Finance advice
Richard Symes

Could sexually transmitted debt ruin your real estate goals?

By Richard Symes

If you're considering purchasing property with a partner, you need to consider what could go wrong, and be prepared for the worst.

Blogger: Richard Symes, CEO, Credit Repair Australia

Valentine's Day has come and gone.

However, one curious effect seems to occur a fortnight following Valentine's Day that may be surprising, and even disturbing!

The start of March heralds peak season for relationships to break up, at least according to a US study based on changes to relationship status on Facebook.

Which seems odd, given just how expensive Valentine's Day can be. Purchasing a bouquet of flowers, booking a fancy restaurant, picking up chocolates and for a few romantics, even a diamond ring, can leave many clutching at the purse strings!  It seems counter intuitive to shell out the expense if a break up is around the corner.

Or perhaps the break ups are due to lack of expense and effort on 14 February!

The cost of a break up is much more than the effort to change your Facebook status though.  There are emotional and social costs that come into play. However, the one cost that is not normally considered is that of STD - ‘sexually transmitted debt’.

For those couples that have separate bank accounts, mortgages, credit cards and/or personal loans, STD infection is unlikely. However, for couples that have combined debts, then there is a real chance of STD being an issue!

We see countless Australians each year that fall into this trap…their relationship has faltered, and now one has inherited the debts and pay the bills that formerly were the combined responsibility of the couple.   Saddest of all is when a mortgage that could be managed with two incomes, is now solely left in the hands of one person to pay, as their spouse/ partner has abandoned the relationship.  

Even if the break up occurred years ago, a late mortgage or loan repayment in excess of 60 days, perhaps during that initial emotional and turbulent period of the break up, could still hamper your real estate ambitions today, independent of how financially capable and responsible you are now.

Similarly, we encounter many people that accrued a black mark on their credit file due to being a guarantor on finance for a former partner. It may be that they guaranteed a car loan and their ex partner has defaulted on their obligations. In due course, this loan becomes the responsibility of the guarantor and an extra repayment of this kind can cause difficultly to meet all financial obligations, forcing them to default.

So how can we limit contracting this type of STD?

Our advice is simple. Prevention is better than cure. Hence, act before finances could become a problem.

If you are at that stage of the relationship when you are considering a significant joint financial purchase or guaranteeing a loan for your partner, then you need to have a serious conversation detailing financial history – what is their debt position? What is their disposable income? What are their current financial commitments? And importantly, although it may be uncomfortable, you need to ask what would happen if the relationship ends.

In addition, put all financial commitments or agreements between you and your partner in writing.

If however you do become the victim of STD, and you find yourself with a bad credit rating, you should speak to a professional to see if it can be restored.

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About the Blogger

Richard Symes

Richard Symes

Richard Symes is the CEO and founder of Credit Repair Australia, the leading provider of credit and debt solutions. Richard pioneered the credit restoration sector and developed Australia’s first credit restoration process over a decade ago, allowing Australians to have black marks completely removed from their credit report. In 1999 Richard also played a pivotal role in using new Australian laws to develop workable solutions for people struggling with debt. Known as Credit Repair Australia’s debt solutions, these options now allow Australians to pay back their debts at an amount that is affordable, which may not include interest or paying the full amount of what is owed.

“We are good at what we do because we believe in what we do. We enjoy helping people get their lives back, especially when they are affected by their credit rating. We built Credit Repair Australia with one purpose in mind, to get results that can give people back control of your life.”

For more information on Credit Repair Australia visit www.creditrepairaustralia.com

FROM THE WEB

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Caifu Property\u2019s Automatic Equity program is designed to add a minimum of double the value of your salary to your portfolio every 12-18 months.\u00a0The program deals with five to six figures of instant equity, helps time poor investors generate equity in the shortest time possible without compromising your lifestyle or demanding your time.\u00a0<\/p>\r\n

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Creating equity in a falling market and a long-term view of what to expect
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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
APRA investor measures have ‘run beyond their usefulness’: industry body

 

AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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