Debt Agreements + Home Loans?

Question

Just wondering if anyone is in a similar situation to me? I took out a debt agreemnt last year for my credit cards, but then had to stop working and racked up a few extra bills, probably around $5000 would help me out. Im being chased by debt collectors here there and everywhere and seriously stressed out. I cant sleep, eat etc. My partner has no idea of any of it. I cant go bankrupt as I need my car for my job and in the future I want to get a home loan (obviously once all current issues are sorted). Is thre anyone there that can help? I'm seriously wondering what options I have left, and feeling very low right now.

Answer 1

Unfortunately, when you stopped making payments that probably voided your debt agreement.

You will not loose your vehicle in a bankruptcy providing it is not a luxury car (i.e. Porsche, Lamborghini, etc.).

Since your credit is in the toilet, you will not be able to get a home loan (convention loan) with a low credit score.

I'm sorry but the only option is either attempt another debt agreement or bankruptcy.

I did the bankruptcy thing about 14 years ago and the only regret was finding out some things after the fact that would have been more beneficial to me.

Please feel free to see my profile and e-mail me if you have any other questions.

Been there and hope to never be there again!

Answer 2

If you happened to miss payments on your credit card debt which is on debt agreement, then certainly that agreement will be held null and void. Aside from another debt agreement which can be hardly approved since you have previous history, I see no other option but to file for bankruptcy. Many people in Australia who file for bankruptcy and own a car are allowed to keep it during and after their case, especially if it is used for getting to and from work as long as it’s not a luxury car. For more information on bankruptcy in Australian context, visit www.freshstartsolutions.com.au/bankruptcy-perth.