Help! 10,000 in debt living in New zealand?

greg1984

Hi i have been living in New Zealand for 8 months since January 2009. I moved out here as i had a job offer as i was unemployed for 4 months previous to this in England. My parents are recieving letters from a specialist debt collection company asking for 5.575.30 in arrears on my credit card and 4,203.50 on a personal loan. Before i left England i was in contact with 'Pay Plan' who helped me freeze the debts so no more interest was been added for 6 months, now the 6 months is up and they want it all back. My problem is that im getting paid in NZ $. For me to pay it off from over here it would take me years because of the current excahange rate plus the fact that i would get charged twice if i were to make payments to the halifax bank(1 for sending x amount of pounds and 1 for them recieving it).

Would i be better off declaring myself bankrupt now?! If so how do i go about this?

Also what would happen to my credit rating in England. How long do you stay banrupt for? If i declare myself bankrupt do i have to pay it back 1 day or does the term 'bankruptcy' on my name get cleared after 6 years or so.

Please please help me as im really worried that baliffs might start turning up at my parents house and taking there belongings?

Any answers to my problem will be greatly appreciated.

Kind regards and thank you for takling the time to read my situation

Greg

dane-katie

We cant determin if you are able to go bankrupt or not, i would contact either CCCS, CAB or national debt line these are all charities and can help you further

Charco_2

when are you planning to return to England?

This would have a significant bearing on what to do now.

On the other hand, just to allay your fears: it would take a long time before bailiffs turned up and started taking belongings. It would be a cold day in hell before they could take anything from your parents... they can only touch YOUR belongings!

If you're interested in reading more try these two links for your rights as regards bailiffs:

a quick read here:
http://www.mccambridgeduffy.co.uk/Ba.../Bailiffs.html

or here:
http://www.direct.gov.uk/en/MoneyTax...rs/DG_10034289

should let you know your rights.