I have 3 credit card debt and it is taken care by credit Corp for CAB & ANZ
Baycorp for WESTPAC
Debt amount as below
Commonwealth-$22000
Anz-$8000
Westpac-$23000
Total-$53000
Very Recent figure including interest
Can you please help me to tell how can I organise lump sum amount with them.what are the best tricks and tips for it
How much percentage of total amount should be good deal to pay
CREDIT CORP-CAB & ANZ-TOTAL-$30000
BAYCORP-WESTPAC-$23000
Credit Card Debt HELP
LK7 on 06/09/2018 - 00:06
Comments
You could be a lot of debt with no past or present proof that you are on decent income.
It is just to show sometime credit card approvals can be flawed or gamed with.
this is probably the hardest thing to get used to especially with the lifestyle that you used to have but if I were you I will be doing this:
Work out your expenses and try to cut some of it.
Estimate how much you need on weekly basis to survive then add 5-10% on it as a buffer.
After you work this out, set up a weekly/fortnightly/monthly transfer 1-2 days after you get paid to your credit card.
And cut off those cards!also work out payment plan with BAYCORP, these people will do anything to get their money so they more than happy to arrange this than having you go bankrupt as suggested by others (do not do this unless you really don't have any other option)
P.S. few months/years after you pay off your credit card, you can then allocate that money to your saving account.
Still amazes me, that someone clearing $14,000 a MONTH and still needed credit cards
lol is all i can say to that. No sympathy here.
Having a credit card doesn't mean you don't have money in the bank to spend.
Depending on your expenses, why not get frequent flyer points for things you're going to spend anyway.
People often live to their income unfortunately
Credit cards are extremely useful tools.
With mine I get up to 56 days to repay (in full in my case) when I make a big purchase.
Very useful when trying to spread the cost of large ticket items over a couple of months or more.
Also great for accumulating points (put the entire cost of a kitchen refurbishment onto c/card)
Credit cards, when used properly can be extremely useful and are not just used by people on lower incomes.You are correct in that they can be very beneficial if used wisely
I should have rephrased: im amazed that someone on $14k a month could so badly misspend their credit card. Most people pay off within the interest free period…not the OP however
Im fairly sure this is a troll thread too. You dont make a $300k a year salary and then randomly come on some internet forum to ask for financial advice
Unless i misread, OP responded to a comment earlier on and said that he was earning that much when he got the credit cards, but he lost his job and racked up that debt in the time that followed.
edit he also said he was earning $3,500 a week. not $300k a year. He could have been working in a sales job earning high commission for a few months and only peaked at $3.5k
@Name: $3,500 per week IS $300k per year if you consider that his post tax salary. Remember he already quoted his current income in post tax terms so it would seem that was his default preference.
@Mysterymeat: hey, what I meant was. He may not have earnt $300k. He worked in a sales job earning variable commission. If he earn $3.5k weekly for a year, yes. But I doubt that is the case. My wife works in a commission based role and earns anywhere from $15k to $45k a month. People who earn $300k a year would just say what their yearly pay was, someone who quotes their pay as weekly doesn't sound like someone who actually earnt that for a year.
My wife works in a commission based role and earns anywhere from $15k to $45k a month
Holy crap! what does your wife do? If you don't mind telling.
I have realise this late not early
It’s not about how much you earn it’s all about how much you save
Currently with $6k monthly after tax am saving more when earning that amount
It was $3500 weekly including tax and gst (ABN) which gives 180k not 300k@DiscoJango: nope it’s GOVERNMENT after PRIVATISING ELECTRICITY
during our time rates where fixed by government and use to change once a year but nowadays everyone got their own price and double supply charge
And prices changes twice a month for some retailers
I use to work for energy Australia
Later for origin
If you need any help with your current electricity,gas company let me know and solar panels too@DiscoJango: 6 years exprience in this market
they use to pay us $100 for one account and and $175 for two accounts
Here
2 accounts stands for electricity and gas for one customer house
I use to hit 20 to 25 customers in a week consistent with 15 to 20% cancellation ration and rest money I use to earn from my boys
Many people in this forum don’t trust me making this much amount of money in this field@K7: i wasnt having a go at you for making good money, good on you for that! we need less tall poppy syndrome in AU. A few people have mentioned the $$$ sales can bring in, but only if your really good. Im sure it was lots of long days and hard work. Im sure you will do well in the future, just spend less :)
Also, have a look at the people you hang around. If their materialistic, and only want to show off that they have the latest bmw x5, the latest iphone, the latest prada hang bag, maybe dont hang around them, as you will naturally feel like fitting in. However with people like this, you will never have enough, and will constantly be spending big money to keep up. Once you get over being a showy person, you will feel much lighter, and happier :)
After all, what did your $50,000 worth of debt get you, happiness or sadness/depression/anxiety?
You must have missed the many front page and newsletter posts from people asking about how to manage their millions, how to make the most of their 200k income, how many thousands to sink into shares etc etc.
@DiscoJango: exactly I had Mazda RX8 worth 27k paid cash for it
Clothes,food,weekends each and everything
Tbh others can blame me to spoil them
My grandfather use to tell me at young if you struggle hard and save money till 30 your future life will be best
But if you want your life best at young age later will be struggle
Anyways am in talks with credit Corp for cba and anz credit card lump sum amount they offered me 28k I requested 25k
If they agree I’ll finish one else I’ll pay 15k to credit Corp and 10k to baycorp and rest payment plan@Name: Guys I am going to start selling door to door cookies after my full time 9 to 5 job which earns me peanuts compared to 15 - 45 k a month. Looks like selling cookies is way more profitable in this economy than doing an office job.
@trickster: Except my wife works way harder than 9-5.
I do a 9-5 office job that I completed a bach degree to get, she outstrips my pay easily. But she is often up until 10-11pm at night working and often works weekends too.
But for her, it isn't working. It's relaxing as she creates worlds. I guess similar to someone painting in their free time. She doesn't really consider it working.
If Citibank can approve you, they will issue a check to self for 1%. And they are very generous with their credit limit, you could try them and see if you can get one of their cards. And ask for check to self.
*Cheque (don't be swayed to the dark side of "dumbed down" Yankee English, lol).
*Czech, then put them to work to make back the money
Now at your local Big 4 Bank, low interest Czechs.
*Cheque (don't be swayed to the dark side of "dumbed down" Yankee English, lol).
The spellings "check", "checque", and "cheque" were used interchangeably from the 17th century until the 20th century. However, since the 19th century, the spelling "cheque" (from the French word chèque) has become standard for the financial instrument in the Commonwealth and Ireland, while "check" is used only for other meanings, thus distinguishing the two definitions in writing.
In American English, the usual spelling for both is check.
Etymological dictionaries attribute the financial meaning to come from "a check against forgery", with the use of "check" to mean "control" stemming from a check in chess, a term which came into English through French, Latin, Arabic and ultimately from the Persian word "shah" or "king".
In American English
just call it american, its so far bastardised from english it deserves its own name
Cool story, bro :p
My point still remains, in Australia we use "Australian English", which like UK English, has "Cheque" as the correct spelling.
Although not true in all cases, it's commonly known that the American education system would rather dumb-down the language, rather than place higher expectations on their students.
Harry Potter and the Sorcerer's Stone, anyone?
Yet you yourself are not averse to borrowing words from American English like "cool", "bro", and "dumb down".
Can’t you please explain this in more detail
Will I be right applicant for this with my current situation.
Everything about this seems a bit too suss for my liking, and I don't take kindly to people trying to take advantage of this community by leeching and not seeding (contributing) back.
I won't play the "Compare Game" with you regarding your circumstances, but I also won't be taken for a fool.
There will be no "Smash & Dash", here!
I'm with you… Something seems funky
OP, please get in touch with a financial counsellor.
https://www.moneysmart.gov.au/managing-your-money/managing-d…
Would you lend the money to him if you are his family member ? lol
Once, when I was a full time uni student, circumstance pushed me into living off my credit card for a while. I found a job quick smart and sold a lot of my personal stuff to kill the debt. It was pretty scary.
Do you have any family to help? They can help you get a bit of a start
Yes my mom is ready to help me for home deposit 10% not for credit card
She wished Australia had tougher law and I was send behind prison for taking money for grantedWhy did she help with a home deposit when you are in debt? Why didn't youput aside some of he money towards the cards?
Try homelessness. It's an increasingly likely future for many people in overpopulated states, especially for younger generations.
I know how to unlock door for better future so don’t need to be homeless
Bless you
Live within your means?
Your crazy, 53,000 debt and such a young age get your crap sorted and start paying off your debt
Come on, as an Ozbargainer who has credit cards, if you are really desperate for money, you should have bought loads of discounted Woolies egc to buy discounted only1visa/perfect gc for a profit of at least $5-10 each.
You could easily buy 4 cards per minute during the good time before they closed the loopholes. Assume you find a store with nice checkout guy who won't stop you, that's at least 200 cards/hour, which translates to about $1500 profit minimum. Spend 2 hours a day buying the cards and you are looking at $3000 profit.
Now the tedious part is that you will be spending most of your time cashing out these cards, through perfectly legal or grey ways depending on your budget and time. If you are willing to pay a small fee, it is possible to vastly speed up the process.
Make some good use of your time during the catalogue special week, I don't see a problem earning $50k in 2 catalogues if you desperately need money.
Of course the whole scheme only works before you screwed up your credit rating. If you can't get a good credit limit, you are going to need way longer time to earn the same amount. And now the 5% egc discount is gone, it is hard to go anywhere if you don't have a good credit card.
Still, I think for most of us spending an hour a day in supermarkets when they have gift card promos would easily get you more than your daily wage. If you are not in deep shit, then don't be too greedy and enjoy life and time with family.
How do you cash them out? Pm me pretty pls.
Same with me. Pretty pretty please. Pm me
Garcia's
If it is just a small scale, occasional cash out, you can rely on free methods.
E.g. for EFTPOS cards, you can use them to overpay various bills. Most companies will refund in cheque if payment is done through EFTPOS as it costs little to them. It used to be very easy to deposit them at POs fast & free, but that loophole was already closed by Auspost (unless you r willing to spend a little and be creative).
For only1visa, Costco will gladly refund you to whatever debit card you own (as an established practise). Some companies will also refund overpayment in cheque if the amount is not too high. Telstra is one of them.
If you wanna run a large scale op, you will be better off paying a fee. There are potential legal/tax issues so I dont think it is a good idea to rely on this for a living. Should be pretty safe to just earn some extra cash though.Thanks for that!
I hope you have worked out “How to claim maximum tax on income over $120k?” in your last post, lol
Yes they did it was for close relative thanks
https://www.afsa.gov.au/insolvency/how-we-can-help/indexed-a…
The protected property for cars is interesting. Reading this, it seems that if I bought a car worth 100k, paid 7k off of the finance and have 93k outstanding, if I go bankrupt and the car is still worth 100k (minus the 93k owing) I get to keep the car cause the equity is only 7k?
Sure…How many secured loan agreements are available to cover 100% of the purchase price? Of $100k? Very unlikely.
The official receiver would question the monthly payment to the secured vehicle loan.
Read/listen to the 10x rule by Grant Cardone. Make income and smash the debt. Pm me ill see if i can send you a copy.
Making over 100k before tax and can't pay back 50k debt, seriously, WTF?
13 11 14
Lifeline Australiadebt is one of the hardest thing to deal with because you really cant escape from it
arhhhh… have you cut up the cards? that's the 1st thing you need to do.
http://cantpaymydebt.com.au(edited: site issue)
What do you guys think about this guy
Read his personal storyI'd suggest you start by getting free professional financial counselling as others have mentioned before. But this answer from Scott Pape, the barefoot investor, might help you get an idea of the options you have. Also, get his book - best $30 I've ever spent.
Question
Dear Scott,
Hindsight can be a torment! Four years ago, a single and carefree me decided I was responsible and secure enough to take on debt — so I got myself a credit card. Looking back, I was not ready at all, and what started as an affordable purchase ballooned into a credit default that has not been paid to this day. It is, as it should be, marked on my credit file, which makes me feel defeated (even though I now earn around $92,000 a year). So my question is: with four years remaining until it is deleted from the credit file, should I bother trying to pay it off?
Kelly
Answer
Kelly,
How can I put this delicately?
You’re earning $92,000 a year for godsakes — take charge, woman!
Yes, you’ve defaulted on your debt. That will stay on your credit file for five years, regardless of whether you pay it back. In other words, your credit rating is shot. Now what you need to work out is what price your dignity is worth.
Here’s the story: your bank may well have sold your debt off to a debt collector (for probably around 20 cents on the dollar), and they’ll now be chasing you for the debt. If I were in your shoes, I’d try and settle the debt with them.
Most people don’t realise it but you can negotiate with the banks, or debt collectors. When you get to this level, they’re basically trying to get blood from a boulder, so they’ll generally settle for about 30 cents on the dollar.
How do you do it?
Don’t call them. Don’t fill out any of their forms. Don’t tell them anything. Instead, go to the Consumer Action Law Centre (CALC) website (consumeraction.org.au) and download their template: “Debt collection — letter of offer to settle”, and adjust it to suit your circumstances.
You have the power to make this go away, the right way.
Scott.
It was very useful
Will surely buy one tomorrow
I was just thinking how does one end up in such a position…
Ozbargin - that’s how.
Did I really need that 75” tv, that $23,000 bottle of whisky… I think so.
Not to mention the swift.
Gambling
Banker here. Key moving forward is understanding what you're about to go through will not resolved in two or three years. This is ten year plan - at least.
The financial counselling advice here is good, maybe even consider a mental health program with your doctor.
- Research Balance Transfers, this is your only way out - infochoice.com.au is a great resource. Limit yourself to one credit card application each month (too many credit checks will impact your ability to lend in this space) - look at sub-prime providers, stay away from the "big 4". Balance Transfers are very helpful, but will get out of hand quickly unless you are all over them - this is a dangerous options, if you aren't prepared to manage these obsessively - or are incapable of managing them obsessively - do not use this option.
With your cards being managed by external agencies, this may not be a viable option - your priority should be getting them out of the debt collectors hands by using one of the below options.
- Depending on how the debts currently managed, you may still be able to contact the hardship division of each of your current credit card providers. The Code of Banking Practice is a series of recommendations of best practice, which includes providing financial "assistance" when you can't service your debts. Understand, Credit Cards are not a product banks make a lot of money on. Your situation is an example as to why; they're high risk, for low return.The likelihood of the debt being written-off as irrecoverable is very high.
Call the financial assistance / hardship line for your current credit card providers, and say: "My circumstances have changed, and I'm unable to make payments on my credit card."
They should at least give you an interest free period, or cancel the facility and move it in to a lower interest personal loan.
This is an important notice for anyone else struggling with credit card debt, if you inform your bank they will take action. If you don't talk to them, they will assume the debt is headed for loss and take steps to recover and off load it as soon as possible.
I mentioned a ten year plan above, this is where it starts: if you get financial assistance through a bank, you will more-than-likely never be able to lend with them again. So be strategic, make sure this plan lines up with any long term plan you have, don't just pull the trigger on it without thinking. Consider: who will you need to lend from in the future? who will you need a mortgage through?
- Bankruptcy. There is a stigma around bankruptcy, which is silly. Commercial bodies declare bankruptcy all the time, however they person behind the business is impacted minimally because its technically not them who owns the business, it will be a trust or some other non-individual body.
In your case, this is a realistic option: if you have no house. The process would go something like this: you contact a government Financial Councillor, like some of the options people have listed above, and they would become your case worker. they would basically liquidate any major assets you have, and negotiate a settlement amount with your debtors. you would make compulsory payments toward the settlement amount for an agreed period. That basically it.
For the love of god do not pay someone to manage your finances or file bankruptcy - government services do this for free, and they're generally more qualified than those charging fees for the service.
The long-term impact on you - no lending for at least seven years. Again, consider your long-term plan.
This is a long rambling reply, I hope it makes sense. The most important thing you can do is really spend some time self-reflecting and work out what led you to this point. People have mentioned above that poor financial practices tend to be ingrained bahviour, and I can't agree enough. I have helped people in your situation, only to see them several years later right back in the thick of it again.
You need to understand, this is the price you pay for the expensive things you've owned, the travelling you've done, the lifestyle you've led up until now.
Me - and many other people on this site - haven't enjoyed these things. We've lived on Mei Goreng and Potatoes, we've done the hard yards, which is why we have minimal debt. Accumulating debt is very easy. Managing your money - especially in today's environment - is very hard, it requires work; work which you have been avoiding up until now.
Don't shy away from the hard work, and be prepared to ask for help. Good luck!
One more thing, take people up on their recommendation to get the Barefoot Investor. I've read it, I agree with most of it. It's got some solid advice in it.
By the look of your English and poor grammar, I'm assuming you're a recent immigrant.
Why don't you just go back home and write a line under this experience? The only folk you'd be hurting are the credit providers which after the bank royal commission, I have absolutely no sympathy for.
God bless you
Namaste my brother.
its deliciously ironic that a person who belittled others for contributing to Australia, is also morally bankrupt and advocating others to evade a $53,000 debt and thinking that 53K can just be forgiven by the creditor because you know, 'life experience'
The first rule is to cut off loss. Wherever these debts are coming from (girls, cocaine, gambling, high end whiskey), it should be stopped.
I haven't been in this situation so am unsure how it all works in negotiations. If it is gambling related, there are financial advisers working with independent gambling authority (IGA) that could give you free advice. You should make yourself known to them.
Maybe make an agreement to pay the debt in full minus all interests?
1-Yes every night alcohol and dinner from restaurant
2-girlfriends,clubbing and weed every weekend
3-did try coccainee couple of time before didn’t like it but after demise of my father I started doing twice weekly but last year am clean
4-no gamblingAlright I get it. I have been in a financial crisis before.
I think you are well placed now to overcome it all before it is too late. Given that you are working that is. You should realise that your job is not for granted.
You obviously are working hard to earn that 92k but it will go away too if you stick with 1-3.
If I were you I would meet with all stakeholders involved and agree on paying a negotiated amount directly out of your salary every fortnight. That value must be set so that you have about zero dollar after the essential expenses and the installment. You could be paying $2000 every fortnight if you live on $340/week budget as I do (no I don't own house). In one year you are on your way.
I think bankruptcy is not an option as it will cripple you for quite a few years and more importantly you have a job that works out well. You can't run away from debts.
Do you still have that girlfriend?
Lol I had few during that time
Now am married
- Try mybudget
- Declare bankruptcy
I had close to 68,000$ debt I just stoped spending and buying anything and found a much hirer paying job. I also would have been over 120k with tax and student loans now just 3 years later I got savings.
Really unless u can’t do that ur screwed!
When you declare bankruptcy, you still need to pay off you have a high paying job, right?
Some debts get re-raised
Dono. I didn’t declare bankruptcy.
I think most not all get whipped. Or at the very least they stop charging penalties and high interest.
That is a lot of money.
If you live in NSW, I would advise the following. If you live in a different state, you may be able to find similar support networks in other states.:
If you haven't received a statement of claim yet, contact a financial counselor around your area and go see them as soon as possible.
Financial Counselors should be free and should not be asking you for any money.
T Hey may be able to assist you, help you budget, and will be able to give you advice and guide you through whatever steps necessary, whether it is consolidating and a payment plan if it is possible or otherwise potentially helping you filing for bankruptcy.
IF YOU HAVE RECEIVED A STATEMENT OF CLAIM, make sure you file a defence within 28 days or else default judgement will be lodged against you and you will need to pay the amount, legal fees and potentially interest.
Withdraw 10k from super under compassionate grounds.
Can’t see that happening
this ruffles my feathers a bit, the sheer amount of irresponsibility it would have taken for you to get here, especially with your level of disposable income. Given the level of commission you received, I imagine it involved work in an industry where there was a lot of exposure to financing. Not to mention the exposure to finance when you filled out every credit card application.
I think the fact that you have accrued 15k in savings (which would have taken you a while) but have not made repayments to the point where you have ended up with debt collectors instead of the financial hardship division of the banks means you are trying to worm your way out of your situation by negotiating with the debt collectors for pennies on the dollar.
While this may be effective in the short term the problem with this strategy is you will be handicapped with high-interest rates (if you secure a loan at all) for a significant part of your future from what are usually the most competitive and lenient (credit history wise) lenders on the market.
I saw one of the suggestions was get a Personal Loan off a family member. I would highly recommend NEVER doing a personal loan to a family member unless it is exceptionally well documented, witnessed properly and has some collateral offered. There are too many horror stories among my friends, family and many others I know of.
I am sure some must get paid back but it's not a tale I have heard from anyone I know.
Very, very true.
This really depends on your family dynamics. I have a close knit family and if I ever get in trouble I would go to them first before I go to a bank. Friends I wouldnt recommend. If I ever loan any money to a friend I do it in small amounts and with the intention that I am not going to get it back. You are simply going to ruin a friendship when you add that kind of burden on it.
trickster, how many family financial sh*t storms have you been through yet? Too many here for me, I guess it depends on age and experience. All I would say is some give and many take and many sit on the sidelines while things happen in most families. I would have once said I had a close knit family but throw money in and maybe not.
Mike Tyson had to declare Bankruptcy and lost all his bling. Dont declare Bankruptcy.
A lot of good advice so far on consolidating debt which is one part of the solution.
You then need a solid budget to pay it off and then remain debt free. Try using the app YNAB which teaches you to allocate your money to categories that you spend in so you're never really spending anything that you don't have.
Search for the Camp Patton trial which gives you 3 months which will be enough to set it up, get used to the fundamental ideas behind the software and a solid budget plan in reducing your existing debt.
Not an easy solution but will set you up in a way that credit card debt will never be a problem again.
Cut them up! Get help from a professional http://www.ndh.org.au or call 1800 007 007.
DON"T USE THEM IF YOU CAN'T PAY THEM!
I'd recommend you speak to a financial panther.
I'm on board.
Complaining abt being negged. Not nice.
Think his advice is “CORRECT” and use bold cap. Not cool.