Nick Georgiou

speaker

242 appearances 1 recordings 1 series first heard Sep 2020 last heard Sep 2020

Nick Georgiou’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · The Role of Financial Counselling with Nick Georgiou · 14 Sep 2020 podcast

Then we might do something like order a credit report so that we can see if there's anything else that's out there that's

that you haven't quite addressed and maybe the credit has lost contact with you because you've changed your address a couple of times.

Maybe your phone number might have changed.

So we'll get a handle on exactly what their debt profile looks like.

And then we'll start to see what options we've got in addressing those debts.

And that might be through their money plan.

So we might be putting together a budget or a money plan with a view to better track those everyday living expenses.

but also to see what money can be set aside to meet those debt servicing costs.

We might suggest ways that we can improve the financial situation through better management of those costs.

An example of that might be, let's say, utility costs.

Typically, we get our energy bills every three months.

So if somebody isn't quite keeping track of their income and expenses too closely, that three-monthly bill might come as a bit of a shock.

You know, if you're living sort of paycheck to paycheck, and then all of a sudden you get a four, five, $600 electricity bill followed pretty closely by a gas bill, maybe of half that amount, people can struggle to keep up with that.

And that can put quite a lot of pressure on them.

It can put a hole in their ability to meet other expenses.

So another way to manage that might be to

request fortnightly payments towards those bills and we'll work we'll help them work out what sort of pro rata cost would be to pay those bills maybe fortnightly through a direct debit arrangement whatever it might be rather than paying them every three months we'll help people by looking at that money plan to understand what debts are priorities here and what can we do about those debts is the variations to the credit contract that we can negotiate for you can we negotiate a pause on interest for a little while

Can we negotiate a deferral of repayments for a little while if there's been some disruption to your income through some change in work?

There might be a health issue where you're off work for a little while, whatever it might be.

And then once we've identified some different options for them, it's just talking through the pros and cons of those different options to help them reduce that financial stress downwards.

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