jingjong

Hi, I'm new to the boards and originally typed up a really long winded explanation of our debts to try to explain our situation rather than having people just think we're immoral or criminals!

However, I've decided to keep it short and to the point (but it's definitely not sweet )

Has anyone with equity in their property in Oz somehow managed to avoid having to sell their home because of debt left in the UK ? (which we thought we could control but are now finding we can't) or can the creditors somehow still force you to sell in Australia to recover all their money? We would like to come to some kind of settlement with them if we could without losing our home, but we can't remortgage so can't release any of the equity without selling and going back to renting). Can they even find out you own property overseas?

Please don't rant or rave at me - I feel stressed and depressed enough and am trying to find a way to resolve our situation without loads of people having a go at me

Thanks if you can help

Cheetah7

I dont know the answer to that but would hope that there would be no holier than thou attitudes thrown at you as has happened to other posters in the past.

Because noone here is in your situation or knows to the extent what you are going through and life doesn't always map out the way you want it.

I hope you find the answer you are looking for and if anyone does have a go at you, just ignore it and read the posts that are useful to you.

Good luck.

The Brooks

Not sure on the answer, but i wouldnt of thought they had any jurasdiction (i think thats how you spell it).
Maybe someone else can be more certain.

Good luck

rugbymatt

Centurion seems to be one of the people to ask about this kind of thing, (I think I have got it right)
Do a search for debt, then find Centurions posts and PM them, thats my best advice, oh and enjoy the ride, it may get a bit bumpy!

jingjong

Thank you so much for your kindness

DrWho

There is a reciprocal debt agreement between the UK and Oz...

I'm guessing your creditors know where you are, which might not be ideal...

Whether they would choose to try to enforce any judgement down a complicated route is something I think only you will know...

Good luck... Chin up...!

Centurion

I turned off my PM's a while back since I was getting hit with heaps of mails asking the very same thing. In short, if your question is "Can I get get away with not paying some of my UK debts" then the answer is "probably".

It would be inappropriate for me to list steps to take to maximise the chances of you never having to pay a debt back but it doesnt take a massive IQ to realise that the first step should be not to provide your forwarding address in Australia to any UK companies or agencies.

louise4

would it not be possible to put everything in oz in your partners name and then go bankrupt in UK?

really don't know if this is possible or legal? does sound a bit dodgy though must admit.

could you not find a number of a debt advisory service (there seems to be loads of adverts on on uk tv for this at the mo) in uk who you could talk to anonamously (sp?) and then they could give you some advice from there.

good luck and hope everything works out for you


louise

shauny

Hi
You could try this site and post a question, there is some good advice given out.
http://www.penaltychargesforum.co.uk/

Hope this helps

Shauny

kitty4

If they have your Australian address, they can enforce recovering the debt.
(I have seen it happen to an expat first hand).

By the way, I do sympathise with you. Many haven't made a conscious choice to get into debt and sometimes it has to be a means to an end. Hope it all works out for you.

jingjong

Thanks again for all your kind replies. We emailed one of our major creditors recently to indicate that we were starting to find it hard keeping up the repayments - they came back to us about a week later saying that a "third party" had informed them we were currently overseas and if we defaulted on our payments, then the matter would be put in the hands of an international debt collector.

It seems in this small world it's easy to be found

We have contacted a company via the internet, who in turn have put is in touch with an Insolvency Practitioner, and we're now waiting to see what options might be open to us. Half of me wants to just sell everything we have in an attempt to try and put the matter behind us, but the other half of me wants to try to cling on to what little we can without losing everything.

It's heartening to know though that some people are sympathetic and do recognise that when people get into debt it's not necessarily on purpose or through an attempt to just walk away and not pay.

Thanks again to everyone for your help and kindness

StevenChez

Was the debt 'secured'? My understanding is that only secured loans can be recovered to the extent of you losing your home.

As these are UK debts, why not contact debt free direct, www.debtfreedirect.co.uk/ it's free, impartial and they will contact your creditors directly to arrange more suitable payment terms. If you are receiving threatening letters from creditors, you could write to the debtors manager advising them that you had every intention of paying the money back, but circumstances have changed and you wish them to review your payment terms to something you would find more manageable. Also ask them to stop the interest charges so that you can infact pay the debt, you have every right to request this.

There are many ways to manage your debt and there are many regulations these companies have to comply with in regard to collection of debt, so don't feel threatened, you didn't choose for this to happen, it just has. Search the internet and you'll find a wealth of information, and information is power. Know your rights I say

I really feel for you because there is nothing worse than having financial worries, big or small, its an absolute gut wrencher.

You also needn't be ashamed. It can happen to the best of us.

Cheryl

jingjong

Thanks Cheryl, none of the debts are secured but I just thought that if you had any debt, and couldn't pay, they would claim any assets you had

I've had a quick look at the website you suggested and they seem very good. I'll wait to see what the people I already contacted come back with first and then contact debtfreedirect. It would be such a relief to get this all under control ..... but I can't help feeling ashamed to a degree (and inadequate) hubby and I really thought we knew how to manage our finances, but then things happened and everything started to spiral out of control (very scary and gut wrenching as you say!)

Thank you so much for taking the time and reply and try to help - really it's very much appreciated

toan

Try debtwizard.com

heard him on the radio the other day,just send him e-mail,
he will tell you whet to do.
He will be able to help.

The Brooks

If yuo dont mind me asking, but have you carried on paying these debts up to now whilst you have been in Oz?? or did you stop paying them when you left the UK and they have now caught up with you??

I have done a search on the internet and through the info i have read it seems to me they dont have any jurasdictin but i may be wrong.

How long have you been in Oz??