Money worries and IVA
Nov 2nd 2007, 12:45 pm
#16
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Location: Currambine, Perth
Posts: 797
Re: Money worries and IVA
Any help would be appreciated, just wondering what other people have done or experiences you've had. 
I'll start by saying that we are not running away from our debts and fully intend to pay,
but are struggling and wish to set up the best life possible when we go.
My OH has spoken to an IVA agent and they have given us an option of taking an extra £18K with us (paying debtors a lump sum from sale of house and writing off the other half) but it will mean OH having a crap credit rating here for the next 6 years. Obviously we are going with a view to not returning but you just never know.
We don't want to rack up a load of credit in Oz but if he goes ahead with IVA does anyone know if this will have an adverse affect on him getting credit/mortgage in OZ, he is the main earner of the house.
Any help?????
Thanks
Jo
I'll start by saying that we are not running away from our debts and fully intend to pay,
but are struggling and wish to set up the best life possible when we go.My OH has spoken to an IVA agent and they have given us an option of taking an extra £18K with us (paying debtors a lump sum from sale of house and writing off the other half) but it will mean OH having a crap credit rating here for the next 6 years. Obviously we are going with a view to not returning but you just never know.
We don't want to rack up a load of credit in Oz but if he goes ahead with IVA does anyone know if this will have an adverse affect on him getting credit/mortgage in OZ, he is the main earner of the house.
Any help?????
Thanks
Jo
If not my suggestion would be to sell the house give the money to you and say he blew it all on gambling!!!!
They cannot have what you haven't got (assuming its just your OH and not both of you).
My partner went bankrupt last year for debt he built up before he met me. Because he had no assessts it was better for him to go bankrupt. These days it only lasts a year. Ok he cannot get credit but he couldn't with an IVA either and it lasts longer!!!
Not sure how it will affect us in Oz but my credit history is fine.
He has to pay £100 per month for 3 years, compared to the debt its nothing.
Hope that helps.
Claire x
Nov 2nd 2007, 1:24 pm
#17
Forum Regular
Thread Starter
Joined: Feb 2007
Location: Harlow, Essex
Posts: 147
Re: Money worries and IVA
Hi, are you already in an IVA agreement?
If not my suggestion would be to sell the house give the money to you and say he blew it all on gambling!!!!
They cannot have what you haven't got (assuming its just your OH and not both of you).
My partner went bankrupt last year for debt he built up before he met me. Because he had no assessts it was better for him to go bankrupt. These days it only lasts a year. Ok he cannot get credit but he couldn't with an IVA either and it lasts longer!!!
Not sure how it will affect us in Oz but my credit history is fine.
He has to pay £100 per month for 3 years, compared to the debt its nothing.
Hope that helps.
Claire x
If not my suggestion would be to sell the house give the money to you and say he blew it all on gambling!!!!
They cannot have what you haven't got (assuming its just your OH and not both of you).
My partner went bankrupt last year for debt he built up before he met me. Because he had no assessts it was better for him to go bankrupt. These days it only lasts a year. Ok he cannot get credit but he couldn't with an IVA either and it lasts longer!!!
Not sure how it will affect us in Oz but my credit history is fine.
He has to pay £100 per month for 3 years, compared to the debt its nothing.
Hope that helps.
Claire x
Thanks Claire,
IVA agent has worked out how much debt OH owes and what we will get from the house sale. Rather than pay monthly, we are going to offer a sum of cash for all creditors to accept, from his half of house. That way we keep my half for OZ.
Feel better knowing that we will be going with more cash than planned and that I won't have to worry about ANY debt back here. We both just want a fresh start and pray we are more careful with our miney this time.
Jo x
Nov 2nd 2007, 2:42 pm
#18
Joined: Aug 2007
Posts: 8,067
Re: Money worries and IVA
Thanks Claire,
IVA agent has worked out how much debt OH owes and what we will get from the house sale. Rather than pay monthly, we are going to offer a sum of cash for all creditors to accept, from his half of house. That way we keep my half for OZ.
Feel better knowing that we will be going with more cash than planned and that I won't have to worry about ANY debt back here. We both just want a fresh start and pray we are more careful with our miney this time.
Jo x
IVA agent has worked out how much debt OH owes and what we will get from the house sale. Rather than pay monthly, we are going to offer a sum of cash for all creditors to accept, from his half of house. That way we keep my half for OZ.
Feel better knowing that we will be going with more cash than planned and that I won't have to worry about ANY debt back here. We both just want a fresh start and pray we are more careful with our miney this time.
Jo x
Its a hard lesson to learn. After what we've been through, i have sole controll over the finance(he can have what he wants buts has to let me know first) so i know what is going out, when and who to and if we can afford a little something every now and again.
we are so careful now. We will NEVER have a credit card again. or any credit for that matter if we can help it.
Nov 2nd 2007, 3:22 pm
#19
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Joined: Mar 2007
Location: Currambine, Perth
Posts: 797
Re: Money worries and IVA
The only credit card we have now is the one paying for the visa, long story but the money for the visa ended up somewhere else
your creditors should except anything rather than nothing so keep it as low an offer as possible they can only say no!!!
your creditors should except anything rather than nothing so keep it as low an offer as possible they can only say no!!!
Nov 2nd 2007, 3:35 pm
#20
Gone Senile Member
Joined: Sep 2001
Location: Sydney
Posts: 3,014
Re: Money worries and IVA
Pleaeeeeeaaaasee!
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Last edited by Sandra; Nov 2nd 2007 at 3:40 pm.
Nov 2nd 2007, 6:10 pm
#21
BE Forum Addict
Joined: Oct 2006
Location: Adelaide
Posts: 3,162
Re: Money worries and IVA
I'd lend as much as you can cash, against your house, and go and hand the keys in to the mortgage people.
Let them argue amongst themselves who gets what,
and you get loads of cash in AUs, that you have supposed to have spent in the UK.......
who gives a sht , the banks arent arsed, they let you do it....
Let them argue amongst themselves who gets what,
and you get loads of cash in AUs, that you have supposed to have spent in the UK.......
who gives a sht , the banks arent arsed, they let you do it....
Nov 2nd 2007, 6:56 pm
#22
BE Enthusiast
Joined: Jun 2007
Posts: 423
Re: Money worries and IVA
Pleaeeeeeaaaasee!
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Nov 2nd 2007, 7:27 pm
#23
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: Money worries and IVA
Pleaeeeeeaaaasee!
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Nov 2nd 2007, 8:20 pm
#24
Account Closed
Joined: Jun 2007
Posts: 3,821
Re: Money worries and IVA
Pleaeeeeeaaaasee!
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Not sure exactly what you are intending to achieve here by posting this? you are being deliberately antagonistic... and a bit patronising tbh! but as you say, "my opinion.. and I can have it"...ho hum
Em x
Nov 2nd 2007, 8:26 pm
#25
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Money worries and IVA
Good to see that Australia is still attracting the 'cream' of british society.
Nov 2nd 2007, 8:31 pm
#26
broken but got a visa! :
Joined: Apr 2006
Location: seaford,adelaide
Posts: 1,515
Re: Money worries and IVA
There was me thinking what a refreshing change and how good it was that this thread was offering advice not ripping the op to shreds and condeming them.
Nov 2nd 2007, 8:33 pm
#27
Account Closed
Joined: Jun 2007
Posts: 3,821
Re: Money worries and IVA
I mean, after 10 years of applying and failing to get a visa and finally meeting their rather exacting criteria and thus obtaining a permanent status.. and £2K+ later of fees (not mentioning all the other extras) etc etc ... if that means in your eyes we are the dregs then FINE BY ME!!
Em x
Nov 2nd 2007, 10:31 pm
#28
Forum Regular
Thread Starter
Joined: Feb 2007
Location: Harlow, Essex
Posts: 147
Re: Money worries and IVA
Pleaeeeeeaaaasee!
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
Just assure me changing countries is for a real new start! Reasons for debt on this forum are people driven not an excuse for changing place or a different country.
This thread for me rates along side
- if I have a baby he will stay with me
- marriage crappy lets emigrate
My opinion and I can have it
we are moving for a better life, to raise our son and give him the best opportunity possible and I cannot envisage that here.....with or without debts. We are never going to be in a position to make the next step up the property ladder or move to a better area or let him go to the better schools. I appreciate that debt is down to us and over spending, but who says you can't rectify it by selling up and moving on, if it truely is for the best.
I would like to thank all the people that have given advice and reassurances, you have been more support then I could realise.
jo x
Nov 3rd 2007, 1:27 am
#29
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,803
Re: Money worries and IVA
Keep the thread civilised everyone, please, or you know what'll happen.
Nov 3rd 2007, 10:14 pm
#30
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Joined: Sep 2007
Posts: 460
Re: Money worries and IVA
It's a little bit more complicated: I've just taken out Australian car insurance. One of the questions was whether I'd ever been declared bankrupt (and there were some other questions related to debts). I don't know what would happen if you had to answer "yes". Maybe the'd refuse you insurance or you'd have to pay a higher premium.
Gina
Gina
Having worked and lived in Australia since 1969 - only to return to UK a few years ago, I can tell you that:
Insurance: They do not check overseas records, they will ask if you have a No Claim Bonus and they may grant you the 3-yrs bonus or more in Australia, but this is up the the person on the phone........
Credit:
Australia has CRAA (Credit Reference Ass Australia) plus Dunn and Brad and others, but under the Australian Govt Credit Act, they can NOT take any overseas ratings nor can they access this. (Unlike UK or USA) If you leave with owing funds in UK, then as others have said, once you return you face the music. If you declare bankrupt that also has not infulance in Australia. If you tell them that you have bad UK credit rating, then more fool you as they will mark this with (CRAA)
I quote this extract:
Australia's primary credit bureau is Credit Advantage, formerly known as the Credit Reference Association Of Australia, which holds records on over 12 million people and one million businesses. Credit Advantage is used by approximately 3,800 credit providers, who make a total of 45,000 enquiries per day.
Due to legal restrictions, Credit Advantage does not report any positive information. It is essentially a "blacklist" containing listings of accounts that are at least 60 days past due, along with public records of lawsuit judgements and bankruptcies. Bounced cheques of over $100 (after two attempts at clearing) and enquiries are also listed.
Defaults, bad cheques, court judgements, and enquiries remain in a consumer's file for five years. Paying off a defaulted account will not cause the item to be removed - the listing will be changed to note the paid-off status, but will remain (as a negative) until five years after originally being reported. Bankruptcies remain for seven years. Vaguely defined "serious credit infringement" (probably meaning high-dollar fraud) can remain for seven years.
The company started in 1967 as the Credit Reference Association Of NSW, with 90,000 files containing bad debt information contributed by the Retail Trader's Association Of NSW. The database originally consisted of paper index cards in shoe boxes. In the early 1970s, notations of enquiries were added to the files.
Due to legal restrictions, Credit Advantage does not report any positive information. It is essentially a "blacklist" containing listings of accounts that are at least 60 days past due, along with public records of lawsuit judgements and bankruptcies. Bounced cheques of over $100 (after two attempts at clearing) and enquiries are also listed.
Defaults, bad cheques, court judgements, and enquiries remain in a consumer's file for five years. Paying off a defaulted account will not cause the item to be removed - the listing will be changed to note the paid-off status, but will remain (as a negative) until five years after originally being reported. Bankruptcies remain for seven years. Vaguely defined "serious credit infringement" (probably meaning high-dollar fraud) can remain for seven years.
The company started in 1967 as the Credit Reference Association Of NSW, with 90,000 files containing bad debt information contributed by the Retail Trader's Association Of NSW. The database originally consisted of paper index cards in shoe boxes. In the early 1970s, notations of enquiries were added to the files.
