Any Advice? Very bad Credit Card debt...

[vilemerchant]

Stop telling him to pay down his debts. He's going bankrupt, the whole point of which is to not pay your debts amirite?

 

[Diesellife]

Hi Gordon,

Hope you don't feel too bombarded. You've done a noble thing coming on here and admitting what's going on.
If you get annoyed at all the advice, i'm sorry. I still think you should regularly come back to this forum and let us know how you're doing so we can keep you in check and get you motivated to pay this debt off!

Good luck buddy!

This post is getting old and I believe Gordon has gone through bankcrupcy successfully... (That is - No more debt to pay anymore)

And if you have read the post thoroughly, you would probably noticed that the majority of Gordon is paying his kids' tuition fee, hardly something related his living lifestyle at all.

 

[Dave Noble]

This post is getting old and I believe Gordon has gone through bankcrupcy successfully... (That is - No more debt to pay anymore)

He has indeed , I believe, entered bankruptcy ... doesn't mean exactly thatthere are no debts to pay, just that it is under the control of an administrator for next few years after which he can emerge clean of debt

It does mean, from what I understand, that the idea of using his wife's AMEX refunds towards debt and the latest suggestions are flawed and unnecessary.

Dave

 

[simongr]

It does mean, from what I understand, that the idea of using his wife's AMEX refunds towards debt and the latest suggestions are flawed and unnecessary.

Dave

Given his income is under the control of an administrator advice on saving money and making money stretch further wouldn't go amiss surely?

 

[Dave Noble]

Given his income is under the control of an administrator advice on saving money and making money stretch further wouldn't go amiss surely?

No more than it would to anyone else intending to live within their means. He has, assumedly, gone from a mountain of debt to having an allowed income from the administrator , so is in a similar position to anyone else of that income level.

Dave

 

[Alanslegal]

So, I come back to two options:

1. Send the cheque back to AMEX, saying " I think you have made an error in sending this to me ( my wife ).
2. Bank the cheque ( her individual account, not mine ), use the cleared funds, but be prepared to refund it back to AMEX, should they come knocking.

I think I know which option to take.

This is all too easy! I'd bank the cheque (and be prepared to repay it if it is indeed an error)

 

[Ric]

He's going bankrupt, the whole point of which is to not pay your debts amirite?

I don't think the majority of people taking the bankrupcy route take this action lightly in which case the assertion of "the whole point which is to not to pay their debts" is not correct but rather, CAN"T pay their debts, would be more accurate. Of course, as in anything else, there are always exceptions!

Stand to be corrected....and hammered!!

Ric

 

[straitman]

Stop telling him to pay down his debts. He's going bankrupt, the whole point of which is to not pay your debts amirite?

vilemerchant,

Inappropriate and unnecessarily hash in my opinion :!:

I don't think the majority of people taking the bankrupcy route take this action lightly in which case the assertion of "the whole point which is to not to pay their debts" is not correct but rather, CAN"T pay their debts, would be more accurate. Of course, as in anything else, there are always exceptions!

Ric

Ric,

I agree entirely :!:

 

[ArseneV]

Every little bit helps! Plus it's good for the environment. :mrgreen:

 

[Alanslegal]

Maybe a general pointer to everyone;


Search for unclaimed monies, you never know, something may be yours;-

Search facility - NSW Office of State Revenue

Unclaimed money - search for money - Australian Securities and Investments Commission


Search for lost superannuation;-

https://superseeker.super.ato.gov.au/individuals/default.aspx?pid=0

 

[Rick93]

Thanks for the 'water saving' tips, but I've already saved 15 cents today by splitting my toilet paper into a single layer !!!

Do you know how much I will save on toilet paper of the rest of my working life ???

REALLY ???

( chuckle....)


Anyway, another interesting stunt from AMEX:

Got this letter, unsigned, asking me to pay $20.00 and I will be able to have my Reward Points reinstated.

Now, when the account went 'unpaid', there was only about 55 points left, from after I'd trandferred the bulk earlier.

AMEX are suddenly telling me, I now have 9261 points, that I can claim for $20.

Trick is, I have to restore my account to order. That means a double payment = about $1,600. ( plus the $20. )

I'm sure AMEX have something else 'up their sleeve', should I actually attempt to do what they invite.....

regards,
GORDO

 

[medhead]

Wouldn't paying AMEX $1620 be proof that you are capable of paying your debts. Might not fit with idea of bankrucpty.

BTW bank the cheque. If they say anything, tell them you (your wife) don't have access to their records, you assumed that they got it correct, the money is gone and offer a $5 a week repayment plan.

I did this when being overpaid 1 week on leaving a job and they told me to keep the money.

 

[Dave Noble]

1. Send the cheque back to AMEX, saying " I think you have made an error in sending this to me ( my wife ).
2. Bank the cheque ( her individual account, not mine ), use the cleared funds, but be prepared to refund it back to AMEX, should they come knocking.

I think I know which option to take.

There is a 3rd and 4th.

3) Phone AMEX and just verify what the payment was for. They'll clarify and then you will know whether it is a mistake or genuinely yours
4) Bank the money but leave it alone and don't spend it for a few months and see whether AMEX come asking for it back. If they dont, then spend it.

In this instance, I would probably go for 3. It is unlikely, imo, that it is an error and a call will clear it up in a few minutes what it is for

Dvae

 

[serfty]

I would suggest 3 as well - It should be done by Gordon 's wife (the payee) with no mention made of the financial events referred to in this thread.

 

[oz_mark]

I would suggest 3 as well - It should be done by Gordon 's wife (the payee) with no mention made of the financial events referred to in this thread.

Would be the easiest way to clear it up. It may be something like a pro-rata annual fee refund. Most likely something genuine, but without a statement is hard to know!

 

[Chicken]

However, it's hard to say to the kids, sorry, dad's broke, so there's no going away to camp this holiday, or you can't go to the beach with your friends, because we don't have any money....

This is what worries me.

1: Isn't it better to tell the kids that "Listen, kids. Dad was stupid, and this is what's happening. Do you want to repeat my mistake? Have a think".

2: Holiday does not mean going to the camp. Go to the local shops for a coffee, if they are older. If not, $20 petrol to drive to the beach, $25 for fish and chips. There is your holiday.

3: If your kids want to go to the beach, they will have to take the train / bus, no driving. Go for a dip in the ocean does not have to cost money.

A lifestyle does not have to cost money.

 

[ozbeachbabe]

A program I watch on the cable channel's Discovery Home & Health is a Canadian show called "To Debt Do Us Part" which I think is an excellent program. Even though it's filmed in Canada you can still adapt and apply a lot of her info into your own life no matter what country you live in.

Til Debt Do Us Part - Gail Vaz-Oxlade

I would also also apply to get a copy of your credit rating through Veda Advantage (formerly CRAA credit reference Assocation of Australia) then you can see in black and white if any financial institution has put a default on your credit file.

My Credit File - Veda Advantage

Whatever you do don't be more than 60 days late on a payment with any credit card otherwise they are within their right to report it and even if you do pay the card off in full the default will stay on your file for 7 years and make it virtually impossible to obtain credit during this time.

I just wonder if you programmed your internet banking to pay all of your creditors one cent per day even though they are receiving bugger all technically you would not be late with any payment. I have never tried this myself and I can't see the banks being too happy about it but you have to do everything you can to protect you and your family.

I would ask the advisor whether you are eligible to access your Super funds due to financial hardship. As a rule I think you need to have been on unemployment benefits for at least 6 months or a disability pension but it's worth asking. I friend of mine was able to do this after he'd had a heart attack and got all his super. Being a pilot (or flight attendant for that matter) makes it very difficult to get income protection insurance if not impossible. Unfortunately for him he'd resigned from one job and was yet to start the new one so wasn't eligible for loss of licence insurance. He did qualify for the disability pension but not sure how long he was on that before they paid him his super.

I think you need to get expert advice ASAP from a highly qualified person. Maybe you could ring the Money Magazine and ask them if they can give you a referral to someone.

For anyone out there who does a balance transfer to get a honeymoon interest rate (eg Citibank 2.9% for 18 months) make sure that you also cancel that first card once it has a nil balance as well as cutting it up otherwise those cards take on a life of their own and before you know it you've maxed out the original one again. There's still plenty of scope to do damage even if the card is in tiny pieces.

Anyway the best of luck to you in the months ahead.

 

[vilemerchant]

A program I watch on the cable channel's Discovery Home & Health is a Canadian show called "To Debt Do Us Part" which I think is an excellent program. Even though it's filmed in Canada you can still adapt and apply a lot of her info into your own life no matter what country you live in.

Til Debt Do Us Part - Gail Vaz-Oxlade

I would also also apply to get a copy of your credit rating through Veda Advantage (formerly CRAA credit reference Assocation of Australia) then you can see in black and white if any financial institution has put a default on your credit file.

My Credit File - Veda Advantage

Whatever you do don't be more than 60 days late on a payment with any credit card otherwise they are within their right to report it and even if you do pay the card off in full the default will stay on your file for 7 years and make it virtually impossible to obtain credit during this time.

I just wonder if you programmed your internet banking to pay all of your creditors one cent per day even though they are receiving bugger all technically you would not be late with any payment. I have never tried this myself and I can't see the banks being too happy about it but you have to do everything you can to protect you and your family.

I would ask the advisor whether you are eligible to access your Super funds due to financial hardship. As a rule I think you need to have been on unemployment benefits for at least 6 months or a disability pension but it's worth asking. I friend of mine was able to do this after he'd had a heart attack and got all his super. Being a pilot (or flight attendant for that matter) makes it very difficult to get income protection insurance if not impossible. Unfortunately for him he'd resigned from one job and was yet to start the new one so wasn't eligible for loss of licence insurance. He did qualify for the disability pension but not sure how long he was on that before they paid him his super.

I think you need to get expert advice ASAP from a highly qualified person. Maybe you could ring the Money Magazine and ask them if they can give you a referral to someone.

For anyone out there who does a balance transfer to get a honeymoon interest rate (eg Citibank 2.9% for 18 months) make sure that you also cancel that first card once it has a nil balance as well as cutting it up otherwise those cards take on a life of their own and before you know it you've maxed out the original one again. There's still plenty of scope to do damage even if the card is in tiny pieces.

Anyway the best of luck to you in the months ahead.

Oh great advice. Except he's already bankrupt and doesn't need to do any of this. Send 1c a day to his creditors? LOL.

 

[Rick93]

OZBEACHBABE,

Thanks for the thought, behind all that typing you've done, but....

as pointed out, it's all too late for that now. I'm officially BANKRUPT for three years. I don't need to save on 'toilet paper', or "use a bucket in the shower...", or any other alleged 'saving' techniques.

I now actually have more 'disposable' income than in the last five years.

I now spend wekkends at home, instead of working six days a week, to include EVERY weekend, plus double shifts each week !!

The former debts are GONE. I don't have to 'scrap' and 'save'.

I appreciate all the advice that has flooded in over the 16 pages or so of this thread, however, it is just about 'done'.

The original purpose, was to get advice, in the initial stage of exploring options. That's been well and truely done.

So, to all reading from say, last few pages, please save your effort, as I'm now on a steady path, and there are no more options needed. I'm right thanks !!

best regards,
GORDO

 

[serfty]

Steady as she goes, in 7 years time; even Gordon's Veda file will be blank!