Government consolidating credit debt chapter 4 corporate nonliquidating distributions

Credit providers and brokers that aren't licensed (or are not an authorised representative of someone who is licensed) are operating illegally in Australia.

Search ASIC Connect's Professional Registers to check your credit provider has been licensed or phone ASIC's Infoline on 1300 300 630.

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.

If your home is jointly owned with someone else, you may have to pay the debt if they can't.

Single borrower debt to joint debt Take care and make sure you do not take on your partner's debts in a debt consolidation.

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.

The Money Advice Service has information about debt management and offers free debt advice.

A Debt Consolidation Program (DCP) takes care of your unsecured debt, which includes credit card debt, payday loans, unsecured lines of credit, and other unsecured loans.

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