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I entered a debt agreement in 2017, and I have paid off the debt in 2020 to Fox Symes. Still, after 2 years I can't apply for any credit card, car finance, phone plan etc. They told me the debt agreement won't effects anything else I just can't apply for another loan during the agreement time which is 5 years. but it's not through and you'll be banned from so manythings!
They didn't mention it actually is a type of bankruptcy and going to impact my life for god knows how long.
Please be aware of what you are going through, Please read the paper...
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My husband and I contacted foxsymes after we had difficulties getting on top of debts when our son was born early and had multiple medical issues, my husband hours dropped at works and I wasn’t able to work with our sons needs, we turned to them for help. After going through the process they told us our best option was the informal agreement over debt 9 because we weren’t that badly in debt and they could see we have a good track record with paying just bad luck. We thought it was the best option. BOY WERE WE WRONG!
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They promise the world and are so helpful when you first call, it really makes you feel at ease so when their first estimation of an interest rate is suddenly increased right before you make a decision because “upon review it’s a little more risk”…but they know you’re desperate so you’re now paying 3 x the standard interest rate, then they palm you off to Azora to deal with and they do not give a damn about you or your situation. They are worse than the banks because they know you’re vulnerable and treat you like dirt, their solutions are to ma...
Read moreximise their money not help you keep your home, in fact if you hit a problem they’ll immediately just tell you to sell the house. Be very aware that the salespeople you speak to initially will never speak to you again once you’re locked with them and the experience goes downhill very fast.- Transparency
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When I first organized the loan I asked the several times about conditions of the loan specifically about early payment fees. I was assured each time that there weren't any. I held my loan for five years and in the final year of the loan as I was in a better financial position I planned to pay it off as quickly as possible.
Before doing so I received a letter in the mail explaining that they were introducing early payment fees. I contacted fox symes about the matter and was basically told tough crap.
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Avoid if you can! I entered debt agreement in 2010, discharged in 5 years after. But the mark stays on some of your records. And individual banks may keep as long as they need to. It took 10 years and finally I was allowed a credit card. I knew I would need to show to lender for home loan application. It’s now 2020 and I’m hoping I will be able to get a home loan and I’m on 6-figures. Try to make deal with your banks first before debt agreement. Not worth it!!!! I know it’s hard but face up to your finances, seek real help. Do not make my mista...
Read moreke. It will stick with you for god knows how long.. I’m surprised they allow companies like this to operate. The positive reviews are from people who have just signed up but search for the ones 5-10 years later who have actually lived through first hand. These are the reviews you need to look at.- Transparency
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https://moneysmart.gov.au/managing-debt/bankruptcy-and-debt-agreements
- Debt Consolidation
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Absolute predatory in nature, taking advantage of people in precarious situations avoid at all costs!
Close to $10k in administration fees which is added to your debt.
Beware to read ALL fine print as not all debt will be included, which they will happily tell you once you've completed their terms.
Will push into a bankruptcy or part IX rather than a debt consolidation loan
Extremely poor customer service
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Can you afford there help ? There going to make you pay ! Hidden Fees and Higher Interest rates !
We had our morgage with Fox Symes underwritten by there arm Perpetal Trustee Company Pty Ltd / Home loans for 12 years we didnt have any bad debits (we were looking to move after our credit union was demutualised). They recently put the interest rate up for no reason. Wifey rang for a pay out figure as we are going to change to a bank Thats when $3600 + in Hidden Fees were revealed. In total Fox Symes will walk away with a $5K golden hand shake in fees.We have always paid our morgage and yes they will receive "FIVE THOUSAND DOLLARS" As there ...
Read moregoing away present. Higher interest rates, Hidden fees (That they will disclose when you say your leaving)..... They said if we stay they would drop the interest rate to under what we had currently been paying for the past 3 years. This recent chain of events came about because They wrote to us to advise they had to put up our interest rate ! Now there happy to drop them under what we had currently been paying ! The reality is even if we did stay the hidden fees will still keep mounting !. Fox Symes will help you ! but there going to charge you for it. Can you afford there help ? In our case there help cost us $5 thousand dollars. I hope our story helps someone.Related Articles
The whole of Australia sympathises with the people affected by the severe weather but [name removed], collections manager at Foxsymes has no compassion or consideration at all. I called up asking for a part refund of a payment I had made. [name removed] point blank refused. He did not care about the dire circumstances I am in. He was sarcastic and ridiculed my situation. All he cared about what was grabbing my money and meeting his targets for this month. I had to beg and plead and apologise and stroke this man's ego to obtain a refund. Disdainful!
Do not be fooled they are slimy predators who prey on vulnerable people, a debt agreement is a act of bankruptcy but they tell you its a debt solution then they charge you $7500 in fees,they have already been prosecuted by the ACCC for lying and misleading people...stay away from them at all costs they ruined me!!!
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My Experience has been horrible!
We were in a really bad position, financially, emotionally and mentally. Fox Symes took advantage of that situation and had us agreeing to a wonderful agreement that looked amazing at the start with payments of $20 per week.... Turns out it cost us over $10,000 for the privilege so we would have been better off trying to sort something out ourselves. My husband suffers with depression, Fox Symes were told to contact me only as he was in no state to make decisions and they still continuously called him and not me to get the recording of him agreeing to payments.
Worst experience of our lives!
Pay your bills and keep in contact with your creditors, they will help you more than Fox Symes ever could.
- 4 reviews
- 5 likes
They told me I was gettin a debt consolidation loan but it was actually bankruptcy. I cannot get loans anywhere now. They have honestly ruined my life. Rather negotiate with your lenders.
- 5 reviews
- 5 likes
Avoid at all cost. Debt agreement is far worse than holding out and paying a debt off one by one. They will take your money and run.
They pretty much ruined my life Please guys there are other options out there. Just wish people could see these reviews before dealing with them
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- 3 reviews
- 6 likes
I took out a Part 9 Debt Agreement in January 2011 and all was going well until August 2015 when I found myself only working on a casual basis so income was erratic. I contacted Fox Symes to discuss my situation and was advised that the repayments could be reduced for a short time which was only a temporary solution. Since then I was in constant contact with my case manager advising that I was in dire straits trying to pay this debt (it was to be completed at the end of March 2016 so there was minimal left on this debt to pay off) and was told ...
Read morethat if I did not make the payments the debt would go into default which is surprising as I had increased my repayment amount some years before so I should have been in credit, also when the repayment amount was to be increased after I paid of my car loan the new amount was more than stated on my agreement. In February 2016 I put in a complaint and finally a supervisor advised that I could apply for a variation to the debt agreement where my creditors would be asked if they would waive the remainder owed to them. If this option had been offered to me earlier then I would not have suffered the stress of worrying how to pay off the debt and my rent, etc. Also my formal complaint regarding how my case manager handled my concerns has fallen on deaf ears I was advised that she did nothing wrong and to take my case to AFSA. I would not recommend Fox Symes to anyone, they start out okay but once they get their money they could not give a damn.I used fox symes to organize a part 9 debt agreement to consolidate credit card debts a few years ago.
Do thorough research before you do anything!
It would have been better to go bankrupt and save 20k in repayments, the consequences are much the same.
The worst part was that they added 7k! That's right, 7k to my original debt.
Part of the debt agreement is that the banks accept less than the full amount you owe them.
But Fox Symes adds their own amount on, in my case 7000 dollars and your just as bad off.
Use a charitable organization instead or a company that doesn't bleed people dry!!
Once I signed, I have recieved nothing. No calls, three times I've contacted [name removed] by email no reply. Phoned at least ten times and I'm still being hammered by creditors. WTH, not impressed at all.
Questions & Answers
Am I able to lease a car with you. I have an abn and a current car loan with you
If I am in debt agreement.. could I still be able to get a car loan for $50000
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I am concerned for people doing it tough after covid related job shortages and people turn to debt consolidation. It makes me upset to see this company still in operation. Its interesting they offer ...
Read moreloans, don’t you think. It’s because after you’re marked by them, no creditor will go near you for a decade later!!! Want a car loan in 5 years. Forget it!!! Won’t be possible even if you pay out and have perfect record later. I was young, desperate and naive. I’ve made mistakes but this is one mistake which will have severe consequences like having a prison record. I’m not exaggerating. They will prey on your vulnerable position. Stay away at all costs get educated. Believe in yourself, you can get out of your financial issues. There is always a way. You have smart options available to you. Get financially educated. Seek help.