Australia_bound?

Is this based on fact or personal feelings on this issue. I'm sure it's been said on here by those in the know that debt and credit file do not follow you to Aus?

busterboy

Lots of good replies here and both the posters who have been in similar places Mags3 and the guy from the 90s demonstrate that you need to face up to debt not run from it. Although I do not think you will be pursued over here for cash, it means that you might feel trapped when you get here. (This turns out not to be the dream solution for so many, keep your door open to the opportunity of a good enough life in the UK too).

Centurion always gives good advice on this of type stuff.

My tuppence worth is that debt creeps into a lurking form of worry that is rarely worth it and usually can be minimised if you meet it head on. I have friends here in a similar situation as Mags3, who have found roads closed by repossession and debt.

I would consider the re-valuation option and also the interest only that Seang alluded to, look for thread started by Joh117.

A more positive scenario would be to acquire an interest free mortgage and rent out your house til the market picks up again.

I am not a financier and please make your next stop the CAB and the bank. Your interest on your debts can be managed much better by facing up to them and designing a plan.

Australia_bound?

For OP would be good if someone could post link to these threads and for those in similar situations

busterboy

Frick do I have to do everything around here....

busterboy

http://britishexpats.com/forum/showt...ghlight=joh117

Australia_bound?

Yes lol
Is good to have a woman who is willing to do all the work

busterboy

Right now I am picturing myself smacking your arse red raw.

Australia_bound?

lol

asprilla

It still amazes me that people in the UK hold so much respect for the valuation given by their estate agents !!

Centurion

In fairness its a worldwide phenomenon. If you believed 10% of the crap from real estate agents mouths in Australia you would probably also believe in the Wizard of Oz.

nevsy

It has happened to friends of mine they handed in keys to bank moved to oz 7 yrs later the bank caught up with them and they had to pay 12000gbp

Australia_bound?

Is it not a civil issue rather than a legal one? So how would they be made to repay and was there home not worth anything? Can't see how house in auction would be worth £120,000 less than the mortgage on it

nevsy

UK banks if they receive a loss on a repossessed property sell the debt to debt collection companies and have a legal right to pursue this debt for 7 yrs after that the debt is written off,but remember they have to find you first.The house in question was not of a £120,000 loss but £12,000 look at your figures.

Zambia

I think in short the problem is not the house its the debt. As silly as that sounds in essence when you sell your house you will have a debt. Once that debt is a figure you can tackle it. Sell stuff as your going to Oz the less you have the less you pay to transport.

A 457 is by no means a permanent visa, anything could happen in Oz that dictates you are not allowed stay. Brush with the law, problem with 457 employer.

If you do not address this issue prior to leaving you will be in Oz on a work visa that your employer could send you back to he UK and your angry debtors. Life is stressfull enough without giving an employer that power over you.

Reduce the mortgage by any means and rent it
or
Sell the house yourselves and addressthe short fall
or
Go to Oz and take your chances.

Plus I dont think debt collecters are beyond ringing your family and friends old work mates colleagues trying to find you.

philnorris

This is very true, although it wasnt debt collectors, my partner forgot to tell the Student loans place that we moved. Some how they found out she was friends with some one near where she used to live who gave the Student loans people our phone number. Luckily everyting was squared away and sorted but it goes to show they have ways and means to find you. These wernt even debt collectors who go in to much more depth when looking for you.

Its just not worth the risk.