A debt negotiator’s claim in Sydney Morning Herald on May 1, to be 1st in Australia (in 2001) is false. GBAC & Moneygrams began negotiating on bank loan applications and write-offs in 1987. Last year one major bank wrote off 100% of a large mortgage loan for GBAC. They have arranged debt write offs, better loans and re-finance in every state and territory in Australia for 30+ years.
Nobody has the same negotiating tools, experience or solutions as GBAC backed by FairGO and the Australian Voters Network does. They don’t do this to earn a living. They do it because they care deeply that Australians are treated fairly by their governments and their financial institutions.
Most borrowers simply do not have the time or skills to do this negotiating and few negotiators care enough to put their customers first before their own fees. GBAC negotiate very hard with the banks to get a good deal for borrowers. They would not have been attracting debt laden borrowers for over 30 years if They could not do the job well.
But it also pays to borrow well in the first place and without professional assistance that is almost impossible. Then management of your loan is very important throughout its term. This is where many borrowers, particularly businesses and farms, come unstuck. It is not expensive to do, but is great protection against foreclosure.