Victoria Shakeshaft
speaker
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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Appearances
So we have what's called a moratorium.
which is basically a payment break.
So that might be one month, three months, six months, very occasionally 12 months where the bank says, okay, yep, you don't need to make payments for this time.
That does have an impact on your credit reporting.
It's important to note that pretty much most of these options will have an impact on your credit report.
And also your interest still accrues generally during a moratorium.
So that's a moratorium, which is a payment break.
We can also negotiate things like a reduced interest or no interest period or very occasionally reduced or no interest for the life of the loan and just repay the remaining principal and accrued interest, which is the interest that you've already added onto the loan.
We can sometimes apply for a debt waiver or a partial waiver, which is where we ask the creditor to cancel your debt or to cancel some of it.
which is often what we use if you've had a massive permanent change to your life circumstances.
So if you have an injury and you can no longer work for the rest of your life, we would generally be approaching creditors for a waiver.
There's what's called capitalisation.
So that's often for a mortgage.
So basically if you've had a period of non-payment and you have an overdue amount,
That's called your arrears.
Basically, the bank, if you can show for six months that you can make the minimum payment, your bank will take that overdue amount and they will add it to the end of your loan for you so that you're no longer overdue.
And that means that your credit reporting returns to normal, although it wouldn't have been normal for the time that you were not making payments.
uh so there is also the opportunity to surrender your security so what that means is the car or boat or house that is held against your loan you can decide that you don't want to keep that anymore and you can give it up and the bank will sell that or the lender will sell that for you and they'll either
uh what's called goodness me so much language what's called realize a shortfall which means that what they manage to sell it for is not as much as you owe and then we have to negotiate that part um or they sometimes sell it for more and if they do they have to give you the the balance back um some of the other options that a financial counselor will do is we will assess your loan documents to make sure that the lender has uh
done their due diligence in making sure that they've lended to you in a responsible way under the National Credit Code.
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