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

Until they've got numbers down on paper, they're not sure if they can cover it.

Then it might be,

maybe more complex budgeting, where maybe there's a mix of income sources and maybe some more complicated debts, a couple of payday loans, maybe one credit card's towards its limit and they've got a personal loan or a car loan as well.

It might be a change in circumstances that someone walks in with the door, unforeseen impacts to their income or their ability to manage expenses and liabilities.

It might be a loss of work or income.

But in terms of working with clients that I have seen a major impact with, it's been things like

health issues, people having to leave a relationship, perhaps through domestic violence, people losing a life partner.

So with the health issues, I have had instances before where people have come to see me with terminal diagnoses on health conditions that have come and said, look, I've got a terminal diagnosis.

I've got a young family.

We've got some

credit card debt and some personal loans that we're getting chased for by the bank or by the debt collection agency.

Now, to be fair, the bank or the debt collection agency may not know the situation that's occurring within that family, the catastrophic scenario that they're dealing with.

So it's a way for them to come to us where we can get a handle on what impact their health situation is having on the family and their wellbeing.

what impact that's having on their finances, what additional hardship that's pressing onto the family and trying to deal with all the other living expenses and all the other kids' schooling costs and all of the other things that they need to keep up with in terms of rental mortgage, and then having this additional debt that they're dealing with.

Many financial councils have been able to go back to the credit companies and say, look, here's the situation.

Here's some evidence of that situation.

we would like to request perhaps a full debt waiver, a reduction in the interest, a waiver of the interest, whatever that might be, and help them alleviate some of that stress.

Now, we have had success in the past with some major banks and credit companies saying, okay, those circumstances are quite extenuating.

We can see the impact that's having on that family.

We'll waive that debt.

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