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

We're here to say, look, I'm really sorry that this has happened to you and let's see how we can work together to help you fix it.

We talk about what's happened to you, what your options are, and then you decide what you'd like to do.

And we support you in doing that.

It's such an important resource because we often feel a lot of shame around money and the decisions we make.

And it can feel very like we're going to be judged if we talk to our bank or our friends or family about the situation we're in.

So it's fantastic to know there's resources that are going to just treat you equally, take everything you say and just give you some solutions.

And then, as you said,

pick something that works for you.

Now, something I really wanted to touch on before we jumped into more about different types of debts and some of your best strategies for getting ourselves out of them are the reasons we end up in debt in the first place.

And I think it's super important that we have these conversations without any judgment or shame attached because everyone's story is different.

I know that as well as anybody and we end up in debt through many different circumstances and sometimes things completely out of our control.

So I wanted to know, do you see some common reasons about why we might end up in debt and if there's any ways we can work on dealing with the root cause of it so we don't sort of repeat that cycle?

Yes.

So I think really there's three broad categories of debt.

clients or situations.

So we have clients who are in front of us because of a crisis causing event.

So that is something like divorce, death, job loss, health issue, something that has had a dramatic and sudden impact on a person's ability to pay their expenses, often short term, but not always.

There's not too many ways that you can avoid, you know, generally one of those situations will only happen to you once.

So it's really about minimising that.

So making sure that you've got adequate insurance, that you've got legal documents in place in terms of your wills, binding financial agreements, anything like that is really the only way to prevent or minimise the effects of something like that.

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