Debt consolidation is a great way to put more money in your pocket on a weekly basis. We can only help with debts being consolidated into a home loan so you MUST HAVE PROPERTY for us to help!
The easiest way to consolidate debts is to roll them all into your home loan, which will usually have the lowest interest rate and give you the biggest monthly saving. All you need is some equity in your property as you can’t borrow more than your property is worth. These loans generally don’t need clean credit but the better your credit history, the cheaper it gets.
If you want to do a debt consolidation but don’t have property and have a bad credit history we can’t help you however I can give you a few tips on what to watch out for:
At the moment, there are very few businesses doing debt consolidations for people with bad credit. Occasionally they can be done it the bad credit on your credit history has been paid in full and you have a very good excuse. A number of companies will talk about a debt agreement. They are usually referring to a PART 9 or PART 10 agreements. These are interest free debt agreements with your current lenders which are part of the Bankruptcy Act. It will go on your credit report and all lenders will treat you as having been bankrupt for the next 7 years or more.
If someone tells you that a Part 9 or Part 10 debt agreement won’t affect your credit history they are WRONG! They treated the same as though you were Bankrupt! They are, in fact Part 9 & Part 10 of the BANKRUPTCY ACT. Make sure you understand what you are getting in to.
TIP: When we are consolidating an unpaid default or judgement in a home loan, we can often negotiate the debt to be reduced. Call now on 1300 139 883 to see whether we can save you money by reducing the payout!
To start saving money all you need to do is fill out the Application Form at the bottom of this page.