Financial hardship

To say we’re living in uncertain times is an understatement.


What was affordable yesterday, may not be affordable today.


MyBudget is here to take the worry and ‘what ifs’ out of your finances with a clear, manageable plan for your money.


We make sure you have money in your pocket and your bills are prioritised in order of importance.


And we can also talk to your creditors about payment arrangements.

Join 110,000+ Australians doing better with their money

Feeling financially stressed? You're not alone.

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    Income Loss

    Unable to work, people are losing their income and entitlements.

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    Job Cuts

    Employers are letting people go as companies shutter or shutdown.

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    Stress and uncertainty is coming from all directions with no clear end in sight.

There are various signs of financial hardship. You may experience some or all of the following:

  • You have little or nothing in the way of savings

  • You regularly pay your bills late

  • You don’t know which bills to pay first

  • You don’t have enough money to live on

  • You rely on your credit card to make ends meet

  • You borrow money from friends and family

  • You’re paying late fees or penalty interest

  • You have defaults or collectors chasing you

  • You’re worried about losing your home, car or other asset

  • You lose sleep or spend a lot of time worrying about money

If you’re experiencing financial hardship, your head is likely spinning with questions:

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    Which bills should I pay first?

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    Can I survive on reduced income?

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    Will my creditors help me?

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    Should I access my super?

FAQs about financial hardship

Due to the pace at which the situation keeps evolving, we’re unable to provide specific advice about government benefits, stimulus payments or other financial relief schemes.
See our Guide to Financial Assistance During Coronavirus for a general summary or refer to the following resources for up to date information about financial assistance programs and your eligibility:

Financial difficulty usually begins with a series of warning signs that tend to snowball. Loan repayments, for example, can quickly become unmanageable when continual late payments attract penalties. Credit card debt may become unmanageable if the balance is allowed to grow every month.

If you start falling behind on your payments, you may receive payment demands from creditors. If the situation isn’t remedied quickly, it’s not uncommon for creditors to issue default notices and refer the matter to a collections agency.

It can impact your credit rating, lead to the repossession of goods, and even escalate to legal action.

Don't let your financial stress escalate, seek financial assistance. Address your money problems swiftly.

If you are struggling with your finances, it’s important to communicate your situation to your creditors. You may be able to apply for a temporary variation of your repayments, or reduced payments on the grounds of financial hardship.

We help people from all walks of life to begin to ease their way out of financial trouble.

Solving your money problems can be easier when you have a team of experts doing the legwork.

MyBudget’s experienced negotiators can take care of the administrative requirements demanded by creditors. If required, we can communicate with your creditors on your behalf and may be able to negotiate revised payment plans for you.

We can work together to help you with your finances and begin to reduce money stresses you may be experiencing.

Our aim is to help fix your money problems so that you can get back on track faster and start enjoying your life again.

  • Our negotiators tend to know what sorts of terms are achievable.
  • They may be able to make changes to existing payment plans
  • Or they may be able to seek repayment moratoriums (a repayment break) while you get back on your feet

On your behalf, we can also:

  • Pay your bills with your own income
  • Manage your household budget
  • Show you how to pay down your debts
  • Show you how to save and get ahead
  • Become the contact point for your creditors, if you would like us to.

When it comes to money trouble, no two cases are the same. That’s why we take the time to listen. We want to hear about your situation because we care and because it’s the only way to thoroughly understand your predicament.

The strategy we design for you is customised based on your circumstances. We're not aligned with any creditors and we don't recieve outside commissions, so our advice is based solely on your options.

The first step to reducing financial hardship is to book a free, no-obligation consultation.

It’s a friendly, relaxed session where we’ll ask lots of questions, do a lot of listening, analyse your income and expenses, and closely examine your debt situation. This is an opportunity for you to gain a deep insight into your financial situation and ask any questions you may have. By the end of our time together, you have a detailed budget plan that explains your options and can provide you with the ability to decide which option you would like to pursue.

We appreciate that talking about your money problems can sometimes be difficult. As well as being professional, our personal budgeting specialists are friendly and caring. Ask us as many questions as you like. We are always here to help and we want you to feel comfortable with the budget plan we create.

To find out more or book you free, no obligation consultation, give us a call on 1300 300 922 or enquire online.

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