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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Dealing with unsecured family debt

Posted on Oct 15, 2015 by CFL Financial

Many loans exist between family members, such as parents helping their children to buy their first home or siblings helping each other out in emergencies. These types of loans are often informal and rely on the trust and relationship of the family members involved.

However, this lack of security can carry damaging consequences for a family’s relationships as well as for the enforceability of the loan. When a loan is not a gift, it should be documented and secured to the extent possible.

When families apply to the Family Court for a property or debt settlement, the court takes the assets and the debts of the parties into account. However, the court may disregard the debt in the division of the parties’ assets where an unsecured debt owed to family members is included.

If a debt is genuine, the fact that it is owed to friends or relatives of the party is not relevant. The court will instead take the debt or interest into account when determining the division of assets between the parties.

Issues can also arise when the loan:

Determining whether a debt is genuine and repayable often depends on written evidence, how the parties have treated the debt and the credibility of the parties.

If any evidence provided by the parties is vague, or if there was an “understanding” that the debt would not have to be repaid, the court may find that the debt was not repayable. However, the court will only take this step after careful consideration of the evidence and circumstances of the case.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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