Barefoot Investor gives advice to fan who made big personal loan, super mistake – World News

Barefoot Investor gives advice to fan who made big personal loan, super mistake

The author of money said that he doesn’t judge people who get into bad debt, but he can’t overcome a huge error.

Money writer Scott Pep, better known as the Barefoot Investor, has reprimanded a fan who helped her boyfriend by taking out $85,000 in personal loans and dipping into his super fund only to undo it. used his method.

A woman named Linda claimed that she was debt free after reading her book in 2019 at the age of 26, but this year fast forward and she is sinking into a mountain of debt.

She explained that it was a few years after her boyfriend lost his job and went through a custody battle with his ex and wanted to support him.

“But now I am desperate. I have nothing in my savings and I live week after week. He is trying to get a loan to put a loan in his name, but his prospects are not looking good because He has poor credit rating and unexpected bills keep coming up,” she wrote to the money specialist.

“The bank says the loan will need to be secured. My friends have given me a hard time about it but I wanted to help my boyfriend like he would have done for me.

Mr. Pep shared Linda’s plea for advice on how to get out of debt in Linda’s name on his blog.

While he said he wouldn’t “justify” her, he couldn’t stop himself from reprimanding the woman for a major mistake.

“I am really dirty that you took money out of your Super Linda. That was for your retirement,” he said.

more than $37 billion snatched away From retirement funds through the early release of the federal government’s retirement plan during the pandemic, 4.9 million Australians made an application.

Industry Super Australia found that 725,000 people had effectively liquidated their retirement accounts through the scheme.

Anyone who withdraws, up to a maximum of $20,000 allowable under the Early Access scheme $3644 investment growth By May this year, according to the Mackel Institute.

Mr Puppy tells Linda that now that he is clutching his retirement “off his chest”, he will explain what to do about the debt he owed on his boyfriend’s behalf.

“If he has no assets, no income, and a bad credit rating, he’s going to struggle to get a loan,” he said.

“You can request to have his name added to the loan, but you will still be jointly and severally liable: so they will still pursue you if he doesn’t pay.”

But he said it was up to her boyfriend to step up and do whatever it takes to pay off the debt.

“Here’s the deal: It’s up to him to pay it back. If he wants to prove his love and commitment to you, he’ll do two things to pay it off (plus deliver pizza at night),” he said. .

“I used to sit and explain to him that you helped him out with love and because you knew he would do the same thing for you. Well, now it’s time for him to prove it.”

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