Debt Assistance – Individualised Solutions

August 15, 2016 | By Nancy | Filed in: Financial Services.

In many countries, borrowing by the public leading to their facing uncontrollable debt situations is sometimes overshadowed by the borrowings by the government. In fact, even in the context of the federal government in Australia, there has been a study comparing how the government’s reckless fiscal management appears similar to the way the Australian public builds up their individual debts which they find difficult to pay back. The figure being quoted is of the order of $1.7 trillion! This is the total estimated household debt in the country. Individuals seek debt assistance from agencies, which try and help them to manage their finances better. Governments may not have that luxury.

They Go by Many Names; Offer Similar Solutions

The typical debt relief services would be a kind of one-stop shop for a host of services, and they are called by many names as well. Some call them credit repair companies and other debt assistance bureaus and so on. But the range of services they offer is almost the same. If you are stuck with insurmountable debts in the form of personal loans or credit card dues, approach an agency offering debt assistance services Australia wide, as they can come to your help in more ways than one.

The first thing any such agency would do is listen to your full story. This will mean knowing how much you owe on each count and how many lenders are involved and what your income and expenditure levels are. This would give them an overview and based on their experience handling similar cases for others, they will come up with the suggestions to come out of the situation. There can’t be a one-size-fits-all solution for everyone. The agencies may offer a one-time free counselling on some general options available for the person to manage the debt crisis if it appears to be within manageable limits.

Some Practical Solutions

The problems an individual can face if she or he has run up huge debts are manifold. To start with, if the person has borrowed from multiple lenders, which is often the case, then even attending to their phone calls could be quite demanding. One of the debt assistance programs that are suggested is to try to go in for one large loan to settle all the other dues. But this is not easy since the credit rating of the person would be already very low, and hardly any lender will come forward to lend any more. The debt assistance agency can be of some help here, provided you have a steady income currently, and it can be established that this would continue in the future as well.

It is only in very helpless situations that the debt assistance service agency may suggest going in for a bankruptcy declaration. Even here, there is legal protection to ensure that some of the basic assets, like a home owned by the individual, are not included in the list of assets being disposed of to settle part of the debts under the bankruptcy declaration. For more details, just visit HTTPS://WWW.DEBTHELPLINE.COM.AU/CALCULATORS/DEBT-MANAGEMENT-LINKS/


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