Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9
2991 posts

Uber Geek
+1 received by user: 712


  Reply # 1937703 12-Jan-2018 14:07
One person supports this post
Send private message

networkn:

 

tdgeek:

 

Pumpedd:

 

Since you are the perfect Uncle, you could act as guarantor for him with one of the main banks.

 

 

That is a bit mean IMHO.

 

 

I am not going to guarantor the debt

 

 

But would you be prepared to have him owe the debt to you rather than the sharks,

 

 


11885 posts

Uber Geek
+1 received by user: 2064

Trusted

  Reply # 1937704 12-Jan-2018 14:11
Send private message

networkn:

 

tdgeek:

 

Pumpedd:

 

Since you are the perfect Uncle, you could act as guarantor for him with one of the main banks.

 

 

That is a bit mean IMHO.

 

 

I am not going to guarantor the debt

 

 

I was referring to Pumps comment, not about being guarantor or not.


 
 
 
 


Try Wrike: fast, easy, and efficient project collaboration software
11885 posts

Uber Geek
+1 received by user: 2064

Trusted

  Reply # 1937707 12-Jan-2018 14:21
One person supports this post
Send private message

wellygary:

 

networkn:

 

tdgeek:

 

Pumpedd:

 

Since you are the perfect Uncle, you could act as guarantor for him with one of the main banks.

 

 

That is a bit mean IMHO.

 

 

I am not going to guarantor the debt

 

 

But would you be prepared to have him owe the debt to you rather than the sharks,

 

 

 

 

I agree with OP, been there done that. Its "just" family, I can delay, its "just" family, not like the real life where they hunt you down. Then you end up with family issues, all because you helped. The OP's approach is best, if most debts are high interest, and its too hard to manage them now due to that, to try and get soem means to spread it out. But history and current situation will count against bank help I feel.  He is a number and they have criteria


589 posts

Ultimate Geek
+1 received by user: 103
Inactive user


  Reply # 1937709 12-Jan-2018 14:25
Send private message

Are debt collectors nasty people or are they just portrayed  that why on tv?


BTR

1455 posts

Uber Geek
+1 received by user: 425


  Reply # 1937715 12-Jan-2018 14:47
One person supports this post
Send private message

It might be worth him visiting the bank with his helpful uncle, make sure he's dressed nice and tidy and has all of the required paperwork i.e. letter of employment and pay slip and proof of payments for current loans.

 

 

 

If the bank see's had got support of his family and is serious about sorting out his finances they are more likely to help him out. The bank will want his business he is just going to have to prove to them he is going to be reliable with payments.

 

 

 

 


'That VDSL Cat'
7743 posts

Uber Geek
+1 received by user: 1565

Trusted
Spark
Subscriber

  Reply # 1937716 12-Jan-2018 14:50
One person supports this post
Send private message

PhantomNVD: CAP will actually work directly with him to work out his best options, no fees or commissions or interest.

They insist on total clarity and then guide him through a short (about 6-8 hours over a few weeks) budgeting course to tech him how to STAY debt free once he reaches that goal too.

http://www.capnz.org

 

partner speaks very highly of these folks.

 

 

 

Solid plan particularly for a youth who's been caught up in interestfree plays...





#include <std_disclaimer>

 

Any comments made are personal opinion and do not reflect directly on the position my current or past employers may have.


11885 posts

Uber Geek
+1 received by user: 2064

Trusted

  Reply # 1937717 12-Jan-2018 14:53
Send private message

BTR:

 

It might be worth him visiting the bank with his helpful uncle, make sure he's dressed nice and tidy and has all of the required paperwork i.e. letter of employment and pay slip and proof of payments for current loans.

 

 

 

If the bank see's had got support of his family and is serious about sorting out his finances they are more likely to help him out. The bank will want his business he is just going to have to prove to them he is going to be reliable with payments.

 

 

 

 

 

 

Thats all good and a good idea, but dressing nice, Uncle by his side wont help their fixed criteria. IME banks dont or cannot operate on a intuition basis.


675 posts

Ultimate Geek
+1 received by user: 95

Trusted

  Reply # 1937720 12-Jan-2018 14:57
Send private message

networkn:

 

Hi. 

 

So my nephew seems to have gotten himself into a pickle with borrowing more than he should of as quite a few young people do these days.

 

 

Is any of this comprised of credit card debt?

 

ANZ is offering 1.99% for 12 months on balance transfers.





#deletefacebook


2991 posts

Uber Geek
+1 received by user: 712


  Reply # 1937721 12-Jan-2018 15:12
Send private message

MichaelNZ:

 

networkn:

 

Hi. 

 

So my nephew seems to have gotten himself into a pickle with borrowing more than he should of as quite a few young people do these days.

 

 

Is any of this comprised of credit card debt?

 

ANZ is offering 1.99% for 12 months on balance transfers.

 

 

If banks are not interested in giving this guy a consolidation loan,  I cannot see how they could justify giving him more credit ( yes I know its only short term until the other cards are cancelled,)

 

But there is not a lot of discretion for local bank staff on credit decisions these days, esp credit cards

 

When I applied for a card last year, they just typed all the info into "the computer" and it spat out how much they would let me have  


675 posts

Ultimate Geek
+1 received by user: 95

Trusted

  Reply # 1937723 12-Jan-2018 15:18
Send private message

wellygary:

 

If banks are not interested in giving this guy a consolidation loan,  I cannot see how they could justify giving him more credit ( yes I know its only short term until the other cards are cancelled,)

 

But there is not a lot of discretion for local bank staff on credit decisions these days, esp credit cards

 

When I applied for a card last year, they just typed all the info into "the computer" and it spat out how much they would let me have  

 

 

Respectfully, I disagree with you. It is true in some instances banks seem to be conservative. But they are not really.

 

Right now they are throwing money around like there is no tomorrow and it is most certainly true that single staff members can approve generous credit limits.

 

There is a lot about banks which does not make rational sense - until you realise it's not about whether someone can afford to pay it back. Hell, they don't want it paid back. It's only about whether they can afford the interest. Sometimes it's not even about that...

 

Banking is black magick.

 

tdgeek:

 

Thats all good and a good idea, but dressing nice, Uncle by his side wont help their fixed criteria. IME banks dont or cannot operate on a intuition basis.

 

 

According to....?

 

I know it doesn't make sense but I have seen plenty of stuff in the banking industry which doesn't make sense when viewed through a non-banker prisim.





#deletefacebook




16868 posts

Uber Geek
+1 received by user: 4755

Trusted
Lifetime subscriber

  Reply # 1937725 12-Jan-2018 15:23
Send private message

Squirrel and harmony turned him down as his credit rating is below their threshold apparently

675 posts

Ultimate Geek
+1 received by user: 95

Trusted

  Reply # 1937726 12-Jan-2018 15:26
Send private message

networkn: Squirrel and harmony turned him down as his credit rating is below their threshold apparently

 

Stick with the bigger banks who have money to throw around. Preferably the Australian ones.

 

All this nationalistic stuff trotted out by the local B-grade banks is BS.

 

The system is entirely owned by the big 4 - ANZ, ASB, Westpac and BNZ. Kiwibank only gets a look in due to their links to "the powers that be", otherwise they would be another stupid B-grade bank.

 

TSB, SBS and Co-Op are glorified credit unions who are otherwise minnows.





#deletefacebook


702 posts

Ultimate Geek
+1 received by user: 14


  Reply # 1937731 12-Jan-2018 15:41
3 people support this post
Send private message

I would suggest carefully pick one or two lenders, no further credit applications.

 

Every look up will effect his credit score which is likely already hot with the number of look ups.

 

Is your nephew in the position to manage the debt himself using the "debt snowball" method. First he would need to save $500-1k emergency fund, required in-case something breaks and needs repair or replacement. ie car.  Write a list of the debt smallest to largest by $ value. Start paying any surplus cash on the lowest debt, whilst still meeting minimum repayments on the others. When the smallest debt is paid take the repayment amount on that debt and hit the next debt on the list. Until its all cleared.

 

Its a great strategy to pay down debt, and your nephew will feel a sense of achievement every time he crosses a debt off the list. When debt free the cashflow can go into a savings account.


What does this tag do
942 posts

Ultimate Geek
+1 received by user: 192

Subscriber

  Reply # 1937737 12-Jan-2018 16:03
2 people support this post
Send private message

Can highly recommend checking out the You Need A Budget podcast or book too https://soundcloud.com/search?q=debt%20YNAB


1523 posts

Uber Geek
+1 received by user: 698


  Reply # 1937750 12-Jan-2018 16:58
Send private message

Seems to be more of a family matter than a public matter. Surely the family can help him more than geekzone people???

 

Also seems kind of strange that people seem that going to Harmoney is a solution when there is no way he could afford those rates.


1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9
Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Lightbox updates platform with new streaming options
Posted 17-May-2018 13:09


Norton Core router launches with high-performance, IoT security in New Zealand
Posted 16-May-2018 02:00


D-Link ANZ launches new 4G LTE Dual SIM M2M VPN Router
Posted 15-May-2018 19:30


New Panasonic LUMIX FT7 ideal for outdoor: waterproof, dustproof
Posted 15-May-2018 19:17


Ryanair Goes All-In on AWS
Posted 15-May-2018 19:14


Te Papa and EQC Minecraft Mod shakes up earthquake education
Posted 15-May-2018 19:12


Framing Facebook: It’s not about technology
Posted 14-May-2018 16:02


Vocus works with NZ Police and telcos to stop scam calls
Posted 12-May-2018 11:12


Vista Group signs Aeon Entertainment, largest cinema chain in Japan
Posted 11-May-2018 21:41


New Privacy Trust Mark certifies privacy and customer control
Posted 10-May-2018 14:16


New app FIXR connects vehicle owners to top Mechanics at best prices
Posted 10-May-2018 14:13


Nutanix Beam gives enterprises control of the cloud
Posted 10-May-2018 14:09


D-Link ANZ launches Covr Seamless Wi-Fi System
Posted 10-May-2018 14:06


Telstra, Intel and Ericsson demonstrate a 5G future for esports
Posted 10-May-2018 13:59


Spark introduces Android One with Nokia 7 plus and Nokia 6.1
Posted 8-May-2018 05:00



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.