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Home "Buy Back" Schemes

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Be extremely careful.  You need to know the full law.  Our advice is not to get involved in the first place.   But if you have then we are here to help you  .  .  .  . 

 

This topic tells you about the new protective law and what you can do if your home has been transferred through one of these schemes.

 

New laws came into force from 14 October 2003.  They  protect homeowners against home "buy-back" schemes. 

 

These schemes, common in South Auckland, have led to many consumers losing their loved homes to unscrupulous finance companies.

 

The Credit Contract

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Feedback/Blogs/Reviews from related topic: Contractual Remedies Act 1979
"I found this interesting. I want to sue for punitive damages and I was interested to learn that our courts are pretty conservative. I think the Welfare have quite wrongly taken my kids and I have found out that the affidavit they gave to a Judge to get an order to uplift them was known to the Welfare to be incorrect. They told the Judge that I had drug convictions but when I found out 5 months ago that they thought that I proved then to them that this was untrue yet I have now found that they have still put this false evidence in an affidavit. But they have also told other people about my "drug convictions". You have to watch these people. (name witheld) - May 2007"
Feedback/Blogs/Reviews from related topic: Contractual Remedies Act 1979
"The fact examples or samples really helped me. Your topic also gave me confidence to speak up for myself. My case was a simple car accident but the other driver wouldn't pay and my lawyer was going to charge me $700 just to help. Netlaw allowed me successfully to "go it alone". Thanks. Thanks. I am on to making my own will now. Miriam (and hubbie)"
Feedback/Blogs/Reviews from related topic: Contractual Remedies Act 1979
"Thanks Netlaw,
The Judge has all the lengthy affidavits, photos etc and I agree he would really need to see the site. Will give it a shot and thanks for your prompt response and encouragement.
Cheers . . . . Barry "

Feedback/Blogs/Reviews from related topic: Contractual Remedies Act 1979
"Great. See the other topics on Statement of Claim -Some Examples - Graeme - Tauranga"
Feedback/Blogs/Reviews from related topic: Contractual Remedies Act 1979
"Very helpful . . . McBreen"
"Now that I understand the principles it has made it easier for me to prepare and make final decisions. thank you. Kirsten."
"Great coverage to have it all laid out. Could you try and give us some uncomplicated documents. yours are useful but are there any simpler docs? Keep up the good work. A really helpful website. Graeme H. Wellington - May 2007"
"I have made good use of this topic and the other topics on Wills. Well done. Jim H (retired) - Devonport - May 2007"
"Bloody Hell! You provide us with the documentation as well! This is great stuff. I will still use a lawyer but I now have enough information to make some informed decisions myself.
Kevin M - Hamilton"

"Hi Netlaw...i have found your site very helpful to me in applying for a parent order. Anexcellent site with the right information, easy to use steps.

Thanks so much :)))"

"HI, posted yesterday trying to find application boilerplate for challenging will due to unsound mind (with medical evidence). Thanks"
Feedback/Blogs/Reviews from related topic: Contractual Remedies Act 1979
"My husband and I liked all this information. Keep it up please! Well worth the $45. We have spent so much on lawyers, blast them. I suppose they are necessary but when we see these concepts set out simply by you in Netlaw we wonder what all the secrecy and fuss was about in other matters. "
"I have heard that through the Will I am able to gift up to $27 500.00 of my property per year to some one that I want to inherit without paying gifting fees where do I find a template for this

Netlaw answers: Good morning,

You posted a blog on Netlaw this morning. We reply as follows.

Gift duty is not payable on money or assets which pass under your will. Therefore, you can leave $1,000,000 to someone in your will and it is not classified as a gift.
However, if you wanted to give someone $1 million during your lifetime then that would attract gift duty at 40 cents in the dollar (subject to a more specific calculation about a lesser amount of gift duty in some bands above $27,000) for any amount gifted over $27,000 per year. This is why gift programmes over a number of years have to be set up during the course of your lifetime to avoid or minimise paying gift duty.
But we repeat - money or assets left under a will are not treated as gifts for gift duty purposes. Nor are death duties payable any more. They were abolished well over 10 years ago.

Cheers . . . . Netlaw"

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