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  • Profile photo of Nathan HouareauNathan Houareau
    Participant
    @the-general
    Join Date: 2006
    Post Count: 107
    May 24, 2006 - 4:14 am

    Hi,

    I was just speaking to a customer service rep for a Specialist mortgage provider and he said that they provide finance to bankrupt people.

    Where’s the win-win when a wrap client can just go to Specialist Mortgage Provider and just get a loan directly from them?

    Thanks for your responses.

    -Nathan

    Nathan Houareau
    Email Me | Phone Me

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    May 24, 2006 - 10:07 am

    It’s illegal to provide finance to a person in bankruptcy

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 24, 2006 - 10:21 am

    I think some lenders will provide finance to current bankrupts if the finance is used to bring them out of bankruptcy.

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 24, 2006 - 12:30 pm

    I am with APerry he has no idea what he is talking about.

    Richard Taylor
    Residential & Commercial Finance Broker
    **NODOC loans from 7.14%**
    Licensed Financial Planner
    http://www.yourstatefinance.com
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    Ph: 07-3720 1888

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 24, 2006 - 1:01 pm

    undischarged bankrupts can borrow money – if someone is willing to lend them money.

    quote:
    It is an offence under the Bankruptcy Act for a bankrupt to borrow money or purchase goods on credit in excess of $4,267.00* (indexed) without informing the person with whom they are dealing that they are an undischarged bankrupt.
    unquote
    From ITSA
    http://www.itsa.gov.au/dir228/itsaweb.nsf/docindex/bankruptcy-%3Ebankruptcy+-+long+version?opendocument#Offences

    Terryw
    Discover Home Loans
    Parramatta
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    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

    Profile photo of AnitamarshallAnitamarshall
    Participant
    @anitamarshall
    Join Date: 2005
    Post Count: 79
    May 24, 2006 - 8:41 pm

    Maybe they were talking about someone who is “discharged” bankrupt – in that case you can do a loan however if the LVR is high then the interest rate will be extremely high too.

    Anita Marshall
    Advanced Finance Solutions
    http://www.advancefinance.com.au
    [email protected]

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