What makes us different from other companies?What makes us different?Most companies who are in this business offer solutions which often leave you with a black mark against your credit rating. With us there is no need to worry about that as we have fantastic relationships with the banks. We negotiate and settle financial problems with creditors in an informal manner because, for us, it is all about communicating openly and confidently with your creditors about your financial problems. We will work with them on a full and final settlement, so you can look forward to a healthy financial future without affecting your credit rating.

What is our success rate?Our expertise has led to debt settlements from 50%-100% of the original debt amount. What also makes us unique is, if we do not reduce your overall unsecured debt by at least 50%, we offer a full refund of your money.

What types of debt do we handle?We can negotiate an informal agreement for most unsecured debts (which are not secured by an asset). These debts include credit cards, personal loans, store cards, debt owed after repossession, disconnection of utility bills or phone bills, accounts in collection and matters with Civic Compliance Victoria.

What are the negatives in reducing my Credit Card or Personal Loans with Crown Money Management?This is what we love to do – there are no negatives in reducing your debts with us. We do NOT enter into any form of debt agreement or any form of bankruptcy. We negotiate with the banks and help them to understand what your financial hardship situation is and come to a conclusion which does not affect your credit in any way. The only down side to reducing your debt is that you are not able to continue using the creditor/s that we have reduced your debt with.

We are dedicated to helping you settle your debts by negotiating with creditors on your behalf.

Mediating and negotiating with creditors can be an overwhelming and daunting experience for people, which is where we come in. We work out the financial problems you are facing and we negotiate with creditors, on your behalf, to reach an informal arrangement to settle your debt.

‘Breaking down the wall of debt’by Scott Parry, Founder and CEO.As seen in The Daily Telegraph’s Money Saver HQ.

COURIERMAIL.COM.AU MONDAY JANUARY 30 2017 31

V1 - BCME01Z02MA

HQmoney saverLOCK IT UP: The frightening cost of car theft LYING LOW: Money stories that hurt relationships

HISTORICALLY low interest rates in recent times have seen Australians go cold on traditionally favoured savings vehicles like term deposits.

While the initial years afterthe GFC saw term deposits offering rates of 6 per cent and higher, most of the current products offer less than half that value, finance experts say.

One mistake that people make is thinking they will get the best deal by being loyal to their financial institution, says

Peter Arnold, data and insights director at Rate City.

“Rates have been low for along time and now they are getting worse,” Mr Arnold said.

“If you’re going to put moneyinto a term deposit, you want at least 3 per cent, that’s the benchmark.

“So many Aussies are withthe big banks, but if you stay with the one you have always been with, you will get less than that 3 per cent. Having your money lying there will not do you much good.”

Rate City research found thebest one-year term deposit

rates on offer were from Teachers Mutual Bank and Unibank, both offering 3 per cent on a deposit of $50,000. These will earn the saver $1500 in interest for the year. Next best was ME Bank with 2.9 per cent, Arab Bank (2.85 per cent) and U Bank (2.81 per cent).

For a three-year term deposit of the same sum, the Mutual was the best with 3.3 per cent, netting savers $4500 in interest, ahead of BankVic’s 3.25 per cent. Major lenders CBA and NAB offered 3.2 per cent, with St George, Bank of Melbourne and BankSA.

In a world of low interest rates, it won’t profit you to stick with one financial institution, writes Tim McIntyre

“A lot of traditionally ‘closed’mutuals are starting to open up their membership and anyone is allowed in,” Mr Arnold said. “Teachers and ME Bank … people often write these off because they haven’t been allowed to use them in the past but that has changed now.

“People feel loyalty to theirbank but the sad reality is that loyalty doesn’t pay and the best deals are for new customers.”

ME Bank and The Mutualalso featured in Canstar’s award for best term deposits in 2016, as the best bank and best customer owned institution respectively.

The study rated 90 term deposit products across 77 institutions and looked deeper than just rates, with 40 different features examined.

These included account options, such as reminders when the deposit approached maturity; rollover bonuses, penalties for early withdrawals and the cost of rolling over to other financial institutions.

Canstar research managerMitch Watson says if you need to get your money out early, the penalties can cancel out any favourable interest rates.

“You could lose all the interest you have earned with some products if you leave early,” Mr Watson said.

Mr Watson said rates and features on term deposits change quite frequently.

“When the term deposit comes to maturity, the best deals may no longer be on your particular product- you may

have had a three-month term and now four-month rates are better,” he said.

“It’s good to keep on top ofwhat is out there.”

Those in search of better rates have the option of investing in peer-to-peer lending, which Peter Arnold says is a field growing in popularity, but should be approached cautiously.

“Peer to peer lenders placethemselves as another version of a term deposit, where you set your money for a term and get a return on it,” he said.

“Rates are often higher, but(unlike term deposits) they are not government guaranteed, so your capital is more at risk.

“You need to research beforeyou invest.”

For our mutual benefit

Breaking down the wall of debt

THE financial pain that follows Christmas is about to be felt by those credit card customers who splurged over the festive break and left themselves with an oversized plastic bill.

While Christmas debt hangovers are not a new thing, many card users fail to rein in their December spending, which leaves them scratching their heads in the new year on how they can pay the debt off.

And with a national credit cardbill at $52.4 billion – with $32.2 billion accruing interest – there areplenty of cardholders who need to take action.

While plastic bills will start toarrive in the post or your inbox in the coming weeks, if they haven’t already, new data by financial comparison website finder.com.au found a majority of card users (63 per cent) plan to pay back their debt immediately. The remaining cardholders will take three months or longer to do so.

And with the average credit card interest rate at 17.3 per cent, it can take months, if not years, for many to cull the average card debt of more than $4000.

Crown Money Management founder Scott Parry said regardless of the size of your card debt, it’s money you’re spending that you don’t have.

“Just say you have $10,000 in credit card debt, this means that person is literally putting their

hand up and admitting they’ve just spent $10,000 more than they have earned,’’ he said.

“The first thing people can do isperform some plastic surgery. Cut up your cards because there’s nothing more painful than paying for something you don’t have.”

Balance-transfer cards – whereyou transfer one card debt to another that has an extended interest rate period – are popular ways to get rid of debt quickly.

But Mr Parry said for this method to be successful, card users must map out a step-by-step plan on how to pay back the debt.

“Once you get the card, if the interest-free period is for 18 months say, divide the balance by this period and work out how much you need to pay each week to pay it off in full during the interest-free time specified,’’ he said. “Read the fine print with these cards and make sure you cut up the balance-transfer card when it arrives so you can’t spend on it.”

Finder.com.au spokeswomanBessie Hassan said there are other cost-effective ways to reduce card debts quickly.

“Personal loans will offer a lower interest rate than most credit cards and the card debt can also be added to your mortgage (which has a lower interest rate),’’ she said. “Be careful here though, make sure to add extra to your repayments to pay off this debt.

“If you let the debt sit on yourmortgage long-term, you could end up paying a lot more.”

SOPHIE ELSWORTH

NOT YOURMONEY:

Scott Parry,chief financial

officer ofCrown MoneyManagement.

Picture:ANDREW

HENSHAW

EXCLUSIVE

readonline now

Our Fee Structure

We value all of our customers and want to help you through your financial stress as much as possible, which is why we try to make it as easy and stress free as we can.

Our fee is payable on a payment plan and by direct debit. Payment plans range from three months to 24 months and we will arrange with you terms that are realistic and reasonable.

We charge a professional fee based on the following;

Debt Amount Fee Percentage

$0 - $40,000 20%

$41,000 - $80,000 18%

$81,000 - $120,000 15%

$121,000 - $160,000 12%

$161,000 and above 10%

We guarantee we will save you 50% or more on your unsecured debt or our service is free.

Reduce your unsecured debt by over 50%.

Ready to get started? Find our if you’re eligible at crownmoneymanagement.com.au/debt-settlement or call 1300 882 981.

Can you help me regain financial control of my small business?Of course. Not only do we help individuals who are going through financial hardships, we help small businesses regain control of their finances to become a profitable business.

We understand that life can have many unexpected surprises – medical expenses, divorce, rising interest rates, poor budgeting – just to name a few, which is why we are here to help anyone, in any situation

Will this stop creditor harassment?Yes, we act as your authorised representative. This means that during the negotiations, your creditors will use us as their point of contact.

How long does the process take?It usually takes up to 26 weeks to come to a full and final settlement with creditors. However, this may vary as circumstances differ for each individual.

Can you still help me if I have assets?Yes, although it is dependent on each individual’s situation. It is best to speak to one of our experienced team members who may be able to further assist you.

Real People. Real Results.

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