Author Archives: benparis

Bankruptcy or Bust! Difficult Conversations

By benparis | Published: July 27, 2010
I’ve been putting off having a “serious” conversation to T about how tight sh*& is. There is just $7 separating me from impending financial doom each week. That’s not even a large McValue Meal! (it’s called a McValue meal I assume because it’s relatively inexpensive). It’s not that I haven’t been saying anything I have [...]
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ITSA Research On Debt Agrements

By benparis | Published: March 30, 2010
New research released today by the Insolvency and Trustee Service Australia (ITSA) shows that debt agreements are having a generally positive effect both as a viable option for debtors to avoid bankruptcy and providing a good level of return to creditors. Key findings include: • 77% of debtors said that the debt agreement helped resolve [...]
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Balance Transfer Points To Consider

By benparis | Published: March 25, 2010
Everyone will have seen something like this advertised for credit card balances transfers. Which can seem like a great way to consolidate debt. * No annual fees* * Low fixed rate at 9%* * Buy now, pay nothing for 2 Years* That got me thinking. What’s in an asterix? That little dot at the end [...]
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Surprising Bankruptcy Facts

By benparis | Published: March 25, 2010
One in every 845 people enter into Bankruptcy every year (One in every 2750 will get lung cancer) 85.5% of people who file for bankruptcy are employees The most common cause of bankruptcy is unemployment accounting for 30% of all bankruptcies, followed by over using credit Clerical or Office workers are the most likely to [...]
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Debt Collection Calls

By benparis | Published: March 23, 2010
Question Debt Collectors are calling me ALL THE TIME and at like 8.30 at night. They even called me at work.  Can they do that? Answer Unfortunately it doesn’t sound like the debt collectors have done anything illegal. While their behaviour isn’t plesant (that’s what they’re paid to be like)and it isn’t banned. When can [...]
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Refinancing Looking Up

By benparis | Published: March 22, 2010
Last week I was talking about how the benefits of debt consolidation with a personal loan were at an all time low. The difference between credit card and personal loans hadn’t been this low since 2001, hence the benefits of debt consolidation weren’t as high. That got me thinking.  Debt consolidation as you may recall [...]
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What is the Purpose of Bankruptcy?

By benparis | Published: March 22, 2010
This post I’m going to continue looking at Bankruptcy Fraud. “Bankruptcy is in place to give people that relief from unmanageable debt,” said Jeff Hanley, ITSA’s national manager of fraud investigation. To ensure that Bankruptcy is viewed as a legitimate option for people who are insolvent it’s important to procescute those who try to use [...]
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Is One Payment More Convenient?

By benparis | Published: March 19, 2010
Most people take use debt consolidation for the convenience of one repayment but is 1 repayment actually more convenient? The average saving on a $10,000.00 credit card when consolidated into a personal loan is only $5 per month, over 7 years.  This means debt consolidation doesn’t provide much of an improvement in cash flow.  The [...]
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Don’t Worry About Bankruptcy Fraud

By benparis | Published: March 19, 2010
Alot of readers are concerned about Bankruptcy offences, well they’re more concerned about being locked up if they file for bankruptcy and there are 40plus criminal offences under the Bankruptcy Act so it’s small wonder they do. The main reason people are thrown in the the clink is because of Bankruptcy Fraud. So I thought [...]
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Roof Insulation Bungle Bankruptcy

By benparis | Published: March 17, 2010
7000 small businesses are facing bankruptcy and 6000 workers are likely to loose their jobs after the collapse of the insulation installation scheme.  When the government introduced the home insulation scheme it dramatically increased demand for home insulation. This false demand was met by a dramatic supply side increase in the number of “insulation installers”.  [...]
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