Good news.
My daughter has seen her bank and a sale to her is now firmly on the cards.
Thanks for all the advice good people.
She is suggesting doing a DIY conveyance which is OK by me but as luck would have it, diyconveyancingkits.com.au is closed ( regarding accepting phone calls ) for the...
Related investor route very slow on the uptake.
Refinance is not an option due to age ( over 60 ).
I really do NOT want to go down the government benefit
plus subsidised rent track.
This in my view is a very very last resort.
All I need is some breathing space, some capital and
reduced...
Advice at this point.
Write letters to all creditors asking for
a hold for 3 months pending sale of home.
No idea who our next landlord will be.
( hopefully related )
Awaiting replies from creditors.
Thanks MIZBUF.
Had a talk to a financial adviser this morning and some
of the info at Hot Copper was incorrect but generally a good read.
Hope you have a great festive season.
China...the deal is coming on really soon.
Chaos...I wouldn't have suggested it to my daughter
if it wasn't going to be a good deal for her.
If we had to resort to government benefits the rent assistance
would make it a survivable ( though not desirable ) scenario.
Her circumstances might...
They should settle for better
than their debt collector onsell rate.
What I meant is that debt collection mobs routinely buy
blocks of bad debt from financial institutions and they
usually pay around 5-7 cents in the dollar. I 'may' be
able to offer 12-15 cents and have it accepted...
It's Plan C time.
Sell and rent from new owner.
Value $250k
Sell for $220k - $230k
West Gosford NSW
Villa
2b, 1bth, LU garage
Council rates & strata fees $62 pw
Willing to pay rent of $350 - $380 pw
After settlement sort out the 2 credit cards
( $30k & $35k ). They should settle for...
BTW I actually feel so very fortunate.
Can you imagine the living horror some are going
through, when an innocent child asks why there is nothing to eat.
As hard as things are, we have no young dependents.
"Hard work never killed anyone, but why take a chance".
Thanks for the laugh MTR.
I most certainly wish to avoid bankruptcy and can't
see the banks going down that path if there
is no gain for them. I could however have a Personal
Insolvency application lodged and this of itself would...
Thank you very much for your suggestions but mostly
for the fact that no one here was condescending.
I will proceed with my 2 stage plan.
1. Sell home to daughter, end up with nothing, have security of tenure
in a place that has become home.
Go on dole.
Make arrangements with bank to pay...
How much are you short each month in making the minimum payments to the credit cards.
*****Now $600 Huge problem is no consistant income. Sell online and both basically too old and infirm to find real jobs*****
Have you considered cutting back in other areas of your budget, such as...
Alexlee...
the scenario you have painted ( debt 'avoidance' ) is not applicable.
In a case of a post sale application for voluntary bankruptcy...yes.
My aim is to have security of tenure during which we can 'breathe'.
Your point about 'rescinding' a sale is interesting.
Would not all...
I still can't see how that helps you. Even if you could do it, and your daughter could make the payments, the bank would still want its 65k. This sort of sale to evade creditors would be rescinded.
Fair enough if we were to sell and then soon after make an application for voluntary bankruptcy...