Declined for debt consolidation?
Your bank declined your debt-consolidation application. What happens now?
Maybe there have been missed repayments.
Maybe you're already in arrears.
Maybe the application didn't meet the bank's servicing requirements.
Whatever the reason, being declined when you're already trying to reduce the pressure can leave you wondering whether you've run out of options.
Before applying to lender after lender, it may be worth having the whole situation reviewed.
Prefer to talk? You can call Julieann directly on 0411 082 575
A previous decline does not mean another lender will approve an application. Individual circumstances, eligibility and lender requirements apply.
Who you'll be speaking with
Hi, I'm Julieann Brown.
I'm a finance broker with over 20 years' lending experience.
I often speak with people who are earning an income and doing their best to keep everything going, but find that more and more of their pay is disappearing into repayments.
Sometimes they've started relying on credit for everyday expenses. Sometimes they've missed repayments. And sometimes their bank has already said no.
You don't need to know what the answer is before we talk.
My first job isn't to promise you a loan. It's to understand what's happening, where you stand and what options may be appropriate for your circumstances.
“If my own bank said no, who else is going to help?”
A decline can create panic.
You approached the bank because the current repayments weren't sustainable.
You wanted to do something about it.
Then they said no.
The instinct can be to immediately apply somewhere else.
And if they decline you, try somewhere else again.
But submitting application after application doesn't guarantee a different result.
That's why the starting point should be understanding your circumstances—not promising an approval.
Prefer to talk? You can call Julieann directly on 0411 082 575
What if you've already applied two or three times?
Stop and understand where you stand before automatically submitting another application.
A previous decline doesn't mean you have no options.
It also doesn't mean another lender will say yes.
Your income, debts, property position, repayment history, arrears and other relevant circumstances all matter.
A review can help establish what may—or may not—be appropriate before deciding what happens next.
Prefer to talk? You can call Julieann directly on 0411 082 575
What if things are already serious?
Perhaps you're no longer simply worried about credit cards.
Maybe you've started falling behind on the mortgage.
Perhaps you're using credit for groceries.
Maybe you're worried that if things continue this way, eventually you'll have to consider selling the family home.
You don't need to pretend the situation is better than it is.
Understanding the reality of the numbers is more useful than assuming the worst—or assuming another loan will fix everything.
What happens next?
Step 1
Tell us what's happened
We'll start with your existing debts, repayments, income and previous applications or declines.
Step 2
Review the overall circumstances
That may include your property position, repayment history, arrears and other relevant financial circumstances.
Step 3
Understand what options may be appropriate
Where potentially suitable finance options exist, they can be explained along with the relevant considerations.
If additional credit isn't appropriate, that's important to identify too.
There is no guarantee that finance will be available.
Confidential
Let us help
A bank saying no doesn't mean you should panic-apply everywhere else.
Start by understanding your position and what options may be available for your circumstances.