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  1. #1
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    Default House Q-

    I'm a little confused as to what we should do.

    We are little in over our heads with personal debt at the moment and with hubby not being made full time yet I'm finding it hard to manage the bills. It's credit card while he was off work for a long period time.

    Option 1- sell profit 80-100k
    Option 2- we have a property developer interested but they then want us to buy back a block I haven't really chased back as I'm bit nervous ha!
    Option 3- we wait and hope hubby goes full time soon? As then we can refinance ☹

    What would you do? Thanks heaps

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    how behind are you? selling is a drastic move if you're only a little bit behind?

    I'd contact the bank and discuss your options. tell them you're struggling and see if you can take a repayment holiday (as these things are called lol) of negotiate something that works for you.

    do you have equity you can draw down on your home loan?

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    SuperGranny  (28-04-2016)

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    Default House Q-

    I would honestly look at selling but only if you would pay off all your debt and not touch the rest of the money. If you are inclined to go through the profits, then I would try get through this tough time.

    Edit to add, Selling was my first option because you have had a real bad run of tenants, seems to be pretty common in Adelaide which have also put you behind I would think.

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    Is it your PPOR or an investment property?

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    I would try as hard as possible to hang on to the house purely because if you sell it'll be much harder to get back in the market with prices the way they are and also if you are having debt issues then getting a new mortgage may be much harder than keeping the one you have.
    Speak to your bank and a financial counsellor about your debts and a plan for managing them with selling as a last resort.

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    SuperGranny  (28-04-2016)

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    Quote Originally Posted by turquoisecoast View Post
    how behind are you? selling is a drastic move if you're only a little bit behind?

    I'd contact the bank and discuss your options. tell them you're struggling and see if you can take a repayment holiday (as these things are called lol) of negotiate something that works for you.

    do you have equity you can draw down on your home loan?
    We aren't behind on our mortgage but we are behind on Telstra, rates, credit card. I'm getting so stressed.

    I can only just keep my head above water with the car loan, PHI.

    We have had a tenant move in and not pay rent we are just in touch with tribunal now just waiting for them call me back so it hasn't helped they haven't paid 😏 so there water bill is also $900! Ffs.

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    I'd be inclined not to sell, as ginger Millie pointed out, it'll be much harder to get back into the market. I assume this is your investment property you're looking to sell?

    dong forget there'll be cgt to pay on any gains so a tax bill may potentially be added to the list of creditors.

    honestly if get in contact with each creditor and just try and negotiate additional time to pay or go on a payment plan. it'll buy you some time at least until hopefully your hubby's job situ is a bit more concrete.

    do you have equity in your own home loan (like the house you live in) to draw down on and pay some of these bills?

  10. #8
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    Car loan $210 pw
    Mortgage $330
    Rent-$285

    We have been left with nothing last few weeks. Scraping by for food etc

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    Default House Q-

    Quote Originally Posted by turquoisecoast View Post
    I'd be inclined not to sell, as ginger Millie pointed out, it'll be much harder to get back into the market. I assume this is your investment property you're looking to sell?

    dong forget there'll be cgt to pay on any gains so a tax bill may potentially be added to the list of creditors.

    honestly if get in contact with each creditor and just try and negotiate additional time to pay or go on a payment plan. it'll buy you some time at least until hopefully your hubby's job situ is a bit more concrete.

    do you have equity in your own home loan (like the house you live in) to draw down on and pay some of these bills?
    No we rent where we live the house we want to sell was our family home** edit to add we had to relocate interstate for work. But I'm not sure how long it will be etc etc I'm just nervous about everything and I feel I don't ever have time to sit down and do a budget or anything. I can't even do a full grocery shop because of DS (not exaggerating)
    Last edited by monnie24; 28-04-2016 at 09:07.

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    I'm so sorry you're in this situation. If the tenants had been paying their rent would money have still been an issue? If not, can you ask family of you could borrow some money until the tribunal sorts out getting rent back from the tenants and you get new tenants (who will hopefully actually pay their rent)?

    This thread also shows that not all landlords are wealthy people dodging tax which I think is often the perception... (Sorry, side note).


 

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