Guest tia_moo Posted September 17, 2007 Share Posted September 17, 2007 I hope some one can help me. My partner ( UK born now permanent resident )and I (dual citizen) moved back to oz nearly two years ago in a rush due to death in the family, forcing us to dissolve our small business, leaving behind plenty of store and credit cards totalling about GBP 18500 (AUS 45000). We've been paying the minimum payments all this time and in Australian dollars it's a nightmare! I''ve made some enquiries with aussie banks about debt consolidation, though none so far will do so to pay a foreign debt. Has any one heard of a bank who does. Help would be greatly appreciated, I just received post today to say that I was taken to court 4 days ago!!!! Link to comment Share on other sites More sharing options...
Guest breezy Posted September 17, 2007 Share Posted September 17, 2007 Take a look at Martin Lewis's website - he was discussing moving all debts to a single credit card the other day on TV. I recall that he said that Barclaycard customers could balance transfer the debts to the credit card, the interest was reasonable (7%). From his website: This means expensive debts sitting on a card can be cheaply moved across. For example Barclaycard offers existing customers 6.9% balance transfers lasting until the entire debt transferred has been paid off (see the Barclaycard loophole). The article in full: Minimum Repayments: Danger! Designed to lock you permanently in debt. Inc. New Calculator ... Hope this helps Breezy Link to comment Share on other sites More sharing options...
Guest tia_moo Posted September 17, 2007 Share Posted September 17, 2007 thanks for the suggestion, though I'm not sure how much moving of debt i can do in the uk, as I'm in Australia. I worry about consolidating the debt into a UK loan, as I'll still have the stress of a fluctuating aussie dollar. If it's an australian loan, I'll atleast know that the monthly figure is stable, except for interest rate rises! Link to comment Share on other sites More sharing options...
Guest The Mackie's Posted September 17, 2007 Share Posted September 17, 2007 thanks for the suggestion, though I'm not sure how much moving of debt i can do in the uk, as I'm in Australia. I worry about consolidating the debt into a UK loan, as I'll still have the stress of a fluctuating aussie dollar. If it's an australian loan, I'll atleast know that the monthly figure is stable, except for interest rate rises! Hi, I'm sure a lot of people wouldn't bother even paying it! I know it can be a heated issue and people have their different opinions on this! Can't you tell the companies in the UK you cannot afford it and make an arrangement with them to make a settlement, ie 50%. I'm sure they would much rather that then not to pay them or get in arrears? At least you have been honest and tried to keep paying them - a lot of people wouldn't. Zeta Link to comment Share on other sites More sharing options...
Guest tia_moo Posted September 19, 2007 Share Posted September 19, 2007 I wish it could be that simple. I spoke to a debt management agency in the uk, they said settlement does not always mean that the interest will be stopped or that they will take a lesser figure. Plus I worry that my partners parents will be involved in all this as it is their address we have the post sent to. And we are planning to go back in the future for visits and what not. What a pickle. Wouldn't it be great if all the money lenders folded and debts were dissolved!!! Link to comment Share on other sites More sharing options...
Guest the1rab Posted November 4, 2007 Share Posted November 4, 2007 Hi Tia Moo dont know if its too late but this link may be of use these are the first tow ports of call we recommend to people where i work that require assistance with debts. Ways out of debt : Directgov - Money, tax and benefits and CCCS - Free Debt Advice from the UK's Leading Debt Charity Regards Rab Link to comment Share on other sites More sharing options...
Guest Liam Posted November 4, 2007 Share Posted November 4, 2007 Do you have a property here in Australia ? If you do, do you have any equity in it that you could use to consolidate your UK debt? I think this is a matter you should sort sooner than later as you do not want debt collection agencies harrassing the "mother-in-law". If you do not have a property which you can borrow against or the ability to repay the debt above the minimum repayments then you should see a debt counselor and see if you can approach the UK debtors and seek a repayment schedule and a freeze on the interest charges. May not work but always worth a try. regards Liam Link to comment Share on other sites More sharing options...
Guest tia_moo Posted November 5, 2007 Share Posted November 5, 2007 thanks for the suggestions, I'll give it a try Link to comment Share on other sites More sharing options...
PIPMOSS Posted November 7, 2007 Share Posted November 7, 2007 has your bad dept back in england effected your credit in oz i have had bad dept but paid it of due to break up of marraige and i am looking at moving to oz to start again. thanks Link to comment Share on other sites More sharing options...
Guest millertime Posted November 12, 2007 Share Posted November 12, 2007 bad debt does not follow you from the UK to Australia. So if you have a bad credit rating in the UK it will not make any difference to your credit rating in Australia. Link to comment Share on other sites More sharing options...
Guest oz migration Posted November 17, 2007 Share Posted November 17, 2007 Hi You might wish to consider letting the debt go officially rather than drag $45 K around on the 'never, never' this will depend on your plans for the next five years ! You can also get great & comprehensive support and advice from the following : http://www.nationaldebtline.co.uk You might wish to consider an 'offshore' Sterling online bank and pay a lump sum each quarter into this from Oz and then feed that into your UK creditors. Link to comment Share on other sites More sharing options...
Life on easy street Posted November 20, 2007 Share Posted November 20, 2007 Debt consolidation loans that sound like very expensive route. this could potentially add to your problems If you set up an bank account in the U.K with say 3 months of payments that automatically pays the monthly minimum. Then arrange to send money from Aust in blocks every 6 months or 12 months. This will reduce money wasted on transaction costs. HiFX Plc , Money corp specialize in money transfer from the U.K not sure if they transfere from AUSTRALIA. Link to comment Share on other sites More sharing options...
Life on easy street Posted November 20, 2007 Share Posted November 20, 2007 Had not read that last bit All ready taken to court !!!! This normally only happens after several months of missed payments. what you need now is legal advice. Link to comment Share on other sites More sharing options...
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