Banking advice wanted

I need some help. We are an elderly couple with no other income except the Aged Pension. We dont own our own home,we are renters.
Some seven years ago ,after a bad business decision, we were left with a large Bank Card bill.
We have struggled for those years to pay off even the minimum amount,needless to say the balance has hardly gone down.We havent used the card for years.
The time has now come when we cant even pay of the minimum,what with increased rental & cost of living.We know the obvious is to go ask the bank,but before doing that,we thought there may be someone who has had similar dealings who may be able to tell us what the banks reaction may be. We know we could go bankrupt like a lot of others have, but dont want to because of one bill.
We live in Queensland, bank with Wespac, & dont have family who can help us. Any advice would be appreciated, Thank you.

5 comments

dear tweety go down to Social security they have financial planners and social workers who help pensioners who are in this type of predicament, this will not affect your pensions, otherwise immediately get in touch with your bank they will assist pensioners in troublesome times .

I wish you well.havery.

Before you approach the bank, rework your budget. Are you able to pay even just a tiny bit each fortnight? Banks have been known to alleviate the interest charges, if some-one is really trying to make an effort to repay the principal amount.

Apart from that, there are debt counsellors, sometimes available free of charge to low income earners who have got themselves in a bit of a pickle, who may be able to negotiate on your behalf.

A friend of mine was in a similar situation and he went to the Bank (nab) and laid his cards on the table. He also told them that the only other option he had was to declare bankruptcy, and didn't want to do that. They suggested a personal loan to pay off the card, and based on his expenses suggested a fortnighly sum that he could manage, over a period of 5 years. They also suggested that he retain the credit card but with a $500.00 limit, just for emergencies. He was treated with respect, and even if he uses the full $500 on the card, the minimum payment is about $15.00 per month maximum. As he said, he is still not living on easy street, but he can hold his head high and has enough left to live on if he budgets carefully.



Before taking this action, by all means go and get some free advice from Centrelink, and see what they can come up with.



Good Luck

Thank you all for your suggestions,we shall take the bit between our teeth & trey & get the ball rolling & get some help.

Surely someone we talk to will have the answer, the worst part is getting the courage to do something about it .

A friend of mine was in a similar situation and he went to the Bank (nab) and laid his cards on the table. He also told them that the only other option he had was to declare bankruptcy, and didn't want to do that. They suggested a personal loan to pay off the card, and based on his expenses suggested a fortnighly sum that he could manage, over a period of 5 years. They also suggested that he retain the credit card but with a $500.00 limit, just for emergencies. He was treated with respect, and even if he uses the full $500 on the card, the minimum payment is about $15.00 per month maximum. As he said, he is still not living on easy street, but he can hold his head high and has enough left to live on if he budgets carefully.



Before taking this action, by all means go and get some free advice from Centrelink, and see what they can come up with.



Good Luck



Good advice.



Also had a close friend who did the exact same as pommy's friend and with NAB got a personal loan and paid it off with a lot less interest and payments to suit and also allowed to keep a $500 credit card so it seems they are open to this more than others.

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