smurf1478 Posted May 9, 2013 Share Posted May 9, 2013 Hi, I am moving to Australia in August i am about 10,000 in debt on credit cards, i am renting out my house privately but the rent just about covers the mortgage on the house, and i was wondering if i will get tracked down as the house will still be in my name, all other bills will be paid off so the only bills will be the mortgage and the 2x credit cards, another problem is that my mortgage and one of the credit cards are with the same company and not sure if they will contact eachother departments within the company. I have read a couple of forums on here but nobody has mentioned if the debt can be traced back to any family members, my parents are quite old and i dont want them to get people knocking on there door. Hopefully i will get some advise on here. Thanks Quote Link to comment Share on other sites More sharing options...
rix1975 Posted May 9, 2013 Share Posted May 9, 2013 Are you planning on doing a runner and not paying your debts? why can't you continue to pay them from oz? Quote Link to comment Share on other sites More sharing options...
Guest Guest26012 Posted May 9, 2013 Share Posted May 9, 2013 Welcome to PIO! I'm sure you'll get lots of replies!:biggrin: Quote Link to comment Share on other sites More sharing options...
northshorepom Posted May 9, 2013 Share Posted May 9, 2013 Have you told the mortgage company you are renting it out? Quote Link to comment Share on other sites More sharing options...
Peach Posted May 9, 2013 Share Posted May 9, 2013 Hi, I am moving to Australia in August i am about 10,000 in debt on credit cards, i am renting out my house privately but the rent just about covers the mortgage on the house, and i was wondering if i will get tracked down as the house will still be in my name, all other bills will be paid off so the only bills will be the mortgage and the 2x credit cards, another problem is that my mortgage and one of the credit cards are with the same company and not sure if they will contact eachother departments within the company. I have read a couple of forums on here but nobody has mentioned if the debt can be traced back to any family members, my parents are quite old and i dont want them to get people knocking on there door. Hopefully i will get some advise on here. Thanks If you try to avoid paying the credit cards, most likely they will look to secure the unsecured debt against your house - either forcing you to sell, or staking a legal claim over whatever they feel they're owed when you come to sell. As you have an asset in the UK, you won't be able to walk away from the debt.. Quote Link to comment Share on other sites More sharing options...
Sammy1 Posted May 9, 2013 Share Posted May 9, 2013 Hi, I am moving to Australia in August i am about 10,000 in debt on credit cards, i am renting out my house privately but the rent just about covers the mortgage on the house, and i was wondering if i will get tracked down as the house will still be in my name, all other bills will be paid off so the only bills will be the mortgage and the 2x credit cards, another problem is that my mortgage and one of the credit cards are with the same company and not sure if they will contact eachother departments within the company. I have read a couple of forums on here but nobody has mentioned if the debt can be traced back to any family members, my parents are quite old and i dont want them to get people knocking on there door. Hopefully i will get some advise on here. Thanks Inform them that you are moving to Australia and then arrange a payment plan from here to pay off your credit cards each month. Easy solution. Quote Link to comment Share on other sites More sharing options...
northshorepom Posted May 9, 2013 Share Posted May 9, 2013 Inform them that you are moving to Australia and then arrange a payment plan from here to pay off your credit cards each month. Easy and honest solution. Corrected for you Quote Link to comment Share on other sites More sharing options...
Redrover Posted May 10, 2013 Share Posted May 10, 2013 Hi, I am moving to Australia in August i am about 10,000 in debt on credit cards, i am renting out my house privately but the rent just about covers the mortgage on the house, and i was wondering if i will get tracked down as the house will still be in my name, all other bills will be paid off so the only bills will be the mortgage and the 2x credit cards, another problem is that my mortgage and one of the credit cards are with the same company and not sure if they will contact eachother departments within the company. I have read a couple of forums on here but nobody has mentioned if the debt can be traced back to any family members, my parents are quite old and i dont want them to get people knocking on there door. Hopefully i will get some advise on here. Thanks Tried to ignore this but I can't. Seen a few threads like this on the forum and almost none are asking 'how can I manage this debt' but rather 'can I get away with it'. Lets keep this simple. You borrowed it, you spent it. So pay it back. If you're struggling there are various routes to follow. Walking away means any losses incurred by the CC company, including costs to chase you round the world, are met by existing, honest CC holders. Who pay their way in the world. I appreciate you may be in dire straits that I know nothing about. But nothing makes my blood boil more than people refusing to take responsibility for their own actions and expecting others to foot the bill. Quote Link to comment Share on other sites More sharing options...
Guest littlesarah Posted May 10, 2013 Share Posted May 10, 2013 If you can't service your credit card debt by liquidating your asset/s (e.g. house), you could consider bankruptcy. If you have equity in your house, I'd have thought that the obvious thing to do would be to sell up and use the equity to pay off the credit card debt (or roll your CC debt into your mortgage if you'd prefer). If selling that asset won't realise enough to pay off your debt at present, then I'd suggest you either work out a payment plan or file for bankruptcy. Quote Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 10, 2013 Share Posted May 10, 2013 You're moving to Aus with a load of debt and some people are worried when they have a few thousand spare and coming to decent salaries. Good luck buddy. Quote Link to comment Share on other sites More sharing options...
blossom Posted May 10, 2013 Share Posted May 10, 2013 Everything you do in the uk financially are linked. If you don't pay your credit card debt they can take you to court, even if you are not there to attend. They can also apply to have you made bankrupt. Your house will then be sold to pay off your debts, and court, bailiff costs etc and IF there is any difference left over you will be given that. And yes they can hassle your family. My parents were getting debt collector letters over a non existent phone bill of mine. I have never lived at their house. As it was for an account which had been closed with £0 owing I easily got that sorted. Had I actually owed money they would have kept going. You can afford to pay your debt, just sell your house. Quote Link to comment Share on other sites More sharing options...
oz bound pom Posted May 10, 2013 Share Posted May 10, 2013 I know we don't know all the details of this case but can't a mod just close threads like this which are either just set up to wind people up or set up by people who quite frankly haven't got a clue and don't deserve the chance of emigrating Quote Link to comment Share on other sites More sharing options...
Kelsb21 Posted May 10, 2013 Share Posted May 10, 2013 Hi you are not alone there are many people in your situation. You could try Step change they are a charity that are specialist in helping people out in situations similar to yours. They should be able to answer all of your questions And help find a solution. Good luck with everything. it is a really tough world at the moment. Quote Link to comment Share on other sites More sharing options...
Red Rose Posted May 10, 2013 Share Posted May 10, 2013 Hi, I am moving to Australia in August i am about 10,000 in debt on credit cards, i am renting out my house privately but the rent just about covers the mortgage on the house, and i was wondering if i will get tracked down as the house will still be in my name, all other bills will be paid off so the only bills will be the mortgage and the 2x credit cards, another problem is that my mortgage and one of the credit cards are with the same company and not sure if they will contact eachother departments within the company. I have read a couple of forums on here but nobody has mentioned if the debt can be traced back to any family members, my parents are quite old and i dont want them to get people knocking on there door. Hopefully i will get some advise on here. Thanks How are you able to move to Australia if you are 10k in debt? Who is going to be dealing with your financial affairs when you are in Australia? Whatever you do, I hope you do the right thing. Quote Link to comment Share on other sites More sharing options...
Rupert Posted May 10, 2013 Share Posted May 10, 2013 Hi you are not alone there are many people in your situation. You could try Step change they are a charity that are specialist in helping people out in situations similar to yours. They should be able to answer all of your questions And help find a solution. Good luck with everything. it is a really tough world at the moment. That is a nice idea. But it didn't sound like they were looking for a solution, they just asked if they could do a bunk. :biggrin: Quote Link to comment Share on other sites More sharing options...
Lou8670 Posted May 10, 2013 Share Posted May 10, 2013 Repay your debt otherwise they will take you to court and seek to recover the money from your house. They can do a land registry search and find out you are sitting on an asset easily enough even if the credit card and mortgage departments don't talk to one another! They can also come after you in Australia. Lou Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
blossom Posted May 10, 2013 Share Posted May 10, 2013 I know we don't know all the details of this case but can't a mod just close threads like this which are either just set up to wind people up or set up by people who quite frankly haven't got a clue and don't deserve the chance of emigrating Not unless they get ott. Everyone has a right to ask a question, even if the rest if us think it is a crazy question. :-) Quote Link to comment Share on other sites More sharing options...
Johndoe Posted May 11, 2013 Share Posted May 11, 2013 More than 24hrs in and a "debt" thread hasn't turned into a bun fight.................must be a first.................well done everyone. Quote Link to comment Share on other sites More sharing options...
blossom Posted May 11, 2013 Share Posted May 11, 2013 More than 24hrs in and a "debt" thread hasn't turned into a bun fight.................must be a first.................well done everyone. I'm guessing because the rest of us realise they will just repossess the house so they won't just be leaving the debt behind, even if they wanted to. Quote Link to comment Share on other sites More sharing options...
Johndoe Posted May 11, 2013 Share Posted May 11, 2013 I'm guessing because the rest of us realise they will just repossess the house so they won't just be leaving the debt behind, even if they wanted to. It isn't known if the OP is in negative equity or not. It won't be the first time that a PIO member has "walked away" from a UK home, maxed out their credit cards, and come to Oz. I know of one who shipped a container full of brand new furniture here, all of it on credit with no intention of making payments. Quote Link to comment Share on other sites More sharing options...
Warm but mild Posted May 11, 2013 Share Posted May 11, 2013 These threads often have me wondering how people get on after moving to Australia. They obviously have lived beyond their means in the UK, I would expect their issues would only be worse in Australia. Presumably doing a bunk on a debt that size means they can't return to the UK without some serious repercussions, so what do they do? Repeat the pattern in Australia? Seriously worrying. Quote Link to comment Share on other sites More sharing options...
blossom Posted May 11, 2013 Share Posted May 11, 2013 These threads often have me wondering how people get on after moving to Australia. They obviously have lived beyond their means in the UK, I would expect their issues would only be worse in Australia. Presumably doing a bunk on a debt that size means they can't return to the UK without some serious repercussions, so what do they do? Repeat the pattern in Australia? Seriously worrying. I think they could end up far worse off. Not having spare money to set up in the first place, but then there are the higher costs here too. On the other side, they could have learnt their lesson and not make the same mistakes again. Quote Link to comment Share on other sites More sharing options...
Jacaranda Posted May 11, 2013 Share Posted May 11, 2013 To the OP,which visa are you on?Yep all too easy to board a flight,take a huge sigh of relief and as the plane takes off from the UK,assume you've left all your troubles behind.But you know what?You've got to live with that for the rest of your life,and one day,you will experience karma,and realise that you can run but can't hide.Jeez whatever happened to morals and honesty??????? Quote Link to comment Share on other sites More sharing options...
Guest GeorgeD Posted May 11, 2013 Share Posted May 11, 2013 What happens to the tenants when the bank repossesses the house? To the OP, you may be able to claim Australian tax back on the cost of running your rental property in the UK. For example, interest on your mortgage can be claimed back against tax. If you have tenants who are giving you much trouble and are paying the rent, it might actually be worth doing everything you can to hold on to the property..and the Australian tax system could help make life easier. Don't rush into any decision like this...It may be worth your while speaking to an accountant who knows about the UK/Aus tax laws about this Quote Link to comment Share on other sites More sharing options...
KIRK AND CO Posted May 15, 2013 Share Posted May 15, 2013 watch skint on 4 mondays at 9pm explaines it all. Quote Link to comment Share on other sites More sharing options...
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