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If you get into financial difficulty again, you can only negotiate with them.' Government backed schemes' (Part IX Debt Agreement) Beware of debt consolidation that is actually a Part IX Debt Agreement under the Bankruptcy Act.Never respond to advertisements for debt consolidation on social media or unsolicited emails.If you do plan to use a debt consolidation company or credit provider, make sure they're licensed by the Australian Securities and Investment Commission (ASIC).Refer to Negotiating payment terms for advice and tips on how to get an agreement in place that suits you.If you're struggling with your mortgage repayments, you may be better off selling your home on your own terms.
Only one lender to negotiate with When you consolidate into one loan you will have only one lender.Some financial institutions and private companies promote debt consolidation as a way to make your debts more manageable.They promise that your repayment will be lower than your current repayments, but that's not always the case.Getting a new loan or varying an existing loan to pay out a number of other loans comes with some risk. Longer to pay off The main downside of a consolidated loan is that it usually takes much longer to repay - and that means it may cost more in the long run.
Fees, charges and interest rates Make sure that you check the fees, charges and interest rate of the new loan – it may work out more expensive in the long run than if you just kept paying off your multiple debts.
You may even end up with money left over to repay other debts.