Due to the Covid-19 pandemic, a large number of people have debts they cannot pay. So, what are your options to solve your personal debt problems?
We were referred a client to help him settle a guarantee debt owed to a financier, which totalled just over $30,000. The guarantee our client had signed with the financier contained a charging clause and the financier had used this provision to lodge a caveat over our client’s property.
We recently helped a family settle their mortgage shortfall debt with the mortgage insurer. This article explains how we did it.
The Federal Government has warned the public of potential dodgy insolvency advisers. These unregistered and unregulated advisers target vulnerable people who are in financial distress.
To ensure Australians in financial difficulty are not made bankrupt over relatively small amounts of debt the Bankruptcy Threshold has been set at $10,000.
The Australian Securities and Investments Commission and the Australian Financial Security Authority recently released the statistics for insolvency appointments across Australia.
It is clear that many people deferring loan repayments are not in a position to continue with mortgage repayments when the deferral period ends.
So, what can you do if you worry that you may not be able to continue with mortgage repayments?
Often when people take out a mortgage, their bank asks them to obtain mortgage insurance. But this doesn’t protect the borrower, it protects the bank. When a property is sold and there is a mortgage shortfall, the bank claims on the insurance policy and the insurer then chases the borrower for the mortgage shortfall debt.
When a property is sold and there is a mortgage shortfall, the bank claims on the insurance policy and the insurer then chases the borrower for the mortgage shortfall debt.