Victoria Shakeshaft

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495 appearances 1 recordings 1 series first heard Aug 2022 last heard Aug 2022

Victoria Shakeshaft’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · How to get financial help: paying off debt & financial counsellors · 8 Aug 2022 podcast

So difficult.

I've got a client at the moment carrying so much emotional damage from a debt that hasn't been paid back to her by a family member.

it's so fraught because it's not just transactional, it's emotional and transactional.

So I would kind of break it into two sections.

And it's really important to say that a financial counsellor can't negotiate with your friends and family.

That's not part of our role.

So we can help you decide what you want to say or how you want to deal with it, but we can't go into that for you on it.

I think if you have been lent money and you're in a position where you feel like you can't pay it back, it would really be questions like, are you ready to deal with the moral weight of not paying it back?

You know, it will weigh on you depending on the nature of your relationship with the person.

And so really thinking about what is it costing you emotionally to kind of be avoiding the person or be putting it off or not engaging with the conversation.

But that's not to say that you can't add it onto that same table that we talked about before and add it into your priorities.

And a financial counsellor will help you do that and work out the priorities.

And sometimes it'll be the case that we ask for hardship from a lender in order to enable you to pay back your family or friend first.

I think it also depends how much the other person considers it a priority.

So for some people,

Bank of mum, as some of my clients call it, you know, she's not charging any interest.

She's able to leave it and not mind because she's okay.

So we can leave that to the bottom of the priority list.

Still pay her or, you know, the other family member, but it's not as important as for some people if they don't pay their sister-in-law or their brother or whomever, their best friend on their next payday.

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