I Need Help Now

OK, so you're feeling a little bit like this guy looks.  If you’re in serious trouble right now there are a few things you can do that may take the stress off you financially. 

Here’s the thing.  If you can’t afford to pay off any of your debt because you are living pay check to pay check, then you need to do something about your situation immediately.  So you need to be proactive.  That means, don’t just sit there letting the debt get bigger and bigger.  Uncover your eyes, unblock your ears and face the music!

Financial lending institutions usually favour people who are willing to get sorted when it comes to reducing their debt. And now's a better time than ever with the global financial crises looming over us.  Don’t be afraid to call your bank or credit lenders and talk to them about your situation.  There are two ways you can sort your situation out right now.  Refinancing and/or Debt Consolidation.  The benefits of these services are;  

• In most cases Banks can tailor payments to suit what you can afford to pay
• Set up fees can be reduced
• You may be able to free up other available income
• You can get a lower interest rate
• You know exactly when your loan will be paid off (the best part!)  

Once you have received your household budget plan, you can take your budget overview to your bank and show them how you plan to stay on track with your spending using our budgeting system.  This should work in your favour.  

Hints and Tips

• Negotiate repayment options that you can realistically afford. 
• Switch credit cards to a lower interest rate card, these websites show credit card rates from all leading banks.  

New Zealand - http://www.interest.co.nz/creditcards.asp

Australia - http://www.creditcardoffers.com.au/

• Be aware of annual fees, cash advance rates and interest rates after the introductory interest rates end i.e. read the fine print!
• Use Mortgage brokers or financial planners from your bank.  They are a free service to you.  Get them to find the best deal for you.  Your bank may be able to look at your situation and offer you a way to consolidate your personal debt with them.  This can save you money on administrative fees.  
• You need to be aware of re-financing costs.  In some cases banks will wave costs if you sign with them.  A mortgage broker or the banks financial planners will be able to help you with this. 
• Don’t be afraid to say; 

I’m in trouble, and I really want to get my debt sorted’

‘Can you do me a better deal on that?’

‘I can’t afford that, I need the repayments to be lower’

• Be confident!  Banks need your money so don’t forget to negotiate.  If they won’t negotiate, move to another financial lending institution.  

I’m Not Confident

Email us with your concerns and we’ll see if we can assist you further.  We may be able to show your more useful ways on how to manage your money or offer you other budgeting ideas.