Posted: Tue Mar 25, 2008 7:23 pm
I have made recent posts re this issue and as i have sat down and counted amount owing its stressed me somewhat .......................
I am now a permanent oz resident and have been here for 5 years...... I have one loan 5300 sterling at 7.8% but also incurring interest so min payments dont alter the balance so much, then i have approx 3000 sterling on a credit card..... so to pay these of today i guess in the region $18,000 ozzie, now am i best getting an ozzie loan and sending over a bulk payment to pay this off ? as then i guess im paying a ozzie loan with ozzie interest being accrued, but then probably my logics wrong !!!
I am really coming to the conclusion that im not going to pay this off and know from previous posts i will not be affected over here re credit rating, even though letters will be sent, now both the institutuions have my parents address, so im worried if i do stop paying they will get harrased by balliffs, is this correct or if i give them my oz address and wait for 3 months, does that mean my parents will not get threats etc.... just dont want to pass my burden onto them ??????? Now ive also read i can just contact my card and loan company by i guess mail as phoning there is no records and offer them a lessor amount as i understand they wont want to chase such a small amount and would rather accept a lower amount than nothing at all, so do they sell to another agency ? ....... no the last option is to go bankrupt but dont understand how this is different to the above and if i need to go back to the uk to do this??????????, either way i guess for 5 years cant get credit ? i know im taking a risk as who knows if i need to go back to the uk one day but im willing to do it
Please help and assist with my questions, really appreciate all your time
I am now a permanent oz resident and have been here for 5 years...... I have one loan 5300 sterling at 7.8% but also incurring interest so min payments dont alter the balance so much, then i have approx 3000 sterling on a credit card..... so to pay these of today i guess in the region $18,000 ozzie, now am i best getting an ozzie loan and sending over a bulk payment to pay this off ? as then i guess im paying a ozzie loan with ozzie interest being accrued, but then probably my logics wrong !!!
I am really coming to the conclusion that im not going to pay this off and know from previous posts i will not be affected over here re credit rating, even though letters will be sent, now both the institutuions have my parents address, so im worried if i do stop paying they will get harrased by balliffs, is this correct or if i give them my oz address and wait for 3 months, does that mean my parents will not get threats etc.... just dont want to pass my burden onto them ??????? Now ive also read i can just contact my card and loan company by i guess mail as phoning there is no records and offer them a lessor amount as i understand they wont want to chase such a small amount and would rather accept a lower amount than nothing at all, so do they sell to another agency ? ....... no the last option is to go bankrupt but dont understand how this is different to the above and if i need to go back to the uk to do this??????????, either way i guess for 5 years cant get credit ? i know im taking a risk as who knows if i need to go back to the uk one day but im willing to do it
Please help and assist with my questions, really appreciate all your time