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  • Profile photo of Dr.SpockDr.Spock
    Participant
    @dr-spock
    Join Date: 2004
    Post Count: 69

    Hi everyone,

    this was my post on this forum on July 17, 2007 – 1:38pm.

    I need advise, here is my situation: I have managed to pay of fa family loan of $4,500.00 and pay down a p/loan from 12,000 to 7,000 since January this year (in total 9,500) which I am happy about, but heres my problem. While paying my loans, work got quite (Casual) I have other loans that I couldn’t pay the full amount each month, so I contacted the company’s and made an arrangement to pay the lowest amount possible for the month as I was experiencing hardship. Even though I have made this arrangement one of the credit card company’s has put a default against my name, I have tried to consolidate my loans but no one will look at me now because of my default against my name, and if they would I have been told that the interest rate would be so high, that its not worth me doing. I thought that if I could consolidate at least I would be able to pay just one loan off.

    Now I thought I would share with you as off today I am debt free,

    4,500.00 personal loan (family) – gone
    20,000.00 CBA (personal loan) – gone
    6,000.00 GE (personal loan) – gone
    5,800.00 GO mastercard – gone

    my hubby had to get a new car through his business so he has added me to the loan, which I have been told will fix my bad credit rating.

    You know what this feels so good, It has taken a while but now that 2 yrs has gone and all the debt has gone it is an amazing feeling,

    what do people think will I be able to get into property investing now? or will I still have problems because of that bad credit rating? I suppose the next step is to save for a deposit as I have no cash, but I have no debt now either YIPEE YIPEE YIPEE

    regards

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    Congratulations.  Great achievement to get rid of your bad debt.  You may still have problems for a while because of the default, buy just keep saving for the deposit and your achievements will help you get a loan

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Yes great effort and shows what can be done if you buckle down and save.

    As crj mentioned i think you are a fair way away off getting approval for a loan as neither of the mortgage insurers will accept an application where there is a default so that will limit your lvr.

    Head down and save again and I am sure you will get there.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of Dr.SpockDr.Spock
    Participant
    @dr-spock
    Join Date: 2004
    Post Count: 69

    thanks for your comments everyone

    regards

    Profile photo of FinSpecFinSpec
    Member
    @finspec
    Join Date: 2009
    Post Count: 137

    A HUGE congrats to you – it's hard work and you did it.  You are living proof that if you set your goals and work hard, you do get there.  Now you're at the next stage of your journey with a great foundation of experience and knowledge.

    Well done.

    FS.

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