Bendigo Family & Financial Services Inc

Debt Colsolidation

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 for the following purposes:  
  • Rent areas and items for which other forms of assistance may be available
  • General living expenses, such as food, gas, electricity, and telephone bills
  • Fines, Centrelink debt, Australian Taxation Office debt and Child Support debt
  • Through Setting financial goals 
The BFFS Debt Consolidation 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 is wiped 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’s situation. 
  • The Program delivers the BFFS Credit Breakfree financial education program to clients who are not suitable for the debt consolidation aspect of the program. This includes education about safe and affordable credit such as (NILS) No Interest LoanScheme and savings plans  
  • The financial counsellor will discuss budgeting, preparing for back to school, Christmas and birthdays, protective measures to put in place to guard against 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 try to find an achievable and affordable solution to debt.