Hi ALL! I need help. It came to my attention today that my credit report showed few unpaid bills. I know what happened..few years ago when my relationship with my ex was over I left to go overseas but energex, telstra and vodapone were still on my name. H e did not pay the bills, I did not know (around $3000, not big deal).
The bank is saying that even if I pay they will not lend the money for 5 years!!!!
Any suggestion or I am completly finished for the next 5 or 4 years??!!!!!![glum][worried] come on guys..after reading what an idiot I am, please give me a couple of advices and maybe direct experiences…I FEEL A LOOSER!!!
Hi Didi, tough break with the defaults. I would say that all is not lost but your ex has certainly limited your options in the short term. If you are looking at real estate borrowings and have sufficient deposit then I think most lenders would at least have a look provided the defaults are paid, especially if you explain the situation and can show that you have paid them as soon as you were aware.
If you are looking for a personal loan, credit card or real estate lending with mortgage insurance (ie LVR >80%) then I don’t believe there would be too many institutions out there but depending on what interest rate you are willing to pay you’ll always find someone.
When you say “the bank” do you mean your primary FI? I would have suggested them as your first port of call because they may have another form of good history.
Good Luck
thank you for your reply.
I will pay those bills in the next few days…Yes, I have 30% of the deposit I need to buy my first property.The’ bank ‘ is the bank I use at the moment…I am also in a job at the moment that pays $850 a week after taxes….so it is not really over…..[biggrin]
thank uHi Didi,
Don’t go to a bank – see a broker with access to a variety of lenders.
Be up front with the broker so they can best place your loan application with an institution that will assist.
Bad credit ratings are not unusual and provided the reasons are valid then there will be a lender out there to help.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
Skype – derekjones2113didi
Don’t feel silly it happens to a lot of clients.
Defaults are registered for a variety of reasons with the fact you didnt receive the bill or your name being on the account amongst the most common.
Forget you Bank they will have no idea and will give you the old 5 year spiel but thankfully this day and age the market is a bit bigger than the Commonwealth Bank.
As Derek suggested contact a Broker and with the amount of deposit you have finding a loan at the right rate and conditions shouldn’t be too hard. Only thing i would suggest is pay the bills and get them out of the way as they will come back to haunt you.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Didi,
I agree with Derek, depending on the circumstances you should be fine…
Worst case scenario there are lenders who will ignore the defaults and charge a higher rate, then refinance to a lower rate when the defaults are removed from your CRA, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
I have seen many clients with similar stories. Don’t feel too bad about it, these things happen – and worse.
Anyone contemplating divorce, make sure you cancel additional card holders on your credit cards too.
Terryw
Discover Home Loans
Parramatta
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Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
What he said [thumbsup2][thumbsup2][thumbsup2]
I’m not a mortgage broker and have no affiliation to one, so I would thoroughly recomend that you get involved with one, rather than the banks direct – the emplyees at the bank are only following the rulebook that their manager gave them – very little scope for them to deal with reality
Originally posted by Derek:Hi Didi,
Don’t go to a bank – see a broker with access to a variety of lenders.
Be up front with the broker so they can best place your loan application with an institution that will assist.
.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
Skype – derekjones2113Hi there Didi, I know of a heap of lenders including one major bank who will lend you the money. Don’t believe everything they say. this major finacial intitution lends to discharged bakrupts they just don’t advertise it in the windows. Your defaults are easily explained away, and wouldn’t be too much of an issue to circumvent. It isn’t like you Deliberately ignored the bills.
To be honest your situation is a common one as a couple of the other guys have mentioned, and not hard to get the money for and yes the rates at the Loan to Value Ratio you’re talking about will be pretty close to bank rates, if not through a bank.
If you get stuck there’s always someone who can assist you. And I would advise ignoring those who tell you that you will have to cop 10 or 11% because thats just not true.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Hi Guys!!
thank you for the support!
It feels much better..now I know what to do!!!
[grad]
Didi
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