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cmcd, ja aust
Category: Australia Law
Satisfied Customers: 146
Experience:  law
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How do I make 7000 dollars in a month, just one off.

Customer Question

How do I make 7000 dollars in a month, just one off.
Submitted: 7 years ago.
Category: Australia Law
Expert:  LawTalk replied 7 years ago.
Good morning,

Well, selling a kidney comes to mind---but that is not legal to do in the US. Undecided

I'm afraid that you are going to have to be just a bit more specific about what it is that you are asking about. Are you asking what jobs can pay you $7,000 a month?

Doug
Customer: replied 7 years ago.
Hi doug, my name isXXXXX am a chef, I don't have any other qualifications. I succumbed to an online gambling scam and now I have a 7000 dollar credit card debt. I'm in deep trouble because my partner and I have pre approval for a home loan that we will move into in 6 months. So as you can imagine things will be tight then even without having that 7000 dollar credit card debt on my back. I really really need to get that out of the way before we start paying off the home loan so I don't have to tell her about it. I'd do anything once to pay for my mistake, even if it is illegal. I live in Australia. Youe help will be greatly appreciated.
Expert:  LawTalk replied 7 years ago.
Good day to you Daniel,

I will opt out and transfer your question to the Australian Legal category, as I think they might help you better then most of the Experts working the job category. While I am an attorney, I do not handle Australian law issues. Please be patient and hopefully someone will get back to you.

Best regards,

Doug
Expert:  Brisbane-Lawyer replied 7 years ago.
That is a lot of money to make, and usually requires one to be a professional with a university education that took years to achieve.




If you don't have that kind of education or any trades/skills (ie. plumber/mechanic, etc), and still want to make big money quickly, your only legal avenue that I can think of would be to try becoming a legalized sex worker.




Some security organizations are also willing to pay upwards of $5000 per day to have you work for them in trouble spots like Iraq (with a high degree of danger and risk to your personal safety). But even here, they'd tend to want you to have some military training or policing background - which I am assuming you do not have.




I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me if I were to provide you with anything less than truthful and honest information. As such, if my answer has been helpful or informative to you, even if it wasn't necessarily what you wanted to hear, please hit the Accept button.







Edited by Alex on 2/1/2010 at 11:37 PM EST
Customer: replied 7 years ago.

I said I was a chef. Theres your Trade and Skills right there.

Fully qualified for 6 years.

Expert:  Brisbane-Lawyer replied 7 years ago.
Okay, but I don't know of any chefs who can make $7000 in a month, apart from Gordon Ramsey or Jamie Oliver.
Customer: replied 7 years ago.
I don't know any mechanics thats make 7000 a month either!
Expert:  Brisbane-Lawyer replied 7 years ago.
Out of curiosity, why do you need $7000 this month?
Customer: replied 7 years ago.

You havent even read all my replies have you. This is what I wrote to Doug, I would have assumed you had access to it- "my name isXXXXX am a chef, I don't have any other qualifications. I succumbed to an online gambling scam and now I have a 7000 dollar credit card debt. I'm in deep trouble because my partner and I have pre approval for a home loan that we will move into in 6 months. So as you can imagine things will be tight then even without having that 7000 dollar credit card debt on my back. I really really need to get that out of the way before we start paying off the home loan so I don't have to tell her about it. I'd do anything once to pay for my mistake, even if it is illegal."

 

Look i'm slowly resigning to the fact that I won't be able to pay it all back fast.

I'm going to consolidate my existing personal loan and credit card debt into one new personal loan at 8.24% per annum.

 

If you can answer this I will hit accept.

 

On the loan calculator tool it says that the total cost of a loan worth 28000.00 is 35297.00. Why is that? thats not 8.24%?

10% of 28000 is 2800. I don't get it.

I know the answer is obvious to you, it must have something to do with me getting charged 8% on every payment or something.

Your help would be greatly appreciated.

 

Expert:  Brisbane-Lawyer replied 7 years ago.
Quote:
If you can answer this I will hit accept.



Look mate. Keep you nine bucks. Sounds like you need it more than I do. I will request a refund for you if you like?

Expert:  cmcd replied 7 years ago.
Dear XXXXX



I'm just going to answer your question about interest. I have not looked closely at the rest of the thread. The problem you are having with interest is that banks - unlike in the days of the bible - do not charge simple interest and usually have big hidden fees. They charge compound interest which is interest upon interest and they charge the rate of interest
per annum(which is per year).



So the total cost of the loan includes the term (how long you borrow the money) plus the interest rate plus the compounded aspect (interest on your interest).



So it looks something like this:



Loan $28,000


Interest - 8.24%



I assume 3 years, with no repayments (with interest compounded annually, however, the bank will probably do it monthly to make more money off you).



First year - $2,307.20 (28,000 x 0.0824)


Second year - $2,497.31(30,307.20 x 0.0824)


Second year - $2,703.10 (32,804.51 x 0.0824)





Total interest is therefore $7,507.61 in my example. You can see that the charging of interest upon interest increases your debt quite substantially. The cost of a loan with a longer term, and with repayments is likely to be quite a lot. Note, however, that my model does not factor in repayments. The larger the payments you make, the less interest you will pay. Because your cost of loan is quite high (and includes repayments), I would assume one or more of these three things about your loan:


(a) the term of your loan is very long

(b) loan service fees are very high and effectively make the interest rate deceptive

(c) your repayment amounts are so low that, together with a longer term, you are really getting hit quite hard by compound interest.



This is what happens, for example, with credit cards. They are the worst given the low repayments amounts and the high compounded interest. If you have any difficulties in the future with your debts, you should contact the Consumer Credit Legal Centre in your local state or territory. They are generally very helpful.



I hope this helps.



Kind Regards
































cmcd, ja aust
Category: Australia Law
Satisfied Customers: 146
Experience: law
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