How to Get Out of Debt With the Get Out of Debt Guy » australia

Consumer Debt a Growing Problem in Canada and Australia

Steve Rhode — Tue, 17 Jan 2012 21:29:30 +0000

Recent reports out of Canada and Australia paint a similar picture for consumers in both countries. Consumers are loading up on consumer debt and it is becoming a concern for regulators. Right now levels are about the same, consumer debt is approximately 150 percent of income.

Both Canada and Australia have experienced less unemployment that the United States or even England. This has left consumers feeling braver about the near future and more confident to take on a level of debt that exceeds their income.

The Bank of Canada is warning Canadians to take it easy and not go further into debt. The bank says they see consumer debt levels growing at a faster pace than income. They said, “In contrast, very favourable financing conditions are expected to buttress consumer spending and housing activity. Household expenditures are expected to remain high relative to GDP and the ratio of household debt to income is projected to rise further.”

This might be due to economic pressures in Canada and a greater reliance on easy credit to make ends meet.

@GetOutOfDebtGuy

I Left Dubai in Debt, Went to India and Now Live in Australia. – Iram

Steve Rhode — Sat, 26 Nov 2011 15:20:44 +0000

From How to Get Out of Debt

“Dear Steve,

I am an Indian citizen presently permanent resident in Australia. I visit india every 2-3 years. i was working in Dubai UAE from March 2003 till June 2005. In 2005 i cancelled my visa and left dubai for good. before leaving dubai….. i had credit cards from RAK bank and HSBC bank i admit I made some good purchases with these cards. I came back to india , got married and forgot abt all this.

After marraige I left for Australia and have been living here since. my parents got some initial calls from some ppl (representatives of these banks ) in india in initial years … say 2005-2006. but after that nothing. I never got any mails or statements from these banks in all these years. Until recently (4 months back) I got a mail on my email address from a debt collecting agency in india regarding this payment to which i replied and got no response. Now from last 2 days my relatives (in laws who were not existing at the time of taking credit card o r leaving Dubai ) are getting calls from some people who are acting on behalf of RAK bank asking for my whereabouts . they are using harsh words and warning them of dire consequences if they dont give my where abouts and also telling them that I will get arrested while I land on Indian soil.

My question to you is that Its been 7 years since I left Dubai and how is it that they are contacting me now that too through a collecting agency in India. How did they got those contacts that were not even existing at that time and I have hardly lived at those addresses except for a few days every year with no official activity (just holidaying). Is it possible that I have a police case IN INDIA and I might get arrested upon arrival. I visited india just one and a half year back and at that time nothing happened. I dont even remember how much was the credit amount as I never received a bill from them…. so is it possible that the amount may have multiplied by many thousands. How can I get rid of this. I am so sad. plz reply as soon as possible and email me when it is done. Many thanks and a BIG HUG

Iram”

The Answer:

Dear Iram,

I’ve not heard of a police case being opened in India as a result of debt in Dubai. It sounds to me as if it is just an aggressive debt collector in India that is making up stories to intimidate you.

To be safe though, I’d suggest you ask your family back home for the name of an attorney or solicitor there you can contact and ask your questions to about checking for an open police case in India. I doubt they will find one.

Of course resolving the underlying debt with the Dubai banks is always an option.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

FTC Gives APEC Cross-Border Privacy Rules Thumbs Up For Consumer Information Protection

Amanda Miller — Mon, 14 Nov 2011 14:43:55 +0000

From How to Get Out of Debt

Yesterday, President Obama and representatives from other Asia-Pacific Economic Cooperation (APEC) economies met to discuss consumer cross-border data privacy protection at a meeting in Honolulu, Hawaii. The meeting focused on the APEC Cross-Border Privacy Rules, a new initiative to harmonize safe data sharing across country borders and enhance the protection of consumer data that moves between the United States and other APEC members, at a time when more consumer information is moving across national borders. The Federal Trade Commission (FTC) put out a statement today welcoming the approval by the forum.

FTC Commissioner Edith Ramirez welcomed the initiative on behalf of the agency, noting that the global flow of data raises significant consumer protection issues. Ramirez has been active in the FTC effort within APEC since she joined the agency in 2010.

“With personal information now moving around the world in the blink of an eye, we need pragmatic ways to bridge the gaps between different legal systems and privacy regimes. The APEC privacy rules have the potential to significantly benefit companies, consumers, and privacy regulators and move us closer to global interoperability of privacy regimes,” Ramirez said.

Companies that wish to participate in the APEC privacy system will undergo a review and certification process by third parties that will examine corporate privacy policies and practices and enforce the new privacy rules. In addition, the FTC and privacy authorities in the APEC region that choose to participate in the program will serve as backstop enforcers of the APEC privacy rules.

The FTC, the Department of Commerce, U.S. corporations, and privacy advocacy organizations worked together with their counterparts in other APEC economies to formulate the APEC cross-border privacy rules. APEC member economies expect to launch the new privacy system next year.

In addition to the United States, the 21 APEC members include Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, and Vietnam – Source.

Are Unemployed Computer Programmers Hacking Your Bank Account?

Amanda Miller — Wed, 05 Oct 2011 10:00:53 +0000

From How to Get Out of Debt

The term “white collar criminals” always sounded so fancy to me. You know? There’s something that just sounds glamourous about it. But fact of the matter is, there’s nothing glamorous about it – it’s just the same low life scam… in a pretty shirt.

Apparently Australia is seeing a surge in white collar crimes due to the world wide financial slump and their country’s recession.

It’s been reported that many unemployed computer programmers and IT experts have been teaming up with international crime gangs in attempts to steal millions from customer bank accounts.

Mason Hooper from the international cyber security firm, RSA, has commented that “when there’s a big glut of unemployed programmers on the market, we get an increase in cyber attacks” – Source.

By comparison cyber attacks have increased 50 percent since 2010. In August of 2010 it 17,9000 companies reported cyber or internet scams while this year 26,900 reported.

Companies are being mass targeted and e-mails, trojans and phishing attempts are being to sent to clients and business contacts of attacked companies.

It’s important to remember that a bank or financial institution will never request confidential security details (like passwords or PIN security numbers) via e-mail.

There is however a new scam hitting inboxes in the form of a survey. The survey is presented as market research and you are offered a small payment for completing said survey. To many this may seem enticing, especially if you’re strapped for cash and this e-mail so magically and conveniently was sent to you. To complete the survey scam you’re asked to input your bank account details so you can be “paid” for your time. However, you’re not going to get paid, you’re going to get scammed.

It’s been reported that most of the time it’s not the suspected unemployed computer programmers or IT citizens doing the actual scamming but instead they may write a program and sell it to a crime gang.

“These programmers also sell phishing kits through underground internet sites for as little as $US100. The same kit can be sold over and over again to as many people as possible” – Source.

Stay smart, readers. If something seems too good to be true, it’s probably because it is.

If you have been scammed and would like to file a scam report, please click here.

How To Tackle Global Fraud Pandemic: Share And Care

Amanda Miller — Tue, 04 Oct 2011 17:30:45 +0000

From How to Get Out of Debt

In Australia police are saying that 76 percent of e-mail investment scam victims continue to send money even after police warn them that they’re being deceived.

The most common e-mail frauds and scams are those that request money to unlock a promised inheritance payment or to reap rewards from a business opportunity. One of the more famous e-mail scams that hit in years prior was the Nigerian Oil scam.

Last week investigators from Nigeria, Ghana, Queensland Australia and the United States met to focus on the tackling of our global “fraud pandemic.”

It was reported that around 2,000 Queenslanders transfer $2 million to scammers in Nigeria and Ghana every month. Many of these victims have a hard time believing they’ve actually been duped and will continue to send money even after the police’s warnings.

Another common fraud hitting Queensland right now are love scams where one tricks another that they’ve fallen in love and then asks for tens of thousands of dollars. When heavy emotions, like love and lust, get thrown into the mix it can be very hard to convince someone that they have in fact been scammed.

Detective Superintendent Brian Hay is urging people to have greater compassion for scam victims.

“We as a society tend to say, they’re stupid or greedy, [but] anyone approached at the right time in their lives with right stories will be vulnerable to a fraud. Fraud victims are victims of a crime, they need our respect and need our support and need our help to rebuild their lives” – Source.

Queensland is urging more fraud and scam victims to come forward and share their stories with the public. Fraud can happen to anyone. Remember to share and care.

If you have been scammed and would like to file a scam report, please click here.

I’m Returning to Australia From the UK to be a Reiki Healer and I Have a Lot of Debt. – Jill

Steve Rhode — Mon, 27 Jun 2011 21:00:28 +0000

From How to Get Out of Debt

“Dear Steve,

gday, i wanted a credit card so that i could holiday in the uk this was easily approved as i was working at the time i was then offered a personal loan for 14,900 which i also accepted i would only be charged intrest on any amount i transfered or used this was great as i only needed it as a back up in case of emergency long story short…

i had my holiday worked for a time then decided to follow a spiritual path and have been doing so for approx a year now back in uk i will be returning to oz in a month or so i have made no payments on the debts so i now owe about 30k au i have had no contact with the bank i will be working as a reiki healer on a barter gift or donation system i no longer will have need for a bank ie good credit score and wont be paying tax

what is my first step in my situation regards jill thanks for being here

Jill”

The Answer:

Dear Jill,

So who is the loan company and what country are they located in. I need some clarity so I can answer.

Post your answer in the comments section below.
Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

We Moved from Australia to the UK and Now Can’t Pay AMEX. – Chantel

Steve Rhode — Thu, 14 Oct 2010 20:33:52 +0000

From How to Get Out of Debt

Chantel

“Dear Steve,

My husband and I moved to England from Australia two and a half years ago and everything was going fine but unfortunatley our circumstances have changed quite dramatically. We have two credit cards one with Amex and another with City bank which totals nearly twenty thousand between them. We have always paid our bills and have not used them since moving here. We phoned them up the other morning to explain that we have had a reduncey pay off and that we would like to pay them half of what we owe and close the account as that is all we have otherwise they dont get anything. As you can imagine they said no and would not discuss lower payments etc. My husband is Australian and is really worrying about this as although we are not going back to Oz to live we have paid for tickets to see family in Febuary and he is panicking that he will be arrested at the airport!! We dont know what to do as no one can help us.

Chantel”

The Answer:

Dear Chantel,

First, let me ease your mind that you will not be arrested upon arrival back in Australia.

Second, there is no doubt that this situation needs to be addressed. You might want to immediately contact a company like Fox Symes in Australia and discuss your specific situation to put the right solution in place.

It would be best to do this from an AU point of view than from the UK side since these debts originated in the AU. A Debt Agreement in Australia is possible to pay less than the full balance on these debts but you will need the advice of a knowledgeable party in Australia to handle this for you.

Big Hug!

@GetOutOfDebtGuy

How Do My Hubby And I Get Out of Bad Credit On One Low Income in Australia? – Evelyn

Steve Rhode — Mon, 19 Apr 2010 16:20:08 +0000

From How to Get Out of Debt

Evelyn

“Dear Steve,

Hi both my husband and i are in around $40k debt combined. We live in Sydney on only his one income and find it hard to live comfortably now we seem to be going behind and behind.

I’ve tried to get loans to pay debt but havent been able to due to our bad credit us both and low income. I then realised getting loans to pay debt will be putting us in more debt. Please help we are desperate and need help if there is anyone who does consolidations for people lke us for small fees please let us know

URGENT…How do my hubby and I get outa bad debt of 40k combined we also now have bad credit realy bad and only on 1 low income

PLEASE HELP URGENT

Evelyn”

The Answer:

Dear Evelyn,

When you you live in Sydney, I am assuming you mean Australia.

There are debt solutions available in Australia. The major solutions are:

Informal Arrangement – This is much like a U.S. based debt management plan. It is a non-binding agreement between you and your creditors to repay your debt. Just like in the U.S. your creditors could change the repayment terms at any time along the way.
Debt Consolidation Loan – For people that are having problems, the chance of getting a true debt consolidation loan are slim to none. No legitimate creditors is going to extend a loan to someone that is already in a bad spot.
Mortgage Refinance – If you own a home and have equity in your property, a mortgage refinance is a legitimate way to borrow money to pay off your debts. However, you can’t borrow your way out of debt. You need to understand that you are swapping one form of debt for another and now securing the debt against your property. If you can’t pay the new mortgage, you could lose your home to the bank.
Debt Agreement – A debt agreement is a legally binding agreement that is available to you as long as you earn less than $62,735.40 per annum and you have less than $83,647.20 of debt.
Part X Agreement – This is a Personal Insolvency Agreement (PIA) that allows you to repay your debt based on what you can reasonably afford to pay. An insolvency professional will put forward a formal repayment proposal to you creditors that upon voting and at least 75% acceptance by your creditors it will become binding on all your creditors.
Bankruptcy – You might need to go bankrupt if there is no reasonable expectation that you will be able to repay your debt. Before considering bankruptcy or any solution, you need to speak to a debt professional in Australia.

Using the solution terms above you should be able to do a local search in Australia to find providers of these services that can assist you.

Big Hug!

@GetOutOfDebtGuy

Debit Card & Credit Card Details Stolen at McDonald’s

Steve Rhode — Tue, 22 Dec 2009 20:35:58 +0000

From How to Get Out of Debt

A pair of card detail thieves have been caught in McDonald’s in Australia. Apparently the pair was getting card details from several Perth, Australia McDonald’s and managed to steal $4 million from Western Australia banks.

Thousands of Western Australians have had their card details stolen at several McDonald’s restaurants across Perth since October.

Police allege the 31-year-old Canadian man and the 36-year-old British man used the information to retrieve money from the accounts.

Detective Senior Sergeant Don Heise from the WA Major Fraud Squad alleges the men are part of an international organised crime syndicate and he expects there will be more arrests. Source

This is yet again another reason I’m not a big fan of debit cards. Crooks steal your debit card information they get direct access into your checking account. Sounds like a bunch of angry Australians learned that lesson the hard way.

@GetOutOfDebtGuy

If I Don’t Pay My Mobile Phone Bills in Australia Will They Disconnect My Service? – Ankur

Steve Rhode — Mon, 07 Dec 2009 17:34:32 +0000

From How to Get Out of Debt

“Dear Steve,

I am permanent resident of Australia, and currently back in my home country since last 5 months. I have been paying my 3 mobile phone bill on time, but now I don’t want to pay it as I don’t know when I will be returning to Australia.

If I don’t pay my bill in future, will it affect my PR in any way?? or will it just lead to disconnection of my mobile and I won’t get a 3 connectio in future??

Ankur”

The Answer:

Dear Ankur,

I’m not sure what PR is but I can assure you if you don’t pay your mobile phone bills in Australia it will lead to a disconnection of your service and land you in collections.

Why not just pay the bill? In Australia there is no early termination option as there is in the U.S. How much longer are your contracts and how much do you pay each month?

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

I Used to Live in the U.S. and Have Some Old Debt But I Now Live in Australia. – Max

Steve Rhode — Fri, 17 Jul 2009 17:32:56 +0000

From How to Get Out of Debt

Max

“Dear Steve,

I am 25000. usd in credit card debt .

I don’t live in the states anymore . i live in australia . i am australian but have a green card . i want to pay it back but i am currently unemployed and i have no plans to go back to the states . what should i do?

thanks

max”

The Answer:

Dear Max,

Until you are employed and you can afford to repay your debt, I’d do nothing. Contacting the creditor is not going to magically give you money to repay a debt that you can’t. Whatever the creditor might do, they are going to do simply because you are not paying. But like you said, you can’t afford to pay anything right now.

When you’ve got money coming in again that you can use to start repaying this debt, then contact the creditor back in the U.S.

Big Hug!

@GetOutOfDebtGuy

I Came to Aussie Last Year and Can’t Afford My Mobile Phone. – Johnny

Steve Rhode — Fri, 17 Jul 2009 17:20:05 +0000

From How to Get Out of Debt

Johnny

“Dear Steve,

I came to aussie in december last year and i got on a mobile phone contract i lost my job and i cannot pay it anymore. My phone got cut and they are threatening to report me to dun and bradstreet.

I got a new job but i get very little and they are asking for a lot

Johnny”

The Answer:

Dear Johnny,

Mobile phone contracts I’ve seen in Australia can require people to pay the total monthly charge through the end of the agreement, instead of just a termination charge to end the contract early.

So what if the do report you as being late, you are. Just make a monthly payment promise you can afford month after month until this debt is repaid. If you promise a payment that is higher than you can afford and then fail to make the payment it will only create more problems and grief.

Big Hug!

@GetOutOfDebtGuy

My Credit Card Companies Refuse to Settle My Debt. – Peter

Steve Rhode — Thu, 09 Apr 2009 14:13:00 +0000

From How to Get Out of Debt

“Dear Steve,

I owe about $50,000 in cc fees- I went two months behind on payments on purpose becasue they would not settle with me before that. I am offering them 35 on the dollar as a one time payment only if they settle- it’s all I have but I do have that. I am leaving the country FOR GOOD with my family with no plans to return to the US. I will be going to Australia. I will be renting out my house at a loss and I have no equity left in the house – I have no other assets. THEY refure to settle, they only want to lower my interest rate.

Should I go to one of these debt settlement companies or should I try the cards again. I leave in mid MAY.

Peter”

The Answer:

Dear Peter,

I am a firm believer in using a third party to settle your debts. If you do it yourself the credit card companies can emotionally play you and you don’t know what they can really do since you don’t regularly do settlements. Click here and speak to a debt settlement company and ask them what their experience is with your specific creditors.

A 35% settlement offer is very aggressive and they might not take it. I can only think of a few instances when I’ve seen them go that low and they all appeared to be totally random. The cases with great stories and supporting documentation, they seemd to ignore. Who knows why?

A creditor does not have to accept any settlement or reduced payment offer, even if it makes perfect sense to accept it. And if you get no joy with the debt settlement company you are thinking of working with, you might just consider bankruptcy. Leaving the U.S. and not resolving the debts one way or another is not a good solution. Creditors are doing more international collections these days and it can follow you to Australia.

So my advice is use to try a debt settlement company or think about bankruptcy before you go.

Does that make sense to you?

Big Hug!

@GetOutOfDebtGuy

How to Get Out of Debt With the Get Out of Debt Guy » australia

Consumer Debt a Growing Problem in Canada and Australia

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