Australia's leading provider of affordable DIY legal kits
Call our Customer Care Specialists on 1300 728 200
   

Legal Forum

Welcome to the FREE AussieLegal Forum

This FREE legal forum is supported by participating lawfirms in your local area.
The information contained in this public forum, and any comments made by the administrators, it's appointed mediators, or members of the public are of a general nature and may not be regarded as financial or legal advice in any way. We recommend that you seek formal advice from a practicing solicitor or licensed financial advisor regarding your particular situation. By registering to use this forum you meet the above criteria and agree to abide by all of the above rules and policies.

To be sure we provide you with the most relevant information to your state, please let us know which state you your legal matter resides in:

ACT  NSW  NT  QLD  SA  TAS  VIC  WA  

AussieLegal recommends this law firm:

  FAQ FAQ  Forum Search   Register Register  Login Login

Mortgage debt

 Post Reply Post Reply
Author
  Topic Search Topic Search  Topic Options Topic Options
regrets View Drop Down
Newbie
Newbie
Avatar

Joined: 04/April/2012
Location: Australia
Posts: 22
  Quote regrets Quote  Post ReplyReply Direct Link To This Post Topic: Mortgage debt
    Posted: 28/May/2015 at 15:13
Hi all,

Looking for some advice about my mortgage.

Around eighteen months ago, I lost my job and had to hand the house back to the bank as I was in a lot of arrears and they advised that it was in my best interests to do so instead of cashing out some super.

Recently the house has been sold but I got a letter stating that i owe the bank a lot of money, over fifty grand. This is nearly six times the amount i once owed before i gave them the house.

Now, there is no way i can pay that money back any time soon and i did not have lenders insurance at the time.

Is there anything i can do short of claiming bankruptcy or hope that they take fifty dollars a month as an acceptable payment plan?

Any tips or advice is greatly appreciated.

Thank you in advance

Luisa View Drop Down
Senior Member
Senior Member


Joined: 08/June/2010
Location: Australia
Posts: 198
  Quote Luisa Quote  Post ReplyReply Direct Link To This Post Posted: 03/December/2015 at 15:45
No I do not know. But I do know this makes no sense - how can it be 6 times what you owed at the time you handed the keys back? Is there some sort of consumers advocate or consumers finance adviser you could approach fro assistance?

webbrowan View Drop Down
Newbie
Newbie
Avatar

Joined: 12/May/2016
Location: Sydney
Posts: 19
  Quote webbrowan Quote  Post ReplyReply Direct Link To This Post Posted: 30/September/2016 at 14:43
I think the eventual repayment amount is absolutely ridiculous but bank interest rates are often sky high due to fluctuating market patterns. How could it possibly sum up to be 6-times the initial arrears that you had? Perhaps you could seek a consumer association to help you derive with a breakdown of the costs before consulting the bank to come up with a reasonable repayment plan.
Best Regards
Rowan Webb

夜暗 View Drop Down
Newbie
Newbie
Avatar

Joined: 11/July/2017
Location: Australia
Posts: 2
  Quote 夜暗 Quote  Post ReplyReply Direct Link To This Post Posted: 11/July/2017 at 15:41
I am an Australian and bought a leasehold property in New Zealand quite a few years ago. The mortgage was arrears because of the high rocket of the land rate. The New Zealand bank forced me to sell the property at a low price which could not cover the mortgage. The bank launched a summary judgment against me. There was a long story about the lawsuit. In brief, my lawyer neglected and the New Zealand judge was obviously unfair, even decline my application of appeal. In 2012 I was awarded a high amount debt from the New Zealand court, which is even more than my original loan amount 4 years ago. The bank could not register the case in Australia because I left there. My question are: Does the debt collection company have the right to collect the debt in behalf of the bank? Is there a Statute Limitation for the debt and how many years for it? Do I still have the chance to defend in Australia if the bank is able to register the case in Australia?

Edited by 夜暗 - 11/July/2017 at 17:14

 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Want to save money?

Check out our list of do-it-yourself legal kits.

Need formal advice?

Let us help you find a lawyer who specializes in your particular area of law.

Need further information?

Visit our legal forum where you can ask questions and search for similar topics.