Is there any single mums on Herr really badly in debt?!
Long story short, I was in an extremely abusive relationship where my ex had control over everything including finances, I left after he attempted to kill our children and I and he went to jail. He has attempted contact but I haven't EVER responded from that night.... Anyway, not long after I left I found out he hadn't been paying either our personal loan, car payment and other household bills.... I was pregnant when I left and couldn't work, I returned to work a while ago but had to quite due to a family health emergancy.... He doesn't care that his credit rating is screwed... Me however its stressing me out so much having around 10k debt over my head... He smashed our house we shared and I had to pay 3k for damages as well as be placed on TICA... Although due to domestic violence and police orders my name was removed.... Now we have moved on and are living comfortably but not extravagant while I'm looking for work.... Is there any places that will help with my debt repayments or a good bank that will help budget and or negotiate with me... Also how long will it take to repair my credit rating... I want to buy a house for my kids to have as I'm the only person to give them anything in life. I'm only on centre link ATM, I pay $320 a week in rent and don't receive child support.
Thanks in advance xo
5 Replies
Contact a company that will negotiate a Part 9 Debt Agreement for you (google it, Fox Symes is one) - they will liaise with creditors and arrange a monthly repayment for you that will be divided among your creditors as payment towards your debts.
I would go to a financial counsellor. Places like the salvos have financial planners at no cost. They can give you free unbiased advice. They don't get any financial reward for the advice they give so no reason to push you in one direction or the other. That would be my very first port of call before talking to any private company. They can advice what is the correct process and even help negotiate with banks etc for no cost to you.
did you apply for victims of crime compensation to pay for damages and losses you suffered due to the violence/abuse?
Im a single mum of two, we were in such severe debt after a dv relationship, i had a mortgage for something that wasnt much bigger than a garden shed - but im not complaining we would have been homeless without it, for about 7 months i lived on 2min noodles, packet soup and sometimes nothing at all just so the kids could still have fruit n veg... if you can try and consolidate your debts an pay it off as quick as poss, thats the only advice i have...
how do you eat an elephant? one mouthful at a time
If you do a debt agreement you might as well go bankrupt and save that money. Both are against your name on the npii for life either way. Both have the same outcome (you wont be able to get credit for 7 years).
Just an FYI if you paid all the money owing at the rental property you shouldn't be on TICA anymore. There is legislation covering people for coming to the party with any money owed etc. contact the Real Estate that listed you or TICA - it's expensive to call them though.
Don't go to the places that negotiate your debts and help pay back unless you're happy being classed as bankrupt!
I've been in a similar situation, struggled to pay it off but I did. Still left with bad credit rating and through borrowing (high interest loans and paid back early) helped repair my bad credit rating. I'm getting there slowly. It's a long hard process. Keep on keeping on and good luck!