Hi everyone.
I’ve just got back from seeing a financial councillor and pretty much got told what I already knew.
Got past debits from past relationship and making small payments on some but I feel like it’s never going to end it’s been 5 years now. Any advice? Bankruptcy or part 9? Or just keep chipping away at it. Anyone know about the statutory debit after 7 years?
Debit
Debit
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Money
7 Replies
What if you consolidate it under a single loan with one payment?
That’s something to discuss with the counsellor. They are the best people to advise on this.
Are you really getting nowhere? Whats your income and is it likely to change dramatically in the next year? Have you taken your 10k super? Would that make a significant difference?
We paid off a lot of debt using the barefoot investor method of dominoing debts. It was hard at first but as each debt got paid off it almost became addictive. Personally it was a matter of pride to pay off those debts and put my family back ahead. But really it’s the financial counsellor that knows your financial position and what would be best for you. Maybe get a second opinion if you are unsure you got the best advice first time around
Not OP, but that’s what I’m doing too. Got into a fair bit of bother with debt and now digging myself out of it. If I stick with BFI methods I should be debt free within 3 years.
I went into a part 9 many years ago and its honestly been the best thing ive ever done. Its made me smarter with money. Ive now been debt free for about 4 years. It stops you from repeating the same mistakes (getting into more debt) for stupid things. After 5 years it drops off your file. Im about to go for a home loan. ITs totally doable. Good luck.
What if the debit is around 100k? Paying that back at bare min is that even possible in 5 years on minimum wage??