News and Articles
We try to bring you up to date news and articles, tips and tricks to help you manage your debt better.
Have a read through some of the articles below - we are sure you will find some that will be of interest.
Want to know more about a particular topic - just get in touch and we will see what we can do.
Money worries have the biggest impact on New Zealanders mental wellbeing
If you’re worried about money right now you are not alone.
Last month it was revealed that “concern about personal finances is now considered to be the biggest impact on New Zealanders’ mental wellbeing, likely related to the increased cost of living.”
Now we are in the Christmas and summer holiday season, which is one of the most challenging times of the year for everyone. There is help.
What to do when friends or family want to borrow money from you
It can be a real struggle knowing what to do when people ask you for a loan, especially if it’s a friend or family member who asks for some extra cash.
Most of us want to help others in their hour of need but before you hand over the bucks, it pays for you to completely review the situation and seek advice from others.
The Debtfix Crew does come across people who have debt problems because they have lent money to friends or family, then the deal went wrong for everyone.
Is gambling solving or causing debt problems?
The Debtfix Crew are helping more New Zealanders with debt that has resulted from gambling.
We’re not sure why gambling harm is more prevalent now, but we do know there are many ways to clear debt that are more reliable than a pokie machine or a bet on the Women’s Rugby World Cup.
If you or someone close to you struggles with gambling, there are support organisations and solutions to make changes for good.
What happens to debts when you die?
Death is a topic that makes many people uncomfortable, but it is a reality none of us can avoid – not even the royal family.
There’s plenty of advice about preparing wills to pass on your assets to whoever you choose when you die, but when you are more likely to have debts than dollars – what happens?
Will your partner or children have to pay off your debts, or do the debts disappear?
Cyber fraud costs everyone
Being on the receiving end of fraud or a scam is frustrating, soul destroying and expensive.
Recently, a Debtfix Crew member had their credit card hacked, even though they had good antivirus software, and then an email turned up in their inbox about New Zealand’s Cyber Smart Week, 10-16 October.
Technology seemed to be watching their every move, but it was a good reminder to review cyber security and look for ways to prevent further hacks and potentially lost money.
Wondering about bankruptcy
During Money Week the Debtfix Crew wanted to know what New Zealanders were wondering about bankruptcy.
We threw some questions out into cyberspace, and you gave us an insight into what you think our people know about the debt solution.
Most significantly, 86 per cent of respondents wanted to reduce the whakamā (shame) people may experience when they are bankrupt.
Simplicity KiwiSaver partners with Debtfix to help members experiencing financial hardship
Simplicity KiwiSaver and Debtfix have launched a pilot programme for KiwiSaver members who want to withdraw funds when they are experiencing financial hardship.
Now, people applying to Simplicity to withdraw KiwiSaver funds will be referred to Debtfix, New Zealand’s first not-for-profit debt solution provider. The holistic service supports people beyond the hardship application and looks for solutions that may mean people don’t need to draw down on KiwiSaver funds.
New Zealand bankruptcy rates declining but more improvements needed
Since 2019, the total number of applications for bankruptcy in New Zealand have decreased, as have the number of bankruptcy judgments approved by the courts.
The Debtfix Crew is stoked to hear the good news, but we know our work is not yet done.
There are different thoughts about why the number of bankruptcies has decreased, mainly focused on the money distributed to businesses to minimise the fallout from Covid restrictions.
5 steps to make direct debits disappear
Why is it always so easy to sign up for something and so mind-numbingly difficult to shut that same something down when we are done with it?
It’s like joining a club or maybe even a cult – that no one will let you leave.
If you have signed up to direct debits to pay for a gym membership, power account, phone bill, insurances, or any other regular bills, it can feel impossible to stop the payments.
Should I buy an extended warranty?
You’ve bought a nice new printer, electric kettle or smart phone and the super helpful salesperson asks if you’d like an extended warranty or product protection. They politely suggest it’ll only cost a small amount and you can feel safe and sound, knowing your shiny new appliance is covered for an extra couple of years.
STOP.
Extended warranties are frequently offered on items that are for your personal use only and they are similar to the add-on loan insurances often offered by businesses such as car dealers.
Use cash to reduce debt
It is so easy to spend money when you don’t actually have to hand over money.
Making cashless payments requires zero thought and there are so many ways to do it that most of the time it doesn’t even feel like we’re spending a cent. A great way to hit reset on those unplanned, incidental purchases is to use cash for a week, or longer if you can manage it.
Minister for Pacific Peoples hears Debtfix ideas to reduce debt and court backlogs
When Hon Aupito William Sio, Minister for Pacific Peoples and Courts visited the Crew at Debtfix it was acknowledged Pasifika communities need more knowledge about money and debt.
On Friday 27 May, Sio met with Debtfix co-founder and director, Christine Liggins, to discuss two specific actions that could improve outcomes for people overwhelmed by debt.
“We would like a system that stops Pacific people from relying on predatory lenders who take advantage of them in their vulnerable situations when they need money to support family,” Liggins says.