high fees before they will consider you as a client. Unfortunately, while there are reputable companies that work to free Australians from debt, there are also dishonest companies who prey on desperate people who need financial help, often making their situation worse.

Always do online research before committing to any company and ask them how they are going to help you relieve yourself from debt, understanding that if their promise seems to be good to be true, it often is. An example of this is when your company consolidates a lower debt amount for you to pay, although increase interest rates, leaving you more to pay in the long run.

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How Can I Work With a Debt Consolidation Company Towards Financial Freedom?

Before you decide to work with a debt consolidation company, it’s your responsibility to collect and compile all of your outstanding bills and a list of payments that you are required to make, as well as your current financial and employment status. Once you have gathered this information, a consolidation company can take the appropriate actions to consolidate these bills and make your debt easier to manage.

Based on your wages and the money you owe, they will arrange for a monthly payment that you can afford to pay on time to be divided and sent to the companies that you have outstanding debts with. These payments plans can last several years depending on how much you owe and how often you can afford to pay.

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