short term. He has over $20K in Kiwisaver. Can he use this as collateral. Not at all knowledgeable about Kiwisaver.
pgta,
May 15, 6:47pm
No he can't. Kiwisaver can only be used to buy a house you intend to live in.
If can only be withdrawn in cases of extreme hardship.
maclad,
May 15, 6:50pm
Thanks my thoughts as well
bill1451,
May 15, 7:23pm
tap mum and Dad aye.
maclad,
May 15, 7:39pm
No B****y way, not this time.
mojo49,
May 15, 8:02pm
"not this time" Says it all.
pisces47,
May 16, 7:23am
if no bank will lend someone money then the risk is too high for anyone else. only lend what you are willing to loose
..pip..,
May 16, 8:05am
Lose.
lythande1,
May 16, 8:11am
Why does he, short term? Sounds like a bad budgeting issue.
maclad,
May 16, 4:13pm
He needs to pay his tax, not a lot but money but he has not got right now, bad budgeting, perhaps no budgeting me thinks. He is a young, single Dad of two, whom he cares for, and as many young people do, these days, leaves things to work themselves out with no thought for the future and works about 30 hours a week. He can get money from a finance company but not at 25%, I find that excessive. I was just asking about collateral, that is all and tomorrow he will see his bank. He has a good credit rating and has borrowed before with no trouble, just too high an interest rate, just wondered if bank would need collateral, that is all. Nothing sinister.
lyingnun,
May 16, 4:16pm
Can he not work out a payment plan with IRD?
golfdiver,
May 16, 4:37pm
Is this the one with the substance abuse problem?
maclad,
May 16, 4:53pm
did not know he could do that but will discuss with him
maclad,
May 16, 4:53pm
What are you on about
jonnythecat,
May 16, 4:56pm
The bank will not necessarily require collateral but the interest rate will reflect the risk to them.
maclad,
May 16, 5:00pm
Thank you for that, helpful, I have never needed to borrow, apart from my mortgage, so do not really understand. Old school me, 25% just far too high.
golfdiver,
May 16, 5:02pm
I thought I read you describing the nightmare one of yours had caused you a few months ago? If not , sorry.
maclad,
May 16, 5:05pm
Perhaps, but not this one, he is a very good Dad to his kids and they always come first, your memory is probably good, probably better than mine.
golfdiver,
May 16, 5:07pm
Ah yes, it was the daughter. Hope she is getting there.
sunnysue1,
May 16, 5:07pm
The IRd will be the best way for him to go. especially if he makes contact with them before it is due. they will set a repayment plan in place and get him on track for the future. They really are there to be helpful and to ensure we all pay our fair whack. lol
articferrit,
May 16, 5:08pm
Im pretty sure you cant borrow money to pay tax.
maclad,
May 16, 5:11pm
I hope so too
maclad,
May 16, 5:12pm
Thank you for that positivity I will let him know
fredes,
May 16, 5:34pm
Spot two above of the most disgusting personal attacks ever seen on this MB. Hopefully they will be dealt with soon. . nods
ianab,
May 16, 7:42pm
That's the first thing to try for sure. Get hold of them before the payments are late and you get penalties added. Hard to get out of those once they are tacked on your bill, but if you have set up a payment plan before then, then there shouldn't be any excessive penalty or other repercussions As long as you then stick to the plan and get the debt paid off. If you can't afford the time payments to the IRD, then an expensive loan is going to be even more of a problem.
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