HELP ME!! I have been widowed. I have a third share in a farm wish to sell this to the other two owners. Wish to buy caravan and travel Australia and give up work. $20000.00 debt in credit card $108000.00 mortgage
27 August 2015 |
It seems that selling your share of the farm will release you from some debt. In order to help you, a financial planner would need more info - like your age, how much you have in super/possible other assets, what your house is worth (would you sell or rent it out when you travel around Australia), what you earn, what you need or want to generate in income if you retired. I am not sure what your share of the farm represents in dollar terms?
May I suggest you pose the question again on this forum with this info. Don't worry, you are not alone.... many people don't know what sort of info a financial planner needs from them in order to provide guidance.
In the mean time, you may be able to find a better credit card solution - I mean reduce the debt on the credit card by refinancing your mortgage - interest rates are substantially lower and this will make it easier on your cashflow and give you a breather.
Also ensure that the Farm is valued fairly (and your'e not feeling pressure to sell for a below market price) so that you receive your full entitlement in a timely manner. I assume you have a lawyer guiding you through this.
Look forward to hearing from you again.
By Michelle Tate-Lovery CFP®