Blog Posts
What is Bankruptcy vs Insolvency?
Many people use the terms bankruptcy and insolvency interchangeably for referring to a person or a company that is unable to pay off debts. In Australia the words ‘bankrupt’ and insolvent’ are often used interchangeably and are taken to mean the same thing when referring to a person...
Am I Responsible for My Spouse’s Debt in Australia
Marriage is a commitment to your partner to stand by each other through all circumstances for the rest of your life. Managing your finances jointly as a couple can be challenging, particularly when your financial situation is not great and either of you carries significant debts as...
How to Get a Personal Loan with Bad Credit
If you have a below-average credit score, it can be challenging to secure a personal loan from traditional lenders, as they may view you as a high-risk borrower. However, it's important to note that having bad credit does not necessarily mean that obtaining a loan is impossible....
How to Get a Car Loan with Bad Credit in Australia?
If you have bad credit, getting new loans becomes more difficult. Conventional lenders, such as big financial institutions like banks, mostly reject applicants with poor credit histories. But this doesn’t mean that you won’t find any lender willing to lend you money. There are...
Is Debt Consolidation with Bad Credit Possible?
If you have multiple loans and are having trouble managing them, you can consolidate them into a single loan by taking out a debt consolidation loan. But what if you have a bad credit score? Can you get a debt consolidation loan despite your bad credit rating? In this post, we will...
Defaults vs. Serious Credit Infringements: Know the Difference
If you are struggling to manage your debts and are on the verge of defaulting on your loans, it’s important for you to know the definition of a default and how defaults are listed on your credit report. You also need to know if you have committed a serious credit infringement during...
How Many People Have Bad Credit in Australia?
According to data released by the Reserve Bank of Australia (the RBA), as of the 31 August 2022 there were 13.17 million credit and charge card accounts and around 17.5 million credit and charge cards operating in Australia. The average credit card balance in August 2022 was...
What is Comprehensive Credit Reporting?
When you apply for a loan or any other credit product, lenders check your ability to repay the loan before lending you money. Most lenders will check both your credit report and credit score, which allows them to determine your creditworthiness and the risk involved in giving you...
How to Get a Default Removed from Your Credit Report?
Having a default listed on your credit report significantly reduces your credit score and can hamper your ability to get new loans. So, if you default a payment, how can you get a default removed from your credit report? In this post, we will answer this question and outline some of...
Everything You Need to Know About Bad Credit Payday Loans
Applying for a payday loan is a quick and easy process. Many lenders deposit the funds into your account within a few hours after your application is approved. Some lenders even loan you money despite your bad credit history. But are these loans worth it and are there any risks...
What can happen to your family home when you are declaring bankruptcy?
Bankruptcy is a formal legal process where you’re declared unable to pay your debts. When you become bankrupt, you don’t have to pay most of the debts you owe. Bankruptcy provides relief from the stress of debt and the harassment from debt collectors, allowing you to make a fresh...
Does Bankruptcy Clear Tax Debt in Australia?
Filing for bankruptcy is often the last option you have if you are unable to repay your debts. When you declare bankruptcy, you are absolved from repaying most of your debts, allowing you to make a fresh start and manage your finances in a better way. Bankruptcy is an important...
Can You Go to Jail for Bad Debt in Australia?
If you are struggling with managing your debts, you might be worried that missed repayments or your inability to pay off your debts might land you in jail. You will be relieved to know that you won't be incarcerated for failing to pay off your debts, irrespective of the loan type....
How to Deal with Mortgage Stress?
Worried about how you’re going to make your next mortgage payment? Unfortunately, you’re not the only one right now. New research from Roy Morgan shows an estimated 762,000 Australians were ‘At Risk’ of ‘mortgage stress’ in the three months to March 2022. This equates to over 17% of...
What is a Part 9 Debt Agreement?
Have you heard about Part 9 Debt Agreements recently and are curious to know more? Well, read on as I’ve attempted to answer most of the common questions that we receive about this type of debt agreement. A Part 9 Debt Agreement is also known as a debt agreement, and you may also...
How To Reduce Your Mortgage Payments?
Getting a mortgage is one of the biggest financial decisions you will make in your life, as for most people it is your single biggest loan, and the repayment terms are normally for 25 to 30 years. Yet, many people spend more time researching their new mobile phone purchase than what...
How Long Does Credit Repair Take?
If you've ever applied for credit or a loan, there will have a credit report. If you have a poor credit score or an error in your credit report, it may affect loans or credit you apply for, so it pays to try to fix it as soon as possible to reduce its potential side effects on your...
How to Survive Bankruptcy in Australia?
It’s hard to miss all the news stories at the moment about companies declaring bankruptcy. But what is bankruptcy, and more importantly, how do you survive bankruptcy in Australia? Bankruptcy is a formal legal process where you’re declared unable to pay your debts. When you become...
Can you file bankruptcy when married ?
If you are married, or in a de-facto partnership, and are considering filing for bankruptcy, you need to understand how this decision will affect your spouse or partner. Declaring bankruptcy is a major decision that could have significant long-term financial and legal consequences...
How to Reduce Taxable Income in Australia?
I get it, even thinking about doing your tax return is intimidating for many. But if you know you’ve done the most you can to minimise how much tax you pay, and instead maximise how much of your hard-earned income stays in your own pocket, then at least you can feel a sense of...
What is a Debt Management Plan and how does it work?
We’ve all heard this, and similar sentiments before...“ a failure to plan is planning to fail”. I don’t know about you, but I can’t get through a day without someone on at least one of my various social media channels sharing such quotes, supported by their own pearls of wisdom, and...
How to Remove a Paid Judgement From a Credit Report
Your credit report (also known as credit file), and the related credit score (or rating), is a record of your history with managing credit and paying your bills on time. Banks and other potential credit providers use this information to determine how creditworthy you are, or the...
Are Bankruptcy Filings Public Records?
Filing for bankruptcy in Australia is a serious decision, and it is important that you are aware of the implications of declaring bankruptcy before you make it. Bankruptcy can have a significant impact on your financial situation for several years, however it could be a suitable...
What is a Good Credit Score in Australia?
A credit score is a number that determines your creditworthiness, or the likelihood that you will pay back any money that you borrow. It helps lenders to make informed lending decisions based on the risk of lending you more money. The higher your score, the more reliable you’ll...
The Effect of Afterpay and Zip Pay on Your Credit Score
Buy Now, Pay Later (BNPL) giants After pay and Zip Co (which offer Zip pay) report almost five million customers across Australia and New Zealand combined. So, it’s likely that you’re one of them. But do you know what are the effects of After pay and Zip pay on your credit score?...
What is a Mortgagee in Possession – And How Do I Handle It?
If you have taken out a mortgage, you must know the repercussions of not making your due mortgage payments. A mortgagee in possession is one of the many unfavorable situations that you could face if you default on your mortgage payments. In this article, we will explain the...
What Happens To HECS-HELP Debt Upon Your Death
What Happens To HECS-HELP Debt Upon Your Death? A HECS-HELP loan (which you may also know as student debt) has eased the financial burden of attending university for thousands of Australians. In fact, according to the parliamentary library, more than 2.9 million Australians have an...
What is Buy Now Pay Later?
Whether we like them or not, Buy Now Pay Later (BNPL) platforms have changed the way many Aussies pay for things, but do you even know what they are?In this blog I’m going to cover: How you can legally take something from a shop without paying for it. BNPL platforms - the new hybrid...
The pros and cons of declaring bankruptcy in Australia
Filing for bankruptcy is a serious decision, and it is important that you are aware of the pros and cons of declaring bankruptcy before you make it. Understandably, no one wants to consider bankruptcy, as it can have a significant impact on your financial situation for several...
