me and my partner have a mortgage of 560,000 and current value is 650,000,recently i got myself into bad credit, we are thinking of selling but this means i wont be able to borrow again, i am on a very good wage and really want to invest with my partner sometime in the next two years, is there anyway the bank will look at both of or incomes or do they only look at my partners income,is there anyway they will look at both incomes this will be over 200,000 a year!!! have i any options??
Yes depends on the level of bad credit you are referring to.
Richard Taylor | Australia's leading private lender
its a part x,
jason hodnett wrote:me and my partner have a mortgage of 560,000 and current value is 650,000,recently i got myself into bad credit, we are thinking of selling but this means i wont be able to borrow again, i am on a very good wage and really want to invest with my partner sometime in the next two years, is there anyway the bank will look at both of or incomes or do they only look at my partners income,is there anyway they will look at both incomes this will be over 200,000 a year!!! have i any options??its a part x
Probably would need to be less than a 80% lvr and at least 12 months.
Richard Taylor | Australia's leading private lender
Not sure of the credit issue, but I would obviously suggest doing what you can to get that sorted out asap.
If it is a credit default, they can be removed. You need to contact the company who listed it, obviously pay the debt, and speak to someone about lifting the default. This is done at the companies discretion, so you need to call them and have a good explanation, and hope you get someone nice. If they refuse you first go, ask to speak to a manager. But be nice about it, don’t try to be too forceful, or your likely to be turned down by everyone.If this isn’t possible however, make sure you pay it of, so it can at least be marked as paid, which will be looked at slightly more favourable.
With such a high income, you should still be able to borrow, but it may have an effect on the interest rate you receive.It’s hard to recommend anything to you without knowing the exact situation as there are a lot of variables, so I would suggest talking to someone at your bank to see how/if it might negatively impact on you.
There is always someone out there willing to loan you money even with bad credit, especially when your in a couple and have a great income between you. It’s just a matter of finding the right company, at the right interest rate.
Good Luck
Sorry Emej78 regretfully it is not as easy as that.
You need to contact the company who listed it, obviously pay the debt, and speak to someone about lifting the default.
Whilst Veda might show the default as being repaid it wont be removed from your record.
Banks wont touch a Part X for a minimum of 2 years so would be only be a non bank lender.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Sorry Emej78 regretfully it is not as easy as that.You need to contact the company who listed it, obviously pay the debt, and speak to someone about lifting the default.
Whilst Veda might show the default as being repaid it wont be removed from your record.
Banks wont touch a Part X for a minimum of 2 years so would be only be a non bank lender.
A default can be removed by the company who placed it there in the first place. They can put forward an application in writing to Veda Advantage, and after they have received, usually only takes around 2-3 working days to be removed.
I have actually had 2 removed myself without too much difficulty. Not in the last couple of years, so apologies if the law has changed since then, but it certainly used to be the case.Elle
I forgot to pay the phone bill ~A$80 few years ago… and I am still be able to get the mortgage from the bank
by explaining why it happened.there are companies that specialise in having these bad debt notices removed from your record
the credit code is very specific as to what is required in the process of having your record annotated negatively, and thus it is often quite simple to have the negative record removed simply by proving that the process wasnt adhered to (irrespective of wether you did or didnt pay the account)
if you need a contact for this i know someone
(and for the record i have no interest in promoting this other business, neither do i get a commission or something of that nature, this is merely something i know about due to previous employment for many years as a National Credit Manager for a huge company and i am therefore offering the help if required
Yes there are a couple of firms Nationally who advertise their services to this effect but as i state is still not that easy.
A judgement or default can only be removed if the correct proceedure was not followed under the Act.
You dont just rock up at the reception of Vodaphone with a bunch of flowers and ask the receptionist if she could sign a letter asking for it to be removed and expect by the following Friday to have perfectly clean credit.
I can put you in touch with a couple of firms who are experts in this field that we use however they will not and cannot remove a Part X.
Richard Taylor | Australia's leading private lender
Hi there,
I agree you need to try and get the default removed as the first step.
If you sold your home to release the equity and pay off your debts, there is a way you can purchase another property through vendor finance-rent to own.
If you have a Part x insolvency agreement,I believe this stays on your record for 7 years? ,however there maybe a rent to buy property that you can purchase with a long time frame which means that by the time the 7 years have passed,at least you would have excellent equity in the home and then be able to get a bank loan to pay the rest.
Where are you based as I maybe able to help you my email is webuyhouseseverywhere.com.au or mobile 0414852084
regards
Alison GreenMy advice is that you save up as much as you can and if you & your partner are making over $200K a year then I'm sure the bank will accept you to borrow so you can invest. Trust me, investing is a good opportunity and you can save heaps from it. Plus, borrowing the money you need to get from the bank can be quiet hard as a lot of people these days have credits card «creeping» into their wallets like spiders! Well, good luck with getting a loan so you and your partner can invest in something new. Selling is always an option but then if you cannot borrow, it can also be another issue. I'm sure something will pop up in the next two years or so for you guys start getting somewhere big in the nearby future!
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