The following FAQs concerning refinancing or debt consolidation will assist you in understanding it as a debt solution alternative. These questions and the responses are based upon Australian Financial Solutions' significant experience in providing people with debt solutions.
- What is debt consolidation and loan refinancing?
- How might refinancing of my existing loan provide me with a solution?
- What will debt consolidation do to solve my current debt problem?
- How can Australian Financial Solutions help me in seeking to obtain a new loan?
- If the banks say that I cannot obtain a new loan what other alternatives do I have?
- If I have a poor credit history is it worth considering this as an option?
- Can you show me an example of how this might work?
- What should I do now?
Remember that there are alternatives to bankruptcy. So consider the FAQs then contact us at Australian Financial Solutions to receive our free and confidential advice, and discuss the debt solution that best suits you.
- What is debt consolidation and loan refinancing?
-
In short it involves obtaining a new loan to repay your existing pressing obligations. Click here to be taken directly to our information page that explains what refinancing and debt consolidation is all about.
↑Top
- How might refinancing of my existing loan provide me with a solution?
-
If you own your own home but it is mortgaged to your home loan provider, seeking the refinancing of that loan may assist in releasing equity in the property. That equity (once released) may be applied to other debts to meet your commitments in those areas.
↑Top
- What will debt consolidation do to solve my current debt problem?
-
If you have a number of debt commitments with high interest rates and high monthly commitments for repayment, consolidating your loans may alleviate your situation. The objective of loan consolidation is to obtain a new loan on better terms to replace several existing loans or debts that are less favourable in terms of repayments and interest charges. Consolidating the loans also has a benefit of bringing all of your repayments under one regular repayment.
↑Top
- How can Australian Financial Solutions help me in seeking to obtain a new loan?
-
Australian Financial Solutions can assist by you by providing an independent assessment of your financial position to determine whether loan refinancing or debt consolidation is right for you. If so, Australian Financial Solutions can assist you in collating the necessary information to seek approval for the new loan on terms that suit your circumstances.
Australian Financial Solutions can then also quickly establish the likelihood of you having a loan approved by referring your situation the appropriate lending source. Australian Financial Solutions will continue to work with you to achieve your best debt solution.
↑Top
- If the banks say that I cannot obtain a new loan what other alternatives do I have?
-
There are several alternatives that should be explored. If you contact us at Australian Financial Solutions these can be explained and discussed with you to determine which alternative will provide a debt solution for you. They include a debt agreement, a Part X argreement, and an informal arrangement with creditors.
↑Top
- If I have a poor credit history is it worth considering this as an option?
-
You may qualify for a new loan even if you have had poor credit in the past.
↑Top
- Can you show me an example of how this might work?
-
See our case study example that outlines how refinancing and debt consolidation works.
↑Top
- What should I do now?
-
Taking action is the key to regaining control and releasing the pressure. Contact us now at Australian Financial Solutions and we will help you to find the debt solution you need.
↑Top