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  1. Last week
  2. @April - suggest asking the credit reporting agency for more details (and that it's a disputed transaction for now) - those agencies are in the business of making $$, not being accurate.
  3. What does an insurance broker do?

    Like anything, if you get a good one, its great, if not... well. They don't get paid in ongoing fees, they get paid an upfront commission when you sign on with them, normally 200% of your first year's premiums. By the sounds of what you're wanting - advice about what separates one company from another - getting a broker is the way to go.
  4. Change our bankruptcy laws

    Hi, Just a fyi for you. Insolvencywatch has closed down. Insolvencywatch from what I can tell gets it data from screen scraping the online public notices from the govt insolvency and trustee website not the gazette. Give away is the difference in dates in gazette as well as format using the pipe. The law requires the publishing of the insolvency just once. Thats the official gazette print copy. You could argue the digital public notice of the gazette and insolvency and trustee is more than the law intended. You could also argue that every time the page is accessed it is publishing anew each and every time. I could find nothing law wise which requires the insolvency and trustee or gazette to publish digital versions of public notices. The gazette response is rather unprofessional, especially how easy it is to block search engine scanning... as well as how through digitalisation they have made peoples personal affairs go from practical obscurity to partial obscurity and realistically not obscure at all when the internet is concerned. Despite credit reporters removing insolvency after the maximum reporting period.. if a bank was a creditor.. they will never remove it. Considering anz holds 40percent of home loans.. youl never get a loan with them, or other banks, if they were the creditor. They even asked to be paid back, despite the law saying they cant chase the debt after insolvency, before they would alter their internal credit report held against person concerned. USA states have implemented protection in their human rights laws to stop against discrimination based on financial grounds including financially inferring information, to help break the generational cycle of poverty it causes. NZ could learn from this however updating the bill of rights would be a challenge.
  5. Earlier
  6. I just checked my credit report, and a debt dated 2004 has shown up out of the blue. It has no details, and I don't know it. My credit report went from 270 to 0 almost overnight?
  7. Homemade loans

    Hi everyone, do you borrow at home? When it works well, it can be win-win-win. But there are some considerations to keep in mind: https://sorted.org.nz/must-reads/homemade-loan-tips/ Has debt in the family worked for you? Cheers, Tom
  8. KiwiSaver Providers with no Fees on Accounts for Children

    Thanks Andrew D, sounds like they brought this back (they had this available in the past). Good to know that the deposits can be as low as $1, too. Cheers, Tom
  9. Free money into your KiwiSaver

    Hey everyone, The government is set to give you a free KiwiSaver top up of $521! But you need to make sure you've contributed the minimum of $1042 dollars in the past year - if you haven't you've still got until the end of June to do so. This is especially important if you're a contract worker, freelancer or part timer who does not have the regular salary contributions of 3% going into your fund.
  10. Thanks Andrew D I will look into this for my grandchildren
  11. I have a small c I have a small correction to this post - Westpac DO OFFER FREE children’s KiwiSaver accounts. There is one small catch - the child also needs to have a Westpac bank account & to attract zero fees on that account you must make at least one deposit per annum. To satisfy this requirement for my son, I have setup a direct credit of $1 every 6-months from my account. He’s enrolled in the Westpac Growth fund (which has significantly lower fund related fees than the other KiwiSaver Provider options listed above). Other than this one account, we have no other banking relationships with Westpac.
  12. Feeling pressure at the pump?

    Hi everyone, petrol prices have never been so high, so here are some tips on how to roll with it: https://sorted.org.nz/must-reads/petrol-needs-a-plan/ Cheers, Tom
  13. We'd love to hear your story!

    @spnz - well done you - am also a Dave Ramsey follower and his methods and bluff and bluster rants on his radio shows have kept me going. Thanks to him, have managed to create a better savings buffer following his 'you gotta get sick and tired of being in debt approach', and am pleased that you've taken control of your financial future in your early 30s. That kind of foresight may give you the gift of having scope to think about where you live, work (or not), play, travel, buying property (or not), covering health expenses etc. Paying cash for your food certainly puts the kaibosh on any impulse purchases at the supermarket and/or eating out. I do the same; $100 a week, also single peep household. Building up an emergency fund means that what was maybe a crisis is now only an inconvenience (especially, for example, getting 6 months worth of expenses in the bank - sleeping gets easier with that of course, given you can easily fork out for car repairs, cover expenses in event of job loss, dental care etc etc). A written budget (weekly, fortnight, whatever works), have found to be beneficial too, as have put on a spreadsheet upcoming expenses that don't come up, say monthly and all that has avoided nasty shocks. When I was 33, was doing a belated OE, so the credit card interest on my statement was beyond stupid. Regret that now - as paying that interest, late payment fees at times etc went a long way to making the bank premises a lot shinier and fancier than they should be and has done zip for my net worth. Now it's a matter of getting rid of the remaining student loan debt out of the way and then get in to positive net worth territory (total assets less total liabilities - calculating that worse than a horror flick the first time I did it). Fortunately, at 33, time is on your side to take advantage of compounding interest re your savings. Good work investing - also suggest managed funds as a way to spread risk for investments. Good luck
  14. Hi everyone, it's that time of year to make sure you (and those around you) are getting all the government money they can in KiwiSaver. Who do you know missing out? 1.8 million KiwiSavers will get theirs – will you? Cheers, Tom
  15. Someone Mortgage Savvy Please Help!

    Hi Jaed, yes, it would make sense that you were charged interest for those 12 years, while the loan was on a 30-year term as you've said. Which unfortunately brings us back to the lender for an explanation. Any answers? Cheers, Tom
  16. Hi Tom and thank you for your reply. I am getting somewhere in unraveling (I think). Primary mortgage = $145,000 in 2006. Payments made over twelve years incl. interest = $144,000. Settlement day and a further $119, 814. 96 was 'taken' making the full amount paid to ANZ for our $145,000 loan was $263,000.00. This is the full amount that ANZ has received. $263,000.00 minus the primary initial loan of $145,000 means that we have paid $118,000 in INTEREST over twelve years. Using the sorted mortgage calculator - based on a medium interest rate of 6%p.a - the interest charges over twelve years would be $58,758.00 so how can the bank justify it's amounts when it came to taking our settlement figure? Have we not been charged interest for 30 years on a loan that lasted only 12? Surely the correct thing to have done, would have been to recalculate over twelve years (before breaching their loan contract...) PLEASE ADVISE???
  17. Home Loans

    Hi @Dilat we have a whole guide on buying a first home that includes sections on home loans. If there is something very specific you'd like answered let us know and we'll do our best to help! https://sorted.org.nz/guides/buying-a-first-home Emily
  18. Your net worth - do you know it?

    Great article isn't it @KEZZA So glad you found it helpful even if it was a touch demoralising at first
  19. Home Loans

    Hi everyone I am new to this and just wondering if anyone had any idea of how Home Loans work. I am looking at getting a home loan to buy an apartment and was wondering If I could use the home loan to also pay off personal loans? I have spoken to the bank and wasn't very clear if this was possible so thought I would ask here, this way I can get a lot more opinions/advice on this topic. Thanks and have a blessed day
  20. Do you know your true financial position? Have found figuring out the above makes it easier to set loftier goals; the numbers will be bigger, so the challenge is to create some positive cashflow. The first time I checked it out, it was demoralising, now a little better https://www.stuff.co.nz/business/103949719/knowing-your-net-worth-will-help-guide-financial-decisions
  21. Splurging on plan

    Hi everyone, here's a bit of a flamethrower story on how to really splurge without veering off your plan. See what you think! https://sorted.org.nz/must-reads/keep-treats-on-track/ Cheers, Tom
  22. Children in KiwiSaver

    No not until theres a guarantee and especially not now there's no kickstart payment. But she does have a bank account with money put in weekly 😁
  23. Getting out of 40k worth of debt

    A beautiful story shared with us from Francoise about her and her husband's journey out of 40k worth of debt. Sometimes we know enough is enough and we have to take control again! Thanks for sharing Francoise!
  24. Someone Mortgage Savvy Please Help!

    Hi Jaed, interest on a mortgage is typically calculated daily – a non-stop ticker in the background that goes on for as long as we take to repay. When we make a scheduled payment, we’re charged however much has built up to that point. We could look at calculating how much interest you've paid in those 12 years, but only if we had your repayment history and the terms of the loan during that time. (A 30-year loan means much of your payments went to interest.) So much easier to get this from your bank; hope you make some headway there! Best, Tom
  25. Asset Allocation/Classification

    Hi T, based on conversations I've had with investing experts in the past, I think they would classify these depending on how the income was being generated. So if it's from company profits from building and selling widgets, it would be a share; if it's from rent from a commercial property, it would fall under property. There's not always a bright line between the two as you say, so in the case of retirement village companies, you could have a look at where the lion's share of their profits are coming from. I'd guess that these are property companies for the most part? Cheers
  26. Hi everyone, here's the world I want my daughter to grow up in: where there's no gender investing gap, either. https://sorted.org.nz/must-reads/financial-feminists/ Boost your inner financial feminist. Cheers, Tom
  27. Someone Mortgage Savvy Please Help!

    Hi Jaed - again this is something your bank will be able to spell out very clearly - keep asking them to explain until you fully understand
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