BFFS No Interest Debt Consolidation Program

BFFS No Interest Debt Consolidation Program

Working within BFFS Financial Counselling Program, BFFS No Interest Debt Consolidation Program allows people on low incomes that live or work in Bendigo, to consolidate their debts through access to safe and affordable credit with no fees or interest charges. 

The BFFS Debt Consolidation Scheme does not provide debt consolidation forthe following purposes: 

  • Rent areas and items for which other forms of assistance may beavailable
  • General living expenses, such as food, gas, electricity, and telephonebills
  • Fines, Centrelink debt, Australian Taxation Office debt and ChildSupport debt
  • Setting financial goals 

The BFFS DebtConsolidation Program will: 

  • Build a non judgemental financial picture of each client, review the current budget and discuss realistic options available to resolve the financial situation.
  • With the client taking an active role in the process the counsellor will negotiate payout arrangements for the debt. This may be through the loan being written off; making payments without interest for life of loan; the debt iswiped in full;negotiation of pay out figures with much less but achievable repayments; or 
  • Provide a no interest debt consolidation loan
  • Bankruptcy may also be considered if more suited to a client’ssituation.
  • The Program delivers the BFFS CreditBreakfree financial education program to clients who arenot suitable for the debt consolidation aspect of the program. This includeseducation about safe and affordable credit such as (NILS) No Interest LoanScheme and savings plans 
  • The financial counsellor will discuss budgeting, preparing for back toschool, Christmas and birthdays, protective measures to put in place to guardagainst financial shocks and work out effective budgets to achieve goals. 

NOTE: Debt consolidation doesn’t always mean that a loan is given. The counsellor will tryto find an achievable and affordable solution to debt.