If you are juggling several loans at different interest rates, it can be hard to know where to start. Understanding what options exist is usually the first step.

Combining your repayments

Where debt consolidation is appropriate, the aim is to replace several repayments to different creditors with a single repayment you manage in one place. Instead of tracking multiple due dates and amounts, there is one.

Whether consolidation is available to you, and on what terms, depends on your circumstances, your creditors and the lenders involved. Nothing is guaranteed. If it is not likely to work for your situation, a consultant will tell you that.

Bad credit and your options

A poor credit score can make borrowing harder. Banks and other lenders may decline an application, and where credit is offered it is often at a higher rate. That is worth knowing before you apply, because multiple declined applications can themselves affect your credit file.

A low score does not mean you are out of options. Depending on your circumstances there may be formal or informal arrangements available — you can read about the debt solutions available in Australia, or start with a free assessment to find out which ones apply to you.

What we do, and what we do not do

Debt Negotiators is an AFSA-registered Debt Agreement Administrator (registration 1403), holds Australian Credit Licence 390820, and is a member of the Australian Financial Complaints Authority (25029).

We are not a lender and we do not provide credit. We are not a law firm, and we do not provide legal advice, financial advice or financial counselling.

If you would prefer free and entirely independent help, the National Debt Helpline is a free financial counselling service on 1800 007 007.