The cost of living is increasing, interest rates are increasing, wages are stalling – will debt consolidation be the best course of action for you?
A few hints for those who are considering consolidating their debt:
- Lenders are looking at whether you pay your debts on time
- If you do have a few late payments, please discuss with us as we may have a solution or lender who accepts these late payments
- Do you have a number of debts to consolidate? Some lenders may have restrictions eg 4 loans but there are others who will have unlimited numbers of debts to consolidate
- Do you have an ATO Debt to consolidate? If so this can require a special lenders as not all lenders are ok with this
- Centrelink debts are usually ok to consolidate
- If you are self employed, we also have lenders who will consider your income (depends upon how long you have been self employed for)
- Consider whether the increased term of the loan and additional costs for interest are to your benefit or not
- Decreased expenses in the future based on your Debt Consolidation will be taken into account and can actually mean your loan is approved!
- Poor credit or defaults – we have specialist lenders who may help you consolidate your debt
- We will ask about any change in your financial situation in case it impacts your ability to afford the loan
- There are some acceptable sources of income for your loan which vary from lender to lender (require more than Centrelink income) so if you are unsure contact us to discuss
Debts to Consolidate may include:
- Private Loans to Family
- School Fees
- Legal Fees
- Dental Bills
- Car Loans
- Credit Cards
- Humm/Afterpay/Zip
- Personal Loans
- Home Loans
- HECS Debt or overseas Study Loans
- ATO Debt
- Centrelink Debts
- Vet Bills
- Payout Debts for Property Settlement
- Deposits for Home Loans and Stamp Duty
- Business Loans
- Rent to Buy Home Loans (specialist lenders)
- Release of Equity for other Purposes
If you would like to see if Debt Consolidation does benefit you financially and free up your income for day to day living, please contact us to discuss
Mobile: 0403 211 361
Email: hello@georgefinancialservices.com.au