All Topics / Finance / Project gone Wrong

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of Winner_1Winner_1
    Member
    @winner_1
    Join Date: 2007
    Post Count: 4
    March 30, 2009 - 5:31 am

    Hi Guys

    I have been battling a case for the last 8 months i had a dodgy builder come in and run off with some money.

    I am looking selling my property and loosing $100,000 , the only thing is I dont have any other properties to secure against the loan.

    I will be $100,000 in deficit to the bank, but I have nothing to offer them. I would really like to obtain a loan or find some sort of way that I can pay them back over a period of time. I have no problems making payments.

    Can anyone offer some advice, I am a young guy who tried building and I got stung!!!! Need some help.

    Thanks Heaps!!!!

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 30, 2009 - 5:34 am

    Winner sorry to hear about your situation.

    Rather than offer you any advice i would be talking with your Bank immediately as even if you sell the property it is unlikely they will allow the sale to go through based on the fact that they will not release the Title.

    I would be talking to them now to see whether you can formulate a repayment plan to allow the sale to happen in the first place.

    Richard Taylor | Australia's leading private lender

    Profile photo of Winner_1Winner_1
    Member
    @winner_1
    Join Date: 2007
    Post Count: 4
    March 30, 2009 - 5:38 am

    Hi Richard

    Thanks for your reply, I spoke to the bank (CBA) and I told them the situation. There reply was if you dont have any security too bad. They wont settle.

    I told them, I have been paying a $450,000 loan for the last year, never been late so $100,000 is no problem at all, but they are not too happy to offer any sort of assistance.

    Cheers

    Chris

    Profile photo of LinarLinar
    Member
    @linar
    Join Date: 2004
    Post Count: 567
    March 30, 2009 - 5:56 am

    Go and see a solicitor.  You may be able to make a claim on the builder's insurance.

    Cheers

    K

    Profile photo of Winner_1Winner_1
    Member
    @winner_1
    Join Date: 2007
    Post Count: 4
    March 30, 2009 - 6:07 am

    Thanks K, I spoke to a solictor and apparantly you can only make a builders insurance claim if the builder has gone bust, but this guy is still in business. I sought legal advice to sue him, but after further investigation by my lawyer the bulder had nothing to his name. So my lawyer told me not to proceed as it was a waste of time.

    Cheers

    Chris

    Profile photo of MasterRELMasterREL
    Member
    @masterrel
    Join Date: 2003
    Post Count: 52
    March 30, 2009 - 6:43 am

    Report the builder to dept of fair trading(NSW) or BSA (Qld) He should lose his license at the minimum. They may offer some advice about what to do. Can you force his business to go bust then claim insurance?

    Profile photo of ToWhomItMayInterestToWhomItMayInterest
    Member
    @towhomitmayinterest
    Join Date: 2009
    Post Count: 31
    March 30, 2009 - 7:22 am

    Hi Winner_1

    Sorry to hear about your misfortune, I'm also planning to build a house for the first time. I don't want to fall into any traps and I would like to avoid as many problems as possible.

    Can you please give some advise on what to watch out for when building?

    With your situation if you had your time again what would you do differently to avoid problem(s)?

    Well hope you manage to recover your losses

    Best regards ToWhomItMayInterest

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    March 30, 2009 - 12:18 pm

    It may cost you a little more but is it possible to get a personal loan to cover the loss?

Viewing 8 posts - 1 through 8 (of 8 total)

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