Finance for Wraps

Viewing 6 posts - 1 through 6 (of 6 total)

Nathan Houareau
Participant
@the-general
Join Date: 2006
Post Count: 107
May 24, 2006 - 4:14 am
Hi,
I was just speaking to a customer service rep for a Specialist mortgage provider and he said that they provide finance to bankrupt people.
Where’s the win-win when a wrap client can just go to Specialist Mortgage Provider and just get a loan directly from them?
Thanks for your responses.
-Nathan
Nathan Houareau
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Alistair Perry
Participant
@aperry
Join Date: 2004
Post Count: 891
May 24, 2006 - 10:07 am
It’s illegal to provide finance to a person in bankruptcy
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 24, 2006 - 10:21 am
I think some lenders will provide finance to current bankrupts if the finance is used to bring them out of bankruptcy.
Terryw
Discover Home Loans
Parramatta
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 24, 2006 - 12:30 pm
I am with APerry he has no idea what he is talking about.
Richard Taylor
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Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 24, 2006 - 1:01 pm
undischarged bankrupts can borrow money – if someone is willing to lend them money.
quote:
It is an offence under the Bankruptcy Act for a bankrupt to borrow money or purchase goods on credit in excess of $4,267.00* (indexed) without informing the person with whom they are dealing that they are an undischarged bankrupt.
unquote
From ITSA
http://www.itsa.gov.au/dir228/itsaweb.nsf/docindex/bankruptcy-%3Ebankruptcy+-+long+version?opendocument#Offences
Terryw
Discover Home Loans
Parramatta
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Anitamarshall
Participant
@anitamarshall
Join Date: 2005
Post Count: 79
May 24, 2006 - 8:41 pm
Maybe they were talking about someone who is “discharged” bankrupt – in that case you can do a loan however if the LVR is high then the interest rate will be extremely high too.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
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