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Old 3rd Jun 2013, 03:43
  #59 (permalink)  
The Kelpie
 
Join Date: Nov 2010
Location: Australia
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The Kelpie,

No one is crippled by Fee Help repayments until they earn over 56k, so they would be keeping the usual amount of cash if they are slogging it out at a supermarket, unless the supermarket in question is on an oil rig.
Yes I am aware of that but the debt keeps growing annually while it is not being paid off and it does not appear on credit reference agency records and is therefore invisible.

Crippled does not necessarily mean in cash flow.

The following example is a sarcastic example of how lives change and life choices altered. Sorry for this it is usually not my style but sometimes, whilst respecting the opinions of others I sometimes don't think my point gets through so I have to dumb it down.

Scenario: young cadet pilot with hot partner both want to move their relationship to the next level and buy a property and move in together. The pair go to bank for a home loan.

On assessing both their incomes the back advises that on face value, despite a poor first officer's salary it would be willing to lend $400k. Great they both think, should get something nice for that!!

Then the dreaded tquestion about other borrowings. These are loaded questions cause the bank already knows what you owe!! They are there to detect honesty. Now the dilemma. Do I tell them about my FEEHELP debt?? If you do they will only lend you $250k knowing that you owe $100k to the Government without an asset to show for it. On top of that you owe $100k to your employer as well!! Hmmm. The bank now sees that your ability to repay a bank loan is seriously in doubt and you are knocked back!

Don't tell them and when they check your payslips and tax return they will see it there so you will be seen as not disclosing.

Hot partner gets frustrated by the amount of financial baggage you are bringing into the relationship and the affect it is having on both your ability to buy the house you both want. Life choices are affected and relationship becomes stressed, may even break.

It's ok you say, in 6 years I will make Captain and we will be able to afford the house. Hot partner says ok, call me when that happens and if I am still single then we can hook up.




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The Kelpie

Last edited by The Kelpie; 3rd Jun 2013 at 23:48.
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