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  Reply # 1937703 12-Jan-2018 14:07
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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,

 

 


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  Reply # 1937704 12-Jan-2018 14:11
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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.


 
 
 
 


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  Reply # 1937707 12-Jan-2018 14:21
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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


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  Reply # 1937709 12-Jan-2018 14:25
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Are debt collectors nasty people or are they just portrayed  that why on tv?


BTR

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  Reply # 1937715 12-Jan-2018 14:47
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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.

 

 

 

 


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  Reply # 1937716 12-Jan-2018 14:50
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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.


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  Reply # 1937717 12-Jan-2018 14:53
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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.


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  Reply # 1937720 12-Jan-2018 14:57
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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.


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  Reply # 1937721 12-Jan-2018 15:12
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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  


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  Reply # 1937723 12-Jan-2018 15:18
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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.




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  Reply # 1937725 12-Jan-2018 15:23
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Squirrel and harmony turned him down as his credit rating is below their threshold apparently

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  Reply # 1937726 12-Jan-2018 15:26
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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.


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  Reply # 1937731 12-Jan-2018 15:41
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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.


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  Reply # 1937737 12-Jan-2018 16:03
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Can highly recommend checking out the You Need A Budget podcast or book too https://soundcloud.com/search?q=debt%20YNAB


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  Reply # 1937750 12-Jan-2018 16:58
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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.


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