Owing money or falling behind on debts can be stressful, but there are ways you can make things easier.
If you are unexpectedly in a position where you are unable to meet your credit repayments you should contact the credit provider to discuss a hardship arrangement.
Options might include;
Most organisations will work with you to resolve the matter as long as your offer is reasonable and you keep to the agreed payments and update them if your situation changes.
Always remember if you are in difficulty, make a list of what you owe so you have a clear idea of your debts and then create a budget so you can work out how much you can afford to pay towards the debt.
If you are unable to reach a suitable arrangement with your creditor, you may consider making a complaint.
The Australian Financial Complaints Authority (AFCA) is a fair, free and independent dispute resolution for financial complaints about issues such as credit, finance, loans, insurance, banking deposits and payments, investment and financial advice and superannuation.
You can visit their website here: https://www.afca.org.au/
Tips for banking
How can a financial counsellor help?
Financial Counsellors help people who are experiencing financial difficulty. They are skilled professionals who will guide you through your options and help you plan your way out of debt.
They may be able to assist you by:
What can a financial counsellor provide information about?
They can provide information and advice about:
It’s then up to you to make the decisions about how to manage your situation with the advice you’ve been given.
DUSA'S financial counselling
Our Financial Counselling is a non-judgmental, independent, confidential and free service provided to inform, support and advocate for people in financial difficulty. Having the support of a financial counsellor can relieve your money worries.
To make a free, confidential appointment with a DUSA Financial Counsellor, visit your DUSA office, the DUSA website, or contact us via telephone on (03) 9246 8615.
Sometimes students ask questions that are not in relation to Academic Integrity, or the DUSA Advocates require further information so that they can answer the question. If you see your question here, we recommend contacting the DUSA Advocates. They can provide you with support regarding your circumstances and/or help you find the service you need.