Help Repair your Bad Credit

Personal debt is at epidemic proportions in Australia and more people than ever are struggling with financial hardship. It’s little wonder then that millions of Australians have black marks on their credit records.

It’s easy for defaults to be listed on your credit file. Taking too long to pay your telephone, water, electricity or gas bill, as well as missed payments on credit cards, personal loans and bad debt consolidation loans, are prime ways to attract a default listing against your name.

The implications of a bad credit record can be far-reaching. A poor credit rating can lead to being declined for finance well into the future. The good news is that a bad credit rating can be repaired with time and vigilance.

If you’d like to check your credit rating, you can obtain a free copy of your credit file from Veda Australia. We recommend that you request your credit file periodically to check for errors or evidence of identity theft.

Bad debt consolidation is not your only option.

The frustrating thing about having a bad credit rating is that it limits your options for remedying the situation. Many people assume that their best option will be bad debt consolidation. The trouble, however, is that bad debt consolidation loans are difficult to obtain and often expensive to service.

There are lenders who specialise in lending to people with poor credit. However, the bad debt consolidation products they offer usually come with higher than average interest rates. This can make the repayments on a bad debt consolidation loan unaffordable for many people.

Some debt solution companies also describe formal debt agreements as bad debt consolidation. A formal debt agreement will consolidate your debt and usually reduce your payments, but it will also have serious consequences for your financial future. Formal debt agreements are regulated by the federal government. A formal debt agreement will appear on your credit file for seven years and your name will be listed on the National Personal Insolvency Index forever. In fact, the consequences of a debt agreement are not dissimilar to bankruptcy.

With MyBudget’s help, most people are able to reduce their debt without obtaining a bad debt consolidation loan or further credit, and without entering into a formal debt agreement.

Our advice is free and independent, which means that we explore all of your options and make recommendations based on your specific needs. Bad debt consolidation may or may not be the best solution for you.

It starts with a free consultation where we will assess your financial situation in detail. As well as analysing your income and expenses, we closely examine your debt situation. Even if you decide not to proceed with MyBudget, your customised budget plan and our recommendations are yours to keep for free.

What can I do about my bad credit rating?

Unfortunately, there are no quick fixes for a poor credit rating. As with most things in life, prevention is better than cure. But MyBudget can help you to relieve your debt stress by resolving outstanding debts and renegotiating payment arrangements with your creditors.

Our vast experience in debt negotiation means that we know what sorts of terms are achievable. In many instances, we can negotiate for interest rate and repayment reductions or even arrange for payments to cease for a period of time while you get back on track.

Your long-term goal should be to develop a good credit history based on on-time payments. MyBudget can help you to create a personal budgeting plan that ensures all of your bills and expenses are paid on-time. You may also use the good payment history you develop with MyBudget to demonstrate your ability to repay debt next time you apply for credit.

MyBudget helped Jem with unmanageable debt and bad credit. We can help you, too.

Jem recovered from unmanageable debt and bad credit without taking a bad debt consolidation loan. Since joining MyBudget, he hasn’t had the phone or internet disconnected and he’s finally able to enjoy an active social life.

Book your free debt consultation today. The right solution is only one phone call away.

A free consultation with MyBudget is an opportunity to gain deep insights into your financial situation and all of your options. Even if you decide not to become a MyBudget client, the budget plan we prepare for you is yours to keep at no charge.

Change doesn’t have to be difficult. The first step is always the hardest, but in this case it’s as simple as making a phone call. Take the step today to get out of debt and start saving. It’ll be the best decision you’ve ever made.