Help with

Bad Credit

Help with Bad Credit

The implications of a bad credit record can be far-reaching

Personal debt is at epidemic levels 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 or utility bills, as well as missed payments on credit cards and personal loans are prime ways to attract a default listing. This can lead to you having a bad credit rating.

The implications of a bad credit record can be far-reaching, but a damaged credit record can be improved with time. We can help you pay your debts off correctly so that you avoid further defaults or missed payments.

The good news is, we can help you get back in control so that you don't fall behind in payments again.

Get back on track

With the right debt strategy, you can repair your credit rating over time.

Correct errors
Credit file errors should be reported to the creditor and reporting agency or escalated to the appropriate ombudsman.
Affordable payment terms
Talk with your creditors about payment terms that are more affordable and help you get back on your feet.
Pay on time
Credit reporting in Australia has moved to a positive system that allows creditors to report on-time payments.

How to check your credit report

It's your right to request a free copy of your credit file once a year. You may obtain it from any credit reporting agency.

In Australia, these are Veda, Dun & Bradstreet, and Experian.

We recommend that you request your credit file periodically to check for errors or evidence of identity theft.


With MyBudget's help, most people are able to pay down their debt without needing a formal debt agreement. That's because our customised solutions are designed to fix the cause of the problem.

In most circumstances, we can help to:

• Design a customised debt solution to meet your needs

• Negotiate more affordable payment terms with your creditors

• Prioritise your bills and expenses

• Make sure your bills are paid on time

• Ensure you have enough money for living expenses

• Set aside savings so that you can break the debt cycle and start to get ahead

It starts with a free, no-obligation budget consultation where we assess your financial situation in detail. As well as analysing your income and expenses, we closely examine your debt situation and help you to explore your options.

Even if you decide not to proceed with MyBudget, the information about your options is yours to keep.

Unfortunately, there are no quick fixes for a poor credit rating. MyBudget can help you to relieve debt stress by creating a customised plan to pay off your outstanding debts and renegotiating payment arrangements with your creditors, where possible.

Our experience in debt negotiation means that, in most instances, we know what sorts of terms are achievable. We can often negotiate for repayment reductions or arrange for payments to cease for a period of time while you get back on track.

Unlike formal debt agreements that appear on your credit file for five years and have far-reaching consequences, the aim of informal debt negotiation is to help you get back on track without further damaging your credit rating.

We can help you reach the long-term goal of developing a good credit history based on on-time payments.

MyBudget can design a free tailored personal budgeting plan for you that helps to ensure that 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 if you apply for credit in the future.

See how we have helped others...

You could be a MyBudget success story too

Yvonne, MyBudget client

"I had let my bills go so long that I was receiving law suits and summons to go to court to pay bills, and I did think I was going to lose my house... They [MyBudget] spoke to all of my creditors. They said okay, this is what we need to pay immediately, this we can hold off on for a little while, and this we can sit on for a longer time."

Yvonne, MyBudget client

Paul, MyBudget client

"We spent everything we earned... and it meant consolidating credit card on numerous occasions, more than once and it just got to the stage where I said we can’t do this anymore... Now MyBudget’s helping us achieve stability; that’s something we’ve been trying to get for a long time and we’ve never been able to do it on our own."

Paul, MyBudget client

Andy & Rebecca, MyBudget clients

“We were in a lot of debt, we were really racking up our credit cards just to pay for the therapy we needed for our child. It just snowballed, it just went out of control... We didn’t know how to do it and pay our other bills and so that’s why we made the big step and made the phone call. I just wish we did it sooner, it would have been a big stress release for us.”

Andy & Rebecca, MyBudget clients

Hear more from our clients

Find out more about MyBudget. Speak to us today. 

We can answer your questions and show you how easy it is to get started.

Get started!
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