29K debt - but want to move to OZ

adammcd85

Hi

I have roughly 29K debt from 19K loan and credit cards. The problem is i lost my job last year, then went travelling ( increased debt by about 10K) for 6 months. I've been back 2 weeks, luckily got a job already, however i really want to go back to Oz and get my 2nd year visa, i dont want my debt to hold me back. I have 3 missed payments in a row (loan) and couple late credit card payments. This is my first missed payments in my life. But am thinking about just running out on my debt, although wrong and dont really want to do.

Does anybody know if i can arrange a repayment plan with creditors and tell them i am going abroad or should i not tell them? I dont really want to come back in 18 months to more and increased debt! I live with parents and dont own anything? whats the worst that can happen? Im 23 so young enough to go bankrupt and easily recover before properly settling down.

Also, the debt is with 5 companies (have 4 credit cards) so they will all have different outcomes.

Any advice welcome

Apples2

Are there any exceptions to the rule about being nice to newbies?



EDIT: ooops sorry for dragging it up, it was linked from eleswhere, thought it was current.

Sailmakers

It sounds to me like you've already made your mind up. By that I mean you racked up another £10k of debt when you knew you couldn't afford what you had already. There is always a temptation to run away the only difference is you're doing it geographically. If it was me, I'd have something in place before leaving but I'm 25 and have friend in a similar situation to you but had to come home suddenly as things didn't work out in OZ. Unfortunately he was in even more of a mess when he got back. What if things didn't workout out there? But that's just my opinion...

Oneday77

If you run out all that will happen is when your 2nd year Visa expires and you come back your sunk.
People burying their head in the sand is one thing through stress.
Running away just because they want to have fun is another.
While your away your folks will be fielding multiple debt collector calls, getting heaps of mail and all the stress.
Think about them and sort something out.

Also where is the next £10k-£20k going to come from to fund the sequel?

Butti

I believe Australia now has links with us meaning unless you change your identity you are likely to be followed / found out and your parents will probably be severely harrassed during the process of trying to track you down.

I do have 'some' sympathy - I have lost my job, have about £15k in debt (although a significant amount of equity) and am currently investigating going to Australia.

Like you say, you are only 23. Why don't you stay at home for a couple of years focus VERY hard on clearing your debt and check what skills Australia is looking for. I am 44 and time is much more on your side than mine. Get your finances sorted and then you can relax with a clear conscience.

B

DorsetGirl_2

Surely your parents will have the constant harassment while you are gone, which isn't nice to inflict on them.

You ran up another 10k of debt having a great time while travelling, you need to stay and sort it out.

david39

He's probably gone by now - and come back! The thread started in March 2009, so he'll have found out the answer.

MrsTinks

Given the age of this thread I'm going to lock it if anyone has any current questions about moving to Oz and leaving behind debt please start a new thread with details of your question