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MyBudget

MyBudget Questions & Answers (page 2 of 3)

Budgeting Services, Debt Consolidation
4.5 from 1,224 reviews

50 questions from our users

K J

K Jasked

If I join my budget, do I have to cancel or surrender my credit cards? Also, I am on a disability pension, so can I still join?

1 answer
MyBudget
Lauren G.MyBudget

Hi K J,

Joining MyBudget certainly doesn't mean that you would need to cancel/surrender your credit cards! Depending on your financial situation and needs, we may look at negotiating on your behalf with your creditors, however these steps would be discussed in depth with you in an appointment where we map out exactly what will help you to achieve all of your goals.

We do currently have many clients who are receiving a pension, however we would need to speak with you further to ensure that the service is the right fit for you. Please give us a call on 1300 300 922 and select option 2 to speak with a consultant. If you'd prefer, send me an email with your details to rebeccap@mybudget.com.au and I will organise a call for you.

Speak soon! Kind regards, Bek - MyBudget


Kylie

Kylieasked

I need help, unfortunately I spoke to another company I don’t feel safe with and they say I am locked into a contract via verbal agreement, I really didn’t know what I was getting into and I like your reviews, am I able to get out of a verbal agreement with and go with you

1 answer
MyBudget
Lauren G.MyBudget

Hi Kylie,

We're really sorry to hear that you're currently in a situation you're not comfortable with - We'd love to discuss your current arrangement with you further to see how we can help. Please give us a call on 1300 300 922, and select option 2 to speak with one of our consultants. Alternatively, feel free to email me at rebeccap@mybudget.com.au with your contact information and I will organise for someone to get in touch with you directly.

We look forward to speaking with you soon!

Kind regards, Bek - MyBudget


Tom

Tomasked

what will it cost me to get your help?

4 answers
MyBudget
Lauren G.MyBudget

Hi Tom,

Thanks for your question. As our plans are created based on your individual situation, no two clients' fees are the same. However, you can come in for a free, no-obligation consultation. We create a budget plan that is yours to take home and keep, whether you decide to join or not! The budget is laid out before you in this consultation and you can decide if it is a good fit for you. I would suggest giving our team a call on 1300 300 922 (Option 2), and we can discuss this with you further.

We look forward to speaking with you soon!

Thanks, Bek - MyBudget

Stephen W
Stephen W

$42 a week plus around $2000 in set up fees. Buy a book and learn to do it yourself. You have to sign your finances over to them and even have your wage put into their account on which they earn interest. They set up an arrangement for me, and one month didn't pay it. The result was a default notice 6 months later from the company. They will take their fee before anything else so if it's food or their fee, you will starve.

Stephen W
Stephen W

$42 a week plus around $2000 in set up fees. Buy a book and learn to do it yourself. You have to sign your finances over to them and even have your wage put into their account on which they earn interest. They set up an arrangement for me, and one month didn't pay it. The result was a default notice 6 months later from the company. They will take their fee before anything else so if it's food or their fee, you will starve.


Quintin

Quintinasked

What time are the payment runs from MyBudget account to my bank account?

1 answer
MyBudget
Lauren G.MyBudget

Hi Quintin,

Thanks for your question. We have six payment runs throughout the day - 7:45AM, 10:15AM, 11:45AM, 2:15PM, 3:45PM, 4:45PM. Hope that helps! Have a great day.

Kind regards, Bek - MyBudget


philwood11

philwood11asked

Hi, I am a past member of My Budget from about 3 years ago and am considering a return later this year after my wedding and honeymoon. I would likely join again only under my name and details hence making the setup a very simply process as I’m sure you would still have my budget and everything on your system. I understand you can’t quote in this forum but can I please ask if would I be required to pay the full initial establishment fee again or can I expect a discounted fee?

You can see my television commercial here: https://youtu.be/dSqSN_UJVOA

2 answers
MyBudget
Lauren G.MyBudget

Hi philwood11,

Thanks for contacting us about potentially returning to the service - Great news that you're looking at coming on board again! We would need to have a look at your account and get some more information from you to see what establishment fee would be applicable - Are you able to please email me at rebeccap@mybudget.com.au with your previous budget & contact details so that I can help you out further? I'm sure we can work something out for you!

I look forward to hearing from you. Kind regards, Bek - MyBudget

Kate A
Kate A

Sorry, not an answer but just wondering if you were paid or compensated for your ad?


Lauren P

Lauren Pasked

Hi, is it possible to have an initial discussion over email rather than over the phone? Your help would be greatly appreciated.

Thanks

2 answers
Drew
Drew

Yeah you can reach out via email and I have no doubt that they would answer any questions you may have ....

MyBudget
Lauren G.MyBudget

Hi Lauren P,

Thanks for your question! You are able to enquire online through our website at www.mybudget.com.au to send your contact information through and request a call however we do need to speak to you over the phone for your initial enquiry. This is a quick call to run through your current situation and from there we can assess your options and how we may be able to assist you. If it's difficult for you to speak over the phone throughout business hours, we could definitely speak with you early in the morning or in the evening.

Feel free to send your details through on our website to specify when you're available, or give us a call when you can on 1300 300 922 and select option 2. We look forward to hearing from you!

Kind regards, Bek - MyBudget


ida

idaasked

How much does it cost for the budget application?

2 answers
Rose
Rose

There is no initial cost for an assessment.

MyBudget
Lauren G.MyBudget

Hi Ida,

Thanks for your question. As our plans are created based on your individual situation, no two clients' fees are the same. However you can come in for a free, no-obligation consultation. We can create a budget plan that is yours to take home and keep, whether you decide to join or not. The budget is laid out before you in this consultation and you can decide if it is a good fit for you. I would suggest giving our team a call on 1300 300 922 (Option 2), and we can discuss this with you further.

We look forward to speaking with you soon! Thanks, Rebecca


Matt

Mattasked

The last three years have left my financial situation and absolute tragedy. Three years ago my then wife and I entered into a part 9 debt agreement for all the silly young single person debt that we had carried intoour married life. I started working away fifo and then our family situation broke down with court stresses and attempted alienation I fell victim to depression and anxiety. Also a consequence of the decline of my mental health was the lack of attention for my finances. I have been back to good health and working fifo and fully recovered but now left not knowing where to start or what to do as I don't know what options I have to rid myself of the weight of all the debt. It's that bad because I pretty much fell off the planet for nearly a year. My credit rate has been murdered. What can my budget do to help?

1 answer
MyBudget
Lauren G.MyBudget

Hi Matt,

Thank you for sharing your experience - It sounds like you've certainly been through a lot of financial stress over the past three years, and we'd love to see how we might be able to help. We understand how hard it can be to bounce back from a position of debt and financial stress/anxiety, but certainly not impossible with a support plan in place for you. Please feel free to email me at rebeccap@mybudget.com.au and I can organize for someone to give you a call and discuss your situation and what solutions we may be able to offer. Alternatively, if you give our team a call on 1300 300 922 and select option 2, we can go through it with you that way.

We look forward to speaking with you and seeing how we may be able to assist. Kind regards, Bek - MyBudget


Kay S

Kay Sasked

My husband and I are with my budget- I pay around $50 a fortnight which I think is really high for what they do for my income ( monthly phone bill and car insurance) - have any couples spilt it and 1 do my budget and the other not?

How long did couples try it for - we are 4 weeks in and I hate it but hubby likes it.

1 answer
MyBudget
Lauren G.MyBudget

Hi Kay S,

It sounds like this question may be directed to other MyBudget clients, however I wanted to let you know that we do speak with clients on a regular basis who only have one half of a couple using the budget and have found that this method works best for them. I guess it really depends on your particular circumstances and what you're both comfortable with. Do you current use our members forum? This is an online community for MyBudget members only where you can ask other clients questions and seek advice. It may be beneficial to get on the forum and get some more first-hand experiences! If you'd like further information on this, please feel free to email me at rebeccap@mybudget.com.au or give us a call on 1300 300 922.

Kind regards, Rebecca - MyBudget


Megan

Meganasked

Good Morning, we have huge debts everywhere - do you consolidate all debts into one as well as Budget planning?

2 answers
HappyValley
HappyValley

DO NOT GO WITH MY BUDGET! we went with them and they decided to not pay our mortgage as it didn't work in with our budget (we had been paying it fine for 5 years) we are currently working with them and the ombudsman to get it fixed as they out right lied to us about what they would be doing with our money. We only went with them as I am going on maternity leave and wanted to reduce stress. If you need help speak to an accountant or contact the salvos they have a team who can help. I repeat DO NOT GO WITH MY BUDGET

MyBudget
Lauren G.MyBudget

Hi Megan,

Thanks for your question. MyBudget can assist you with looking in to debt consolidation options as well as helping out with your everyday budgeting. Please feel free to give us a call on 1300 300 922 and select option 2 to discuss this with one of our staff members. Alternatively, please send me an email at rebeccap@mybudget.com.au.

HappyValley - I'm really sorry to hear about your situation, this definitely does not sound like the usual MyBudget experience. It sounds like you may already be working with a supervisor in regards to your concerns, however if there is anything further I can follow up for you, please let me know.

Kind regards, Bek - MyBudget


Penh

Penhasked

If you lose your job will MyBudget cancel on you without having to pay the establishment fee?

1 answer
MyBudget
Lauren G.MyBudget

Hi Penh,

Thanks for your question. We can certainly look in to options to assist you if you have lost your job. Please give us a call on 1300 300 922 and let our Customer Service team know about your situation and we would be happy to assess. Alternatively, feel free to send me an email at rebeccap@mybudget.com.au.

Kind regards, Bek - MyBudget


Roxy Y

Roxy Yasked

Hi, I'm looking at cancelling my MyBudget account, can anyone shed some light on the time it takes to cancel and if there were any fees? I can't find anything on their website or the paperwork they gave us.

1 answer
MyBudget
Lauren G.MyBudget

Hi Roxy,

I am so sorry to hear that you are looking at closing your budget. May you please call us on 1300 300 922 or message us through the member's portal so we are able to give you more information in regards to this.

King Regards Lauren - MyBudget


maz

mazasked

I am not sure exactly how you work but my granddaughter and her fiancé have accumulated some debt subject to him losing his job last December they are in a stressful situation and being young are not finding a way to a solution would you be of any help to them he has a job now and she is studying but finding that difficult because of circumstances ..I feel they need to consolidate but at the moment they are in a huge struggle

1 answer
MyBudget
Lauren G.MyBudget

Hi Maz,

Thanks for your question. I'm sorry to hear about your family's situation right now, it sounds like things have certainly been hard since the job loss! We have many clients who have come to us in similar situations, and we are able to put solid plans in place to help.

What I would suggest is to give us a call on 1300 300 922 and select option 2 which will bring them to one of our new enquiry specialists. From there we can discuss their situation in more detail and see what sort of solutions we may be able to offer. We look forward to speaking with them soon!

Kind regards, Rebecca - MyBudget


Anne

Anneasked

I am in debt, credit cards and car and house loan. I however have a casual job, hubby permanent. Would this help when our income varies from fortnight to fortnight?

1 answer
MyBudget
Lauren G.MyBudget

Hi Anne,

Thanks for contacting us with your question.

Providing you have a regular and reliable source of income, generally speaking MyBudget would be able to assist you with getting a budget plan together. Even with a varied income, we may still be able to build a working budget based on your minimum or average income amounts.

I would suggest giving us a call on 1300 300 922 and selecting option 2 so that we can discuss your income and expenses in more depth - that way we should be able to get an even better idea of how we can assist you.

We look forward to speaking with you!

Kind regards, Rebecca - MyBudget


Meganrubyjoy

Meganrubyjoyasked

What fees does MyBudget charge to use their service?
I'm not in debt but really need to knuckle down on saving money so could use help as at the moment I'm not able to save anything.

3 answers
MyBudget
Lauren G.MyBudget

Hi Meganrubyjoy,

Thank you for your question.

The cost of setting up an individual's budget is determined by the complexity of the budget. We provide a free appointment where we create a tailor-made budget solution for you. Once the budget has been created during the appointment, you will be able to view the costs involved and decide if you wish to join the service.

Please note, all fees are worked into your budget and are spread out over time, so you don't need to pay upfront. If you choose not to use the service you will be provided with the budget plan which you can take home at no cost. If you choose to use the service, you will have access to your flexible budget online 24/7 (we work with you as life changes), receive ongoing support from the MyBudget team, partake in goal coaching for your short and long term goals and more!

We do have many clients who are not in financial hardship but still use our service for a more structured savings plan! The best way to get a more accurate idea of fees involved would be to give us a call on 1300 300 922 and select option 2 to speak with one of our consultants. We can then look at running through your situation in more detail.

We look forward to speaking with you!

Rebecca - MyBudget

iamagirl69
iamagirl69

If you go to an accredited financial counsellor, the cost is absolutely NOTHING. Ring 1800-007-007 (national debt helpline) and you will be put through to an accredited financial counsellor who will assist you fee free. Stay away from my budget (and or any other agency purporting to assist for a cost) as you will not be any better off. My budget have quite expensive fees and charges, which at the end of the day will NOT make your debt any less. They also do NOT employed, qualified financial counsellors who are trained and registered with the national financial counselling industry of Australia.

Jay R
Jay R

MyBudget's fees are low in comparison to the service they provide. They make everything very easy and provide customer service that you hardly see anywhere else these days! Besides, the fees are built into your budget so you don't even notice them! At least have a free consultation. It is very obligation free and you have nothing to lose by chatting to them!


Brenz

Brenzasked

Does your services do debt agreements debt agreements are a form of bankruptcy right?

1 answer
MyBudget
Lauren G.MyBudget

Hi Brenz,

Thanks for your enquiry. We offer many different solutions, tailored specifically to the individual needs of our clients. Based on your financial situation right now, we may be able to assist you with looking in to a bankruptcy or debt agreement (a form of bankruptcy). The first step would be to give us a call on 1300 300 922 (option 2) and discuss your current options with one of our team members who can see what we can do to help.

Kind regards, Rebecca


Curious

Curiousasked

I'm not in debt, just not saving as much as I probably could. Will my budget work for me? As there is no debt are the fees less?

1 answer
MyBudget
Lauren G.MyBudget

Hi Curious,

Thanks for your question. MyBudget have thousands of clients who are not in debt, and instead use the service to help with achieving their savings goals! We help to create a structured plan and support you by managing all of your day to day expenses. We focus on your goals, whether they be big or small to help you live the life you want free from money worries.

In terms of fees - if you choose to sign up with our service, every plan is specifically tailored to your individual situation and therefore no two clients’ fees are the same. To see if the service is right for you, you can come in and sit down with one of our Personal Budgeting Specialists for a no obligation appointment to map out a budget plan. This consultation is completely free! I would suggest giving us a call on 1300 300 922 and selecting option 2 to discuss your situation further with one of our consultants - we look forward to speaking with you.

Kind regards, Rebecca


Riker1

Riker1asked

How much did they charge you for the service??

6 answers
Matt Crowhurst
Matt Crowhurst

It varies I think. I was paying $36 a week recently.

Swan
Swan

It depends on the complexity of the budget. It is incorporated into your budget so you don't even notice it and in all honesty I would have been paying more in overdue fees etc. I highly recommend having at least the initial consultation to see if it works for you. And no I don't work for MB! I just think it really really works and recommend it to everyone!

Riker1
Riker1

My daughter used one of these "rescue" organizations (without talking to.me first) a few years ago and was charged 10K ...kind of defeats the purpose to charge that kind of money to someone who's already in financial.trouble dont u think??


Chris

Chrisasked

How long does it take for money to be transferred from your budget into your personal bank account?

1 answer
MyBudget
Lauren G.MyBudget

Hi Chris,

Thank you for your question.

The simple answer is payment transfers may occur the same business day or the following day depending on who you bank with. There are certain restrictions because of the business hours for clearing house services, such as after hours, weekends and public holidays. If a transfer is completed when the clearing house is closed, the above payment transfer will apply the following business day.

I hope this information is helpful to you.

Kind regards,

Danny
MyBudget


Leshar

Lesharasked

What are the charges. I am thinking of engaging my son and family and paying the charges for them. cheers les

3 answers
Barman1965
Barman1965

Hi Leshar, in answer to your question they are almost $2000. However they break it down in Establishment fees and Admin fees.

MyBudget
Lauren G.MyBudget

Hi Leshar,

Thanks for your question. As all of our plans are created based on your individual situation, no two clients' fees are the same. However if it helps, you can come in for a free, no-obligation consultation. We can create a budget plan that is yours to take home and keep, whether you decide to join or not. The budget is laid out before you in this consultation and you can decide if it is a good fit for you. I would suggest giving our team a call on 1300 300 922 (Option 2), and we can discuss this with you further.

Thanks, Rebecca

Jackie
Jackie

There is a huge establishment fee and then weekly fees on top of that forever.


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