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#1 2016-02-29 11:27:05

goldpelican
Administrator
From: Aust/USA
Registered: 2009-06-29
Posts: 17,984
Trades :   153 
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Riches to rags: A family made homeless from a credit card debt Read m

More of a wealth mismanagement story.

Aaron Szepesvary and Buket Ozdil were forcibly evicted from their suburban Melbourne home on Tuesday, the lock drilled, the door smashed open, over an unpaid $20,000 credit card debt.

Plus at least $132,000 in legal costs. The total debt is now almost $300,000.

When the matter started the pair could have paid off the $20,000 debt easily. They did not, and now have lost everything they own.

Read more: http://www.theage.com.au/national/riche … z41ZT29JVx

Lots of mis-steps along the way, but a shocking example of how everything can blow up in your face financially.


My posts on Silver Stackers are either personal opinion or acting in the capacity of site administrator. Opinions offered do not constitute professional or financial advice.

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#2 2016-02-29 11:46:20

HoldMeTender
Silver Stacker
From: Nunya
Registered: 2016-01-06
Posts: 945
Trades :   14 

Re: Riches to rags: A family made homeless from a credit card debt Read m

She doesn't really come across all that well in the video...


All that glitters is not gold...
...but all that is gold glitters!

Windbag in Spandex

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#3 2016-02-29 15:17:12

DanielM
Silver Stacker
From: Melbourne
Registered: 2012-10-23
Posts: 2,988
Trades :   31 

Re: Riches to rags: A family made homeless from a credit card debt Read m

How can he claim to not read yet operated a business


Don't be shy....Stack it high!!

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#4 2016-02-29 15:34:05

SpacePete
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Registered: 2014-03-01
Posts: 13,437
Trades :   122 
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Re: Riches to rags: A family made homeless from a credit card debt Read m

"Comfortable middle class couple", he runs a "thriving business" but his wife gets a carers allowance from the taxpayer? How?

This comfortably middle-class couple... Mr Szepesvary had been running what he says was a thriving audio-visual company while Ms Ozdil receives a disability carer allowance from the government.

Last edited by SpacePete (2016-02-29 15:35:32)


Catus amat piscem, sed non vult tingere plantas

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#5 2016-02-29 15:45:43

DanielM
Silver Stacker
From: Melbourne
Registered: 2012-10-23
Posts: 2,988
Trades :   31 

Re: Riches to rags: A family made homeless from a credit card debt Read m

SilverPete wrote:

"Comfortable middle class couple", he runs a "thriving business" but his wife gets a carers allowance from the taxpayer? How?

This comfortably middle-class couple... Mr Szepesvary had been running what he says was a thriving audio-visual company while Ms Ozdil receives a disability carer allowance from the government.

Yeah it's a joke. They weren't married so they would have just told centerlink they're just friends or housemates. And centerlink would have been like oh ok cool, nah that's fine


Don't be shy....Stack it high!!

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#6 2016-02-29 16:26:25

willrocks
Silver Stacker
From: Yesterday
Registered: 2012-05-10
Posts: 7,628
Trades :   29 

Re: Riches to rags: A family made homeless from a credit card debt Read m

When the matter started the pair could have paid off the $20,000 debt easily.
...
Mr Szepesvary, 40, and Ms Ozdil, 42, both took out credit cards about 2004. Mr Szepesvary had been running what he says was a thriving audio-visual company, while Ms Ozdil receives a disability carer allowance from the government.
...
Mr Szepesvary's company ran into serious trouble about 2008 during the financial crisis – people just stopped buying stereos (the company continues to trade)
...
Mr Szepesvary cannot read or write. He thinks, and talks, with his hands.

It sounds like we're not getting the full story here.


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#7 2016-02-29 16:49:03

tozak
Silver Stacker
From: Australia
Registered: 2011-05-05
Posts: 2,036
Trades :   177 

Re: Riches to rags: A family made homeless from a credit card debt Read m

two things seem wrong;

(#1) Credit cards are unsecured debts, attempting to collect through forced bankruptcy does seem like a misuse of the courts and unfair practice by the collection agents. Surely they could have just placed  lean on the house then taken it to court for a civil court order for repayment of debt.

(#2) How on earth do you spend $20K on your credit cards then expect if you just ignore countless letters and phone calls that no one will ever chase you up for it?


The whole world only one block apart

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#8 2016-02-29 16:58:36

spannermonkey
Silver Stacker
From: Vic or pissed
Registered: 2010-06-04
Posts: 14,643
Trades :   228 

Re: Riches to rags: A family made homeless from a credit card debt Read m

tozak wrote:

two things seem wrong;

(#1) Credit cards are unsecured debts, attempting to collect through forced bankruptcy does seem like a misuse of the courts and unfair practice by the collection agents. Surely they could have just placed  lean on the house then taken it to court for a civil court order for repayment of debt.

(#2) How on earth do you spend $20K on your credit cards then expect if you just ignore countless letters and phone calls that no one will ever chase you up for it?

And
The dumbass claims he can't read lol
While his into home audio , yeah right roll


EXIT STAGE LEFT

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#9 2016-02-29 20:10:52

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,527

Re: Riches to rags: A family made homeless from a credit card debt Read m

When the matter started the pair could have paid off the $20,000 debt easily. They did not, and now have lost everything they own.

I don't need to read any more.
Anyone who has the means to pay off their credit card and does not is an idiot.

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