Accessing your Superannuation Early

05 Mar Accessing your Superannuation Early

You may have heard from others that it is possible to obtain and Early Release of Superannuation. This is true but your super is there for your retirement, so it isn’t easy to get access to these funds unless you are on the brink of the bank repossessing your home, you need costly medical treatment or equipment or mobility modifications to your home.

Financial hardship may be an option under your superannuation policy however you would need to contact the fund and explain your situation. In addition to legislation, each fund has their own rules and remember superannuation contributions have not been taxed. If you find that you are eligible to withdraw some of the funds, the amount will be reduced by tax.

Withdrawing superannuation should be a very last resort, even after bankruptcy.

Other options available

“Debt consolidation” means refinancing your debt onto the lowest interest rate possible – and setting up a realistic repayment plan to get it paid off! Of course, any debt consolidation strategies can only be successful if you cancel or cut up your credit cards and avoid running up any further debt. If you can commit to that, debt consolidation can potentially save you a lot of money.

There are a few ways that you can do this:

  • Consolidate your credit card debts into one personal loan
  • Transfer your debt onto a card offering low balance transfer
  • Incorporate the debts into your mortgage.

If your situation has negatively impacted your credit rating, you may find that you are not eligible for a loan to consolidate, can’t transfer to a new credit card or even re-mortgage.  You may find yourself in a real struggle with debt collectors chasing you and it seems like you might have to go bankrupt.

We can help

There are alternatives even if your situation is serious.  Talk to us about the Financial Hardship obligations of your creditors, Moratoriums and restructured payment amounts and at Active Debt Specialists, we are experts at implementing the Debt Agreement* repayment option, which has no interest, stops debt collectors and your repayment is only what you can afford.

Find the right solution to help solve your credit card debt issues.

Give us a call today on 1800 085 550 for a free no- obligation confidential chat.

* Debt Agreements will affect your credit rating and conditions apply. Find out first.

 

 

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Active Debt Specialists is based in WA, successfully providing debt solutions to individuals and businesses since 1998. We help thousands of Western Australians to resolve their debt, keep their family homes, continue operating small businesses and eliminate financial stress.

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  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.