One of the main impacts of falling behind with loan repayments or failing to pay debts is that these matters may be listed with Baycorp Advantage. Baycorp Advantage runs a credit file system which money lenders may consult when deciding whether to give you a loan. Your credit file will show if your creditors have listed you as having defaulted on a loan. It will also record information about court orders made against you and whether you have gone bankrupt.

Information remains on your file for five years (but a bankruptcy listing can be held for seven years). Your credit file will also list any loans or credit cards you have applied for, but will not show whether you actually went ahead and borrowed that money. You can arrange to obtain a copy of your credit file by contacting Baycorp Advantage on 1300 762 207 or write to: Baycorp Advantage, Public Access Division, PO Box 964, North Sydney NSW 2059. If you have concerns about information on your credit file contact the federal Office of the Privacy Commissioner on 1300 363 992, or consult a financial counsellor.

This chapter cannot describe all the other implications of decisions that you make about how to deal with your creditors. You should get advice about your individual situation and the impact of any options that you may want to exercise.