22 Mar Property Dream Bursts
My partner and I bought a great block and started to build a house in 2009. We did our research on the area and the builder, and the build commenced. That was when a series of problems started to develop. The builder had some financial difficulties and kept stalling our build, we waited and waited for each stage in development to eventuate. What did eventuate was the builder went bust.
During this time the GFC hit us, and the land value dropped sharply. We also purchased a unit in Scarborough expecting that when the house was finished would provide the deposit to repay Bankwest the Deposit Bond but this did not happen.
We exhausted our borrowing capacity and even and used our credit cards and eventually had to sell both properties at a loss.
All of this caused heaps of stress at home and we ended up separating in 2012. Since then I have been trying to pay back what I can and talk to my creditors. As each of my secured loans finish I will pay that extra amount this Debt Agreement to pay of as quickly as possible.