Hi all
I have had a friend come ot me for help in clearing up his debts & starting afresh. He has a credit card (which he has been paying off) & a store card (which he hasn’t) debt. The storecard debt collectors have come to him with an offer of a smaller amount to pay, but state that if they do this they will record his ‘black mark’ with Baycorp. Does this sound right to anybody in the know? To his knowledge (although he has not checked it out) they have not recorded anything against him as yet. I would appreciate help on this, particularly as he is a good kid trying to get back squareThank you[biggrin]
TroynBec
You can have more than you’ve got because you can become more than you are
Hmm…seems right. Once the lender offers to repay the debt at a lower amount then the lender can put it on his credit report, as it shows to other lenders that he was not able to keep up with the debt and they had to negoitate a lower repayment then what he signed on his loan contract.
(If it was me) Its all about budgeting. i would write down all my income and expenditure. Then work out what i dont need and what i need.
If the default isnt lodged then a personal loan might be feasible however when a lender consolidates debts the lender would want 3-6month statements to make sure good conduct has been preformed on his part.
There is no easy way around things like these. However good budgeting skills is the key to saving the most amount of money so he can pay off his debts. Like i said just write down all his expenses and income then cross of one by one what he can save a few things here and there.
I educate my family to budget, especially my sister. When income is credited to your account, the first thing you should be doing is paying all your liabilities, ie. credit cards,board,personal loans. Then what ever is left over is yours.
FInance disclipine!
I hope this helps a little and good luck.
Joshua McEwen
Finance Consultant – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieHe may be able to negotiate the terms to include them not listing this on his CRAA.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Its a free service to obtain a copy of your own credit file although it takes around 3 weeks. http://www.mycreditfile.com.au
We recently received ours and were surprised how little was recorded. The information was years out of date and didn’t include bank loans and credit cards we have obtained over the last 4 years.
They provided us with a blank form to update our details if we so desired. Needless to say we declined the offer !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”If the debt is repaid on those terms they have no right to list it on his baycorp file. I would take the terms and then appeal the listing. Baycorp will remove it and give them hell for that he has repaid the funds owed, so there is no requirement for listing…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055thanks everyone for your help
This has given him a bit of a kickstart & he is now pointing in the right direction with his finances. it is much better than just coming from me
thank you all for your time
Troy
TroynBec
You can have more than you’ve got because you can become more than you are
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