Just wondering if anyone has experience with cashing super to assist with debt or financial hardship?
I am in a de facto relationship with no children and my partner's income is "too high" for me to be eligible for any government assistance, but really only enough to keep us treading water as far as getting on top of bills, credit cards etc goes. I am looking for work and attempting to work for myself/temp in the meantime which helps but is unreliable as far as budgeting goes. We don't have a mortgage, my partner's income is fairly seasonal around the NQ wet season (ie they don't start projects Dec - Feb, even though it's not raining at the moment) so we're in his lower money making period and have insurances, registrations and an annoying insurance excess I managed to rack up all due in the next month or two and looking at his current wage and what we have to pay I just don't think we're going to be able to do it all. We've worked out a budget that includes putting the weekly amount away for each bill but we're stuck in a catch 22 situation as at present, if we do that we can't pay the things that are due in the meantime or have enough left to live on.
I was trying to find some info about being able to access part of my super online but I'm a bit confused as on one site I found (the Australian government human resources site) it looks like I may be able to satisfy the compassionate grounds but I keep seeing this 26wks of Centrelink payments come up too which I don't have.
Just hoping someone may know a little more about it before I contact my super fund?
3 Replies
It's been several years since I did this but yes you needed to be receiving centrelink benefits for at least 6mths to qualify for early release of super on compassionate grounds. Are you able to negotiate a payment plan with any of the insurance companies? We pay our insurance monthly it may bump the yearly cost up however saves having that huge payment. Also consider paying registrations for only 6mths so that they don't fall due at this time of the year then pay yearly from then onwards. Good Luck
Actually I didn't even think to switch to monthly insurance payments thank you!
I'm not sure about the super, my friend just had to cash hers in as she lost her business and had to declare bankruptcy but I'm not sure what it all involved sorry! In the mean time, Call all utility companies and set up monthly payments to ease the burden of having to fork out thousands of dollars at one time. Phones, electricity, rates, etc. most companies are happy to set up payment plans as long as they are getting paid somehow. Ring them now before your bills come and have it all set up so you don't end up having the stress of them calling and hassling you for money. Good luck, I hope thing ease up for you soon