Video: Financial counsellors and how they can help

Video about financial counselling

Video transcript

What is financial counseling and how can a financial counselor help you. People from all walks of life can find themselves in financial difficulty.

You might lose your job, you or someone in your family might become sick, your relationship might break down all you simply don't have enough money to live on, and the bills keep piling up. Whatever the reason, a financial counselor can help.

Financial counselors work in community organisations. Their services are free, confidential and non-judgmental. Most importantly a financial counsellor is on your side and no one else's. A financial counselor's job is to listen to your story, understand your financial position and to look at what options you might have. You might not think so but everyone has options.

Some other things that you and your financial counsellor could discuss might be whether you could repay a smaller portion of your debts. Credit providers also have a legal obligation to consider an application for a hardship variation.

Or perhaps she could offer a one-off lump-sum payment. It might make sense for the lender to accept this and write off the rest of the debt. A financial counsellor can give you information about your credit report and about what they can and cannot do.  They can tell you how to access assistance to help pay a bill from your electricity or water provider or from the government.

For some people one option might be bankruptcy. A financial counselor can also provide information about the advantages and disadvantages of doing this. A financial counsellor will also look up the legality of the debt. Perhaps don't owe the debt at all or the amount the credit providers say you owe is wrong.

There will always be options and these are just a few of them. Everyone's circumstances are different and everyone's options are different. In the end it's up to you to decide what option you think will be best.

Remember financial counseling is free, independent, confidential and non-judgmental. You can organise to see a financial counselor face to face, where you can talk to a financial counsellor on the phone anywhere in Australia.

To find a financial counselor in your area you can contact 1 800 007 007 or go to www.debtselfhelp.org.au.


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Last updated: 09 Aug 2016