Safeguarding your financial rights during the cost of living crisis

Episode 2 - Fast money, quick debt

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Quick money is relatively easy to access, and is sometimes used by people to afford daily living expenses or to avoid defaulting on larger loans. In episode two we discuss fast money and figure out “what’s the catch?”.

With more Australians turning to “quick money”, our experts are here to give some practical guidance to help people avoid being taken advantage of, and to provide handy tips to help people protect their rights when accessing fast money. They also discuss the pros and cons of consumer leases, assessing what to include in the overall cost, and what happens to the leased item at the end of the lease period.

Episode 3 - Without a place the call home (mortgage stress)

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Episode three centres on mortgage stress. The current cost of living crisis is seeing a record number of homeowners experiencing mortgage stress. In a report on financial hardship in May 2024, the Australian Securities and Investments Commission (ASIC) found that lenders were not doing enough to support customers experiencing financial hardship.

In this episode the conversations cover what steps people can take if they have fallen behind with mortgage repayments, what action the bank can take when someone defaults on a mortgage, and how people can safeguard their rights during this stressful time.

We discuss what a credit rating is, why it is important, and whether negotiating with a bank for a hardship variation would affect someone’s credit rating. 

Episode 4 - Drowning in debt?

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With the cost of living going up, people are under increasing financial pressure. Many are having difficulty paying common bills such as credit cards, car loans, strata and council rates, and phone and utility bills. 

In this episode we discuss what can happen in situations where bills remain unpaid and what enforcement processes can be taken against someone who goes into debt. Our experts also provide practical information on how to protect financial and legal rights in these situations, and situations with a less formal loan arrangement with friends or family.

Episode 5 - The way forward (good debt/bad debt)

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When experiencing financial stress, someone could be facing a number of different legal and financial issues and it can be hard to know what to prioritise. 

In the final episode for this series, the concept of good debt vs bad debt is explored, information is provided on what debts to prioritise and practical tips to help safeguard financial literacy and stability are discussed. 

The Cost of Living series of Law Talk WA is brought to you by: