Wednesday, 17 June 2015

Filing for bankruptcy

Well if it's good enough for Alan Bond then it's good enough for me :)  Is this where I start having terrible amnesia?

Anyway, the $bloke is finally recognised by the Commonwealth Bank as an actual real person who is actually employed as a financial counselor for poor people like me (through Wesley Mission BTW, he's costing me nothing and I was referred to him by Vinnies) and who is definitely acting on my behalf.

I sent him an email last week relating the continuing housing rent stress (about 50% of our welfare payments go on rent) reconfirmed again by another Dept ofbvHousing letter, said letter stating that us paying up to $415 a week rent was just fine and dandy with them. No help there. So we're left with half of our welfare payments to survive off, which is sort of just do-able. There is however not a cent to spare.

The earliest any other money will be coming our way is next month with our tax returns, as we're told that the $2,200 each tax we paid on the $10,000 we each got out of our super accounts during the financial year (under "severe financial hardship" provisions) we will be able to get back in a tax return. Um, $4,400 between us will do nothing towards paying off a more than $30,000 credit card debt. The money will be used on things we've had to go without this last year, like clothing and the like. 

The next money able to be gotten isn't until October when it will have been 12 months since I last made a financial hardship withdrawal from my super account, therefore I will qualify to again make another $10,000 withdrawal ($7,800 after tax). Way too little, way too late.

The $bloke after being in touch with the bank informed me the bank wanted over $600 a month on the credit card debt. Even he laughed. I'd be lucky to afford $6 a month :s

So the only option left is to do a Bondie and file for bankruptcy. The $bloke has made an appt for me with him Friday week to do so. 

All my money is set up like I'm bankrupt anyway. I don't have any credit anywhere except what's owed on the card. Have a debit card now not a credit card. Once the money is gone it's gone. To our credit though everything else is paid; up to date with all the rent and utilities, even the internet is all paid up to date. Given our struggles this financial year that in itself has been quite an accomplishment.