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    #31
    Originally posted by pathamilton View Post
    hehe fair enough to above post.

    as for weekly income, hmmm.
    clear 1k a week or thereabouts as a train guard. its just under or over depending on shifts so that is a fairly accurate guesstimate.

    other costs..
    per wk
    300 rent
    150 food
    150 child support
    100 petrol
    50 random sundries
    250 card payments

    that was just off the cuff but would be about right.

    if i just type the same letter up for the banks it might not be so hard, good to know i keep the car.
    would be depressed as all get out if i had to sell that..

    oh and thanks for the PDF Seb, will hit the link now.
    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.

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      #32
      rainwulf
      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.
      Bankwest and ANZ wouldnt loan me one red cent so consolidation is out.
      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?

      Comment


        #33
        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.

        Comment


          #34
          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.

          Comment


            #35
            After you declare, you wont get a house loan for decades, if it at all, and dont even consider getting another credit card.

            Comment


              #36
              Originally posted by rainwulf View Post
              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 Mr Purple;
              What is with that smell every time you walk into an Aldi?

              I'm assuming it's something to do with all the cardboard boxes. Smells like eastern Europe, the fall of communism and peasants.

              Comment


                #37
                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.
                If in doubt power out

                Comment


                  #38
                  Originally posted by Rona View Post
                  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

                  Comment


                    #39
                    Originally posted by Rona View Post
                    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.
                    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.

                    Comment


                      #40
                      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.
                      If in doubt power out

                      Comment


                        #41
                        Originally posted by rainwulf View Post
                        Pretty good.
                        If your income is good, and you have a good history of paying back onto your credit card and NOT MISSED ANY PAYMENTS, they will.

                        I know from damn experience thats why. Stupid direct debit.

                        The bank will give you any amount of money really if you can prove you can pay it back regularly.
                        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
                        .
                        AutoMotif

                        VC Valiant

                        Comment


                          #42
                          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
                          Originally posted by Einstein
                          The definition of insanity is repeating the same action and expecting a different result

                          Comment


                            #43
                            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

                            Comment


                              #44
                              Mr tinkler
                              I will tell you more but please read that appleton link- truly every question you ask is covered.
                              thanks, 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.

                              Rona
                              At the end of the day old mate is probably already fucked
                              so might as well just get rid of it all ASAP if im never going to be able to borrow for a house anyway that 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.

                              Comment


                                #45
                                from the PDF linked earlier

                                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
                                not sure what a debt agreement is though.
                                such a noob

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