Hi everyone,

He is an update on my finances,

4,500.00 personal loan (family) – gone
20,000.00 CBA (personal loan) – January this year (2007)- 12,000.00 still owing NOW – 3,400.00 owing (cant wait till its gone)
6,000.00 GE (personal loan) – paying min amount – next on the list to start paying off
5,800.00 GO mastercard – paying min amount – last on the list ( then fix my credit rating)

Heres wishing everyone a Merry Christmas and a Happy and Safe New Year, May 2008 be the best year for everyone

regards

Hi everyone,

Thanks for the reply;s

I got a bad credit rating because the business needed money, got a credit card, and instead of paying of the credit card, when I started University I paid down a personal loan I had.  Get this January 2007 amount owing 12,000.00 now November 2007 3,500.00 and I have also paid off a family loan of 4,500.00 and we do have a very small savings. Now looking at it I did it the wrong way around but we are paying of our debt and we will get there. Have spoken to hubby again and he has agree to look at property but he justs wants to take it slow and just wants to wait until my coarse has finished, he also said that he wanted me to keep doing all the research I'm doing, (so that looks positive).  I think that  what you said dmv is right about  maybe having flashbacks,  as now his business is about take off again. When we lost our house the business lost a big contract that took us and our house with it.  So the outcome at the moment looks like finish my course, allow his business to take off again, keep doing research,

once again thanks for replys

Thanks for your reply mortgage hunter,

So let me see if I get this right, I pay the min amount on all my bills, the any money left over goes into the smallest debt until it is paid off, then so on and so on. What about general bills eg gas, sec, water, phone. I was thinking of putting them on direct debit each fortnight so I wouldn't have to worry about them as well? Also about my credit rating now that I have a bad rating what will happen with that how long till I can get that fixed?

Once again Thanks mortgage hunter

regards

well its me again,

the house sold for 201,000.00 and i must say that buy just putting in one offer it has tought  me a lot, thank you for your replies i think now looking at it i was feeling frustrated and wanted something to happen, deep down i know that i am not ready, and now looking at it, i would off been out of my depth, but im going to look at the positive side to this and that is that i now know how i want to start my property investment.

regards

Come on there has to be someone??

Dr.Spock
“you never never know if you never give it a go”

Thank you for replying,

I have done some more due diligence and yes it is a regional town population 20000,

yes there is a mining town close by, however the council have just agreed to another 25yrs of operation, no the town is not dying from drought at the moment,

I have contacted more agents and rents in the area for a 4 bedroom rent from 140pw to 250pw

If I use IO does that mean I should hold onto the property and after reno done get it revalued and get the equity released to go again.

The only thing that concerns me is that unemployment has gone up in the area, but I have sourced the area and there are very few 4 bedrooms for rent and not many for sale in the area.

Thanks again for your advised

regards
Trish[biggrin]

P.Stickels

Hi Mal,

Thanks for advise

regards Trish
[blush2]

P.Stickels