Topic: Levies debts: Who suffers when you can’t pay?

This topic has 3 replies, 3 voices, and was last updated 3 years, 3 months ago by .

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15/06/2023 at 7:52 pm #69047 Reply | Quote
Jimmy-T
Keymaster
As the financial screws start to tighten on individuals, it’s interesting to see what they are prepared to sacrifice just to stay afloat in the cost o
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17/06/2023 at 9:27 am #69061 Reply
A. Mazed
Flatchatter
Well, that has happened to me as a landlord! I have to live off the rent received as I am not working. My contract ended at Easter and I’m having difficulty finding casual work. I bent over backwards to help the tenant when he was in hospital but STRATA won’t help me. i have said that I “can’t” pay but will pay. So, they got the debt collectors in and threatened to seize my apartment and take the tenant’s things!!! At $8,000 a quarter for repairs I just can’t pay. I will pay but only when I can. To prevent debt collectors I had to take out a loan on top of my own mortgage that I can hardly pay!

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19/06/2023 at 7:19 am #69074 Reply
david2708
Flatchatter
It can take quite sometime before Debt Recovery steps in and it gets to the point of property seizure. 3 months to get to stage four and then when debt recovery steps in, that can go on for many months on top of that. How many quarters have you not paid?

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19/06/2023 at 7:22 am #69076 Reply
Jimmy-T
Keymaster
Chat-starter
A. Mazed wrote:

To prevent debt collectors I had to take out a loan on top of my own mortgage that I can hardly pay!

I’m guessing a loan at mortgage rates would be less than the 10 per cent penalty rate mandated in strata law. The “strata” is not some anonymous body with unlimited funds. It’s your neighbours, some of whom who may be under just as much financial stress as you are.

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Reply To: Reply #69074 in Levies debts: Who suffers when you can’t pay?

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