Debt management and financial counselling

Things to consider when choosing a debt management provider

Financial counselling does not need to come at a cost, and there are free and regulated services available, and we have listed some below
Some services will also provide you with assistance for complex situations such as family violence, natural disasters and economic financial abuse
It is always best to reach out to the company you owe money to (Creditor) first, so see what options they can provide
When seeking a private financial advisor, ensure they hold an Australian Financial Services (AFS) license, or are an authorized representative

Check if your financial counsellor is listed on ASIC’s Financial Advisers Register

Buy now pay later (BNPL) services may appear convenient, but they can come with risks.

Not all services are regulated, or legally required to offer hardship assistance if you can’t make your repayments
Using multiple accounts or companies can lead to over-commitment
Some companies advertising “Interest free” loans will still apply late fees, collection fees and other account charges that can add up quickly
These payments may also be listed on your credit file, which can make it difficult to seek loans in the future