unsecured loan, now living abroad

deezee777

Hi out there, new to this, I moved abroad to new zealand 2 years ago, and left behind a large debt, about 25k which i had been comfortably paying off in the uk, since being here, i have struggled to pay the bills, higher costs in some areas especially food, and lower wages. I have tried to pay what i could when i could but the bank have now said i must repay all in 60 days and are closong my account. this was an unsecured personal load. where do i legally stand as i am no longer a uk resident or having any property or assets there. What can the bank do to me here, I still want to try pay off what i can but they don't seem to want to accept my offer of payment , which is way below what i was paying before but all i can afford?

help anyone pls

ilikewatch

As far as I'm aware there's very little that the bank can do to you while you're in NZ, - I don't believe that there are reciprocal arrangements between the UK and NZ (such as there are between the UK and USA for example), so a UK court would not be able to enforce a CCJ using the NZ legal system. I don't believe that any UK debts would have an effect on your NZ credit rating. A Debt Collection Agency would still be able to chase you for money in NZ, but with no legal pressure to put on you I doubt that they'd be that motivated to do so.

theartfullodger

Sorry to hear your story. Hope it gets better

They are going to close the account & start whatever their proceedings say they should do.

Are you planning or expecting (in any circumstances - good or bad) to return to the UK ever??

If so the record of that defaulted debt will be there & "haunt" you unless there is a 6 year gap from any CCJ.

Suggest if you expect to return at any time within 6 years you try to come to agreement with the company to continue to repay something regularly unless you are happy to have a CCJ. Even £5 a month would show willing.

Cheers!

Lodger

deezee777

Thanks 4 the responses I'm not planning on returning to uk for a long time 1 can't afford it 2 don't want to it's so beautiful out here I'm hoping they'll accept a small amount repayment will keep u informed