Where to go for Debt Advice
Most of the people, affected by debt burdens, are desperate to come out and are perplexed as to where to go for Debt Advice. They can resort to the following suggestions:
- Financial counsellors
- Dispute resolution schemes
- Legal advice
- Acquiring a copy of your credit report
- Finding out about bankruptcy
We can discuss in little length about the above avenues where you can resolve your debt problems.
Financial counsellors
If you are finding it difficult to clear off your debts, you can put forth your options with a financial counsellor. Financial counselling services are readily accessible free in almost every state and territory which would facilitate you to:
- Map and administer your funds well again
- Consult with debt collectors
- Deal with a debt catastrophe
- Triumph over gambling troubles
- Assess insolvency and its result
To locate an organization which provides financial counsel you need to search under “Counselling” on the Australian Financial Counselling and Credit Reform Association website or search our Consumer & business directory under the short cut link “Community Legal Centres, Legal Aid and Consumer Organizations”. You can also go to ASIC’s consumer website, FIDO, or call ASIC’s Infoline on 1300 1300 630.
Dispute Resolution Schemes
Numerous industries (banking, telecommunications, energy, water and insurance) comprise their own dispute resolution schemes (ombudsman scheme). These are freely offered to consumers, and decisions are obligatory. If you have a perpetual dispute, the ombudsman from the industry you are dealing with may be able to help you resolve the matter.
It is advisable to take your dispute with the ombudsman since legal trial cannot be charged against you while the issue is dealt with him. Hence, do not wait till the legal proceedings are charged against you.
Legal Advice
Most people faced with legal challenges due to debt cannot afford private solicitor. Legal aid and societal legal services are available free in every state and territory. Chamber magistrates can also offer initial counsel to people who have had civil cases charged against them. You can look out for our Consumer & business directory for Search our Consumer & business directory for details for community legal centres or legal aid offices in your vicinity. You can also search for National Association of Community Legal Centre's 'CLC Directory' for information of more than 160 community legal centres across Australia or the 'Community Advisory Services' section of your Yellow Pages.
Acquiring a copy of your credit report
You can browse your information and your credit history in your credit report to find out whether the details are authentic, and if not, fix the mistakes. Financial Counsellor can give further information about acquiring a credit file and how to rectify the mistakes on you file by visiting ASIC’s website, FIDO or calling ASIC’s Infoline on 1300 1300 630.
Finding out about bankruptcy
Bankruptcy Act contract may be a choice, although this has serious repercussions for few people who are in debt crisis. It is advisable to get counsel from a free and independent financial counsellor or a professional financial adviser prior to taking any steps if you are seriously thinking about bankruptcy as an option. Information on personal bankruptcy can be obtained from Insolvency Trustee Service Australia (ITSA), the government organization that regulates the personal insolvency system in Australia. You would certainly do well if you resort to the above steps to get rid of the debt problems that you would be facing now instead of being perplexed as to where to go for debt advice.