Debt Consolidation

Debt consolidation can be a relatively simple and cost effective process provided adequate security is available. If you own property and there is equity in the property, other debts may be refinanced through refinancing all debts to achieve residential property interest rates.

Unsecured loans to refinance debt are often difficult to obtain and expensive if available.

Anyone finding they are in a position where it is difficult to meet loan repayment obligations should contact the creditor immediately and be completely upfront and honestly explain the situation. Remember to be proactive and understanding if you find yourself in a situation as this. The person on the other end of the telephone or sitting across the desk has heard a lot of stories and many of these tales may have proved in the past to have deviated slightly from the actual truth!

It is in both the lender and the borrowers interest to reach a resolution if financial difficulty has arisen.

Borrowing to cover past arrears or defaults can be a risky and expensive undertaking.

The various state governments around Australia have assistance and advice for persons finding themselves in financial difficulty.

Seek out a Financial Counsellor to assist and advise on what options may be available if a resolution cannot be achieved with the lender.

NSW Department of Fair Trading has this page with information as a starting point for NSW residents.

Other debt consolidation information that Ability Finance may be able to help you with is available at Debt Agreement and Debt Rescue.