Looking for some feedback, pros and cons of debt agreements. I've recently spilt from my partner of 6 years who was very money selfish, never helped to pay household expenses and utilities, didn't help support me when I was on a low income and as a result I've racked up debt from small payday loans, unpaid bills, afterpays/ect. I'm not great with money myself so at the end of the day yes this is my fault that I'm in this position.. I've got overdrawn and returned debits happening every week! I'm looking to enter a Debt Agreement.. I've not really got another option and my credit is already essentially screwed for the near future.
4 Replies
Contact ITSA. They can help with this.
Contact the free national debt helpline on 1800 007 007. They also have live chat
I’m in a similar position, for similar reasons. I’ve recently read the Barefoot Investor and am trying to use his strategies to get my life, money and credit rating on track. I currently owe around $30,000 but I’m chipping away at it little bit by little bit. Please ring an independent financial advisor for further information.
When I was married both my husband and I had to enter into a debt 9 agreement.
I was the best decision for us at the time. We had spent the previous 1-2 years on hardship agreements with anyone we had a debt with and still couldnt get ahead.
When we separated we paid out the debt agreements early. It still stayed on our credit rating for the full 5 years. I didn't care because I knew I wasn't going to be applying for any loans for a few years anyway.
See financial advice. You may be able to negotiate with the companies if you explain what is going on.