You are spending more on food then we do. (me and the nopics)Originally Posted by pathamilton
Also, rent, you may need to look at sharing a house/getting a flatmate
150 a week/ 600 a month will go a LONG way towards getting shit sorted out.
You are spending more on food then we do. (me and the nopics)
Also, rent, you may need to look at sharing a house/getting a flatmate
150 a week/ 600 a month will go a LONG way towards getting shit sorted out.
rainwulfBankwest and ANZ wouldnt loan me one red cent so consolidation is out.Yea we know that. Thats why consolidation is the best bet.
you don't even have to get a loan for the full amount, just to cover one or two of the high interest things, and you are back on your feet.
OP, do you have any GE loans do you? they suck balls.
i know 80k doesnt seem like much compared to a mortgage but Phat-turbo hit the nail on the head re interest. With all the trimming i can manage im still just barely covering the minimum so the only way i could do it in 2 yrs at 200 a week would be by going bankrupt..
assuming u still have to pay it all?
going bankrupt isnt the magic bullet, as discussed in the thread, otherwise anyone could just rock up a huge debt and scream "rape", i mean "bankruptcy"
There will be lenders out there that will help, try the credit unions.
There are a bunch of companies out there that will help you, because in the end, bankruptcy costs the banks more then it does to help you pay out your loans properly.
keep meaning to read links but then more questions etc
loving it
im 32 and would love to own a place in ten years but even if i did cut food costs (that was a rough estimate, might be more like 100) etc it would be unlikely going either way. So going to just bite the bullet and go for the quickest way out.
never getting more than one Ccard again and even then not more than a 5 k limit.
After you declare, you wont get a house loan for decades, if it at all, and dont even consider getting another credit card.
Bullshit
Originally Posted by willsy01
Jesus christ, this place is packed full of whinging cunts.
Current lending rules brought in within the last 12-24 months allow for anyone with any bad credit regardless of what it is to be assessed and offered credit at a price reflective of their risk profile or denied flatout. The gumbyment loosened up the privacy rules around credit so basically everyone now knows everything about your credit history.
Oh, didnt know that.
I stand corrected.
Sorry
I am a recently discharged bankrupt and I can assure you that no normal lender will let you in the door until you have done your 4 years and three more of the second phase where you are listed as a discharged bankrupt. I wanted to borrow to buy another property with miles of income to cover it and they all laughed at me.
I will tell you more but please read that appleton link- truly every question you ask is covered.
Bankruptcy etc still has the legislative limits on when someone can or can't be lent to. With the new info banks now possess honestly they are probably less likely to offer someone who has a bad rating credit/prior bankruptcy then previously as they have access to a greater pool of info.
At the end of the day old mate is probably already fucked no one is going to lend him money given his current history so he will probably have a to sign a deal with the devil aka one of the fox symes type groups or declare bankruptcy. No major lender will give you $80k unsecured and credit unions are generally tamer then the big 4 with their lending anyway.
Edit: For clarification my original post wasn't meant to suggest they would lend money easily it was infact the reverse. By regardless of what it is this means shit like mobile phone, utility bills etc. If you have a late payment/s they will know about it which previously wasn't shared between organisations.
Last edited by Rona; 05-06-11 at 07:56 PM.
Cheers,
Wasnt too sure, as it would effectively mean i could pay off the credit card debt straight away and didnt think they would be too keen on that
Don't do it mate, I've pulled myself out of a lot of card and loan debt and it's hard and takes sacrifices but it's achievable.
Seriously talk to the banks with a detailed account of where you stand and what you want to do, they will be able to solution and you may be able to secure a consolidation loan for the entire amount.
It may be worth your while even getting an accountant to work you out and manage a financial budget for you to get you back into the green.
Trust me when I say this, get rid of all cards completely and don't even try to fool yourself into beliving or thinking that you can handle even one card.
You can do this but you need to take responibility for your actions and be prepared to crimp your lifestyle.
You also need to reconfigure your life and show
Yea, we went for a cons loan, and all was ok apart from a single missed payment on our mastercard. that was enough, and we didnt get the loan.
Basically if you can prove you dont need a loan, you can get one haha
Mr tinklerthanks, working my way through it now. Great stuff, will give them a call tomorrow. Seem like a more honest bunch than those Fox Symes cunts.I will tell you more but please read that appleton link- truly every question you ask is covered.
Ronaso might as well just get rid of it all ASAP if im never going to be able to borrow for a house anywayAt the end of the day old mate is probably already fuckedthat new legislation seems like it might help but mostly screws me as even after the 7 yrs they will still only offer loans at ridiculously high interest.
from the PDF linked earlier
not sure what a debt agreement is though.Unsecured Debts and Assets A person cannot propose a Debt Agreement if their unsecured debts are more than this limit.
A person cannot propose a Debt Agreement if their divisible property is more than this limit.
$92 037.40
s.185C(4)(b) and (c)
Income level A person cannot propose a debt agreement if their after tax income for the year is more than this limit.
$69 028.05
s.185C(4)(d)
Limits
such a noob
Do you have some relatives that you can borrow some cash off? Obviously borrowing more is bad, but that interest is whats murdering you. I guess what most of us are saying is that paying it off now is the best solution for a couple of reasons.
One is that your credit rating wont get raped by the bankruptcy.
Two, getting into a good mental and habitual method of paying back your loans now will help you in the future.
I used appleton's info to process my stuff and it worked out as well as it could have.
Trust me when I tell you the fox symes stuff will end the same way but you will bust your guts for an extra 5 years before you have to go bankrupt.
I was in the hole for maybe 4 or 5 times more than you and I genuinely had no option. I am still fucked by it in numerous ways so if there is any way you can sort it out then that is better.
Not true. 7yrs and you're semi clear.
Evo 7
426hp atw
Try and earn more money I reckon, train drivers are killing it.
Maybe make friends with teh dodgy wogs and ask them what the go is.
Parramatta Eels, 2009 Premiership rightful winners.
After 7yrs I was far from semi clear, prolly did not help one of my dodgy mates decided to get telstra hooked up in my fucking name and then default on the bill without my knowledge...................
Anywho I own fuck all but atleast I'am 100% debt free accept my Thai credit card, that one I'll max out when I depart the country !!!
Cityrail drivers only earn a hundred or two more a fortnight after tax than me and have to work twice as hard, the mining/freight drivers are doing about six figures but i dont want to live too far away from my son plus give up a pretty cruisy government job which is about as risk free as it gets.Try and earn more money I reckon, train drivers are killing it.
Maybe make friends with teh dodgy wogs and ask them what the go is.
would love to get mixed up with some disreputable cashed up wogs but with my streetsmarts my first customer would be an undercover and i would go away for about 11eleventy bazillion years.
rainwulf
understand that and i have been trying to pay back everything, but over the last five plus years after it blew out due to a number of reasons (one or two out of my control).getting into a good mental and habitual method of paying back your loans now will help you in the future.
It seems like it will take forever to do it in any way that will leave me with pride intact not that i have much of that left..
Happy to pay it back...just had enough of the 20% interest etc
confused on this point due to all the differing opinions, if someone was in this position but saved up 20k for a deposit they could still try for an apartment worth 200k right? once 7 yrs up and in same job for all that time?...Originally Posted by Uwish View Post
Not true. 7yrs and you're semi clear After 7yrs I was far from semi clear
Last edited by Oxygen Theif; 05-06-11 at 09:01 PM.
There a book on this
Exactly. One thing people don't get is that you CAN NOT GET A GOOD CREDIT RATING.
You start at essentially zero, paying off loans fast etc doesn't get you a "better" credit rating; when you next apply for a loan they ONLY take into account defaults, positives mean fuck all.
I've been bankrupt. It's fucked. I was a signatory on my parents business, we got ripped badly by some cunt businessmen on the gold coast, I got left with a $300k tax bill. I already had a loan for around $10k, some fucking retard stopped in a merging lane with nothing to merge with and I nailed him from behind (my fault no matter how FUCKING stupid this moron was), so there's another $10k, and suddenly at 21 I was well over $300k in debt without a hope in hell of bring able to pay it off: what I got paid playing football, plus my wage as a printer, didn't cover what the taxation dept wanted per week, let alone all the other expenses of living.
I ended up being forced to go bankrupt, very nearly broke me mentally, was off the fucking rails for a long time essentially looking to end it all. Long story short got through that, though I still bear the scars, and spent seven years in financial ruin.
Not_fucking_fun.
You can't get a loan. The only people who will help charge hellishly Jewish interest rates: I'm talking around the 30% mark, and you still need a guarantor and practically sign every fujking thing you own to the cunts. Don't even bother with a home loan. No fucking chance unless you walk in with about 50% deposit. Credit cards, all sorts of shit, is off limits as financial institutions DO NOT WANT TO KNOW YOU. And they don't give a fuck how it happened; you're a bankrupt.... Period.
If you can get out of it early, you minimize the time it affects you. It's on your credit rating for 7 years from the day your bankruptcy finishes: you are bankrupt for 3 years, so it's 10 years you are financially fucked.
Think long and fucking hard before you go it mate. Seriously.
Apologies for long post, digs up bad memories.
/notsoCSH.
I thought taxes and child support payments (arrears) were exempt from bankruptcy ?
Not knowing your full situation can you cut back on the spending?
Petrol - do you get free rail / bus transport?
Rent - move back with parents, share accomodation or granny flat?
Pump as much money into the smallest loan amount while paying minimum on the largest ones.
Kings Cross, with a bottle of lube.
It will hurt for an hour, whereas going officially bankrupt.. you wont get the power connected a telephone, or anything that requires annual billing for 7 years.... so that means mum and dad or good mate.. or toy boy arrangement.
Yeah cause that covers about 5% of people who are forced into bankruptcy.
PS Fuck you.
Hard call, debt free in 3 to 4 years by pulling back living costs to $500.00 a week and dumping balance of pay packet on the debt or being fucked (literally) for a good 10years by going bankrupt...................
another thing to consider is ring up each company you owe money to, say you can't afford to pay them with the interest racking up but you want to keep paying them, most will play ball and negotiate given if you continue to pay they will eventually get back 100 cents in the dollar, if they keep stacking up interest they might get 10 cents in the dollar.
sold my bike so now no longer drive or ride anything worth mentioning, the PF way ...
Ultimately if you can double the amount you're paying to your cards/loans atm you'll be debt free in less than 5 years. That will mean you have to make some sacrifices, paying less rent, paying less for food, selling the car for something cheaper to run etc and you may need to pick up an extra job but really its a lot less pain than going bankrupt.
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