Hello [biggrin]
First, it is great to find such an open, informative site. Thanks Steve Mcknight and contributors!
My situation is this, due to poor financial management, negative geared property, debt paying debt, etc etc, we are now 2 years into a 4 year debt agreement. The ‘lesson’ was steep but we are better for it!
Our intention is to be in a position to purchase positive cash flow property when the debt agreement is complete.
My question then, is this, are we better to pay this debt ASAP, before the due date of completion, or continue to the finish date 06/07 and save along the way?
We obviously need to build credibility again with lenders, so which would be the best approach? Does anyone else have another perspective on our situation?
Thanks
JanMarc Howard & Jan Potts
marc and jan
one of the unfairest cuts of all is that in my experience future lending does not discriminate between pt 9’s and pure bankruptcies.
your question is a good one, if you have the luxury of saving whilst paying of the pt 9 and the clock starts ticking from the commencement of the agreement, well, one thing is clear, you will need a pretty good deposit to get started, work on 30% plus costs to purchase.
good luck with it all, i’ve assisted a handful of clients over the past few years who have travelled ‘simialar’ paths, and it is really rewarding to help them on their way.
cheers
brahms
[email protected]
Brisbane
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