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  • Profile photo of retire40retire40
    Member
    @retire40
    Join Date: 2005
    Post Count: 17
    February 4, 2005 - 9:52 am

    Hi there!

    In a previous thread, I mentioned that I have a payment default on my credit history but would still like to start in property finance. [cool3]

    The payment default was for $5K and haven’t been paid off yet. It was only included recently (past week).

    I have a stable full-time job earning $40K gross p.a. and would like to find out the various products that I can apply to.

    Is it possible to consolidate the credit card debt so as to minimise the minimum repayments? I have decided to cut up all my credit cards and resort to cash only until everyone is sorted. [biggrin]

    I believe that there are non-conforming lenders out there at a higher interest rate.

    Thank you in advance to all for your help. [thumbsup2]

    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485
    February 4, 2005 - 11:46 am

    retire40

    1. take responsibility of your debts
    2. pay them off
    3. avoid ptIX like the plague
    4. save
    5. do you realise that a $5k default is extremely serious????

    if you think i’m blunt try dealing with non conforming lenders…..

    cheers

    brahms
    CALL NOW…adults only (boys and girls ask mummy or dad first) ~~ 1900 hot broker ~~

    Profile photo of woodsmanwoodsman
    Member
    @woodsman
    Join Date: 2004
    Post Count: 714
    February 4, 2005 - 12:24 pm

    Retire40,

    You mention the consolidation of credit card debt into your IP loan I presume (?). Well you won’t be able to get a loan first until at the very least until the $5k is paid off first. There is no chicken or egg dilemma here!

    You need to have a clean history or a valid reason to explain away any deafult. Put yourself in the position of a lender who does not know you. Based on your record, without the debt being extinguished, why would they give you x hundred thousands of dollars?

    Create a positive financial track record for yourself first…ie pay off debt, start savings…this will then show to prospective lenders that you are showing financial prudence…

    Good luck.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 7, 2005 - 3:06 pm

    If you don’t have a loan yet, how can you consolidate the debt? You would need a deposit to get a home loan, but I guess if you had the deposit you would have paid off the cc.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    Click below to email me

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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