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Emigration
bwolf99
Posts: 24 Forumite
Hi guys,
We emigrated last year to New Zealand and took with us about 10k credit card debt, we have been paying it off since being here but money is very very tight now on the new zealand dollar and we are not sure how much longer we can go on paying it.
I know if we dont pay it our credit score will be ruined in the uk, what I want to know is what else can happen?
The only assets we have in the uk are 2 buy to lets I own, both are very highly geared with no equity available due to new lending criteria ( if i could remortgage them at 85% i would and pay off the credit card) but ideally i dont want to lose them as they are the only hope i have of one day having a bit of money even though they are hardly worth anything presently.
So basically, if i default on my credit cards now, are these two buy to lets easily traceable and will they get snapped up by creditors? I have never lived at either of them
Regards
We emigrated last year to New Zealand and took with us about 10k credit card debt, we have been paying it off since being here but money is very very tight now on the new zealand dollar and we are not sure how much longer we can go on paying it.
I know if we dont pay it our credit score will be ruined in the uk, what I want to know is what else can happen?
The only assets we have in the uk are 2 buy to lets I own, both are very highly geared with no equity available due to new lending criteria ( if i could remortgage them at 85% i would and pay off the credit card) but ideally i dont want to lose them as they are the only hope i have of one day having a bit of money even though they are hardly worth anything presently.
So basically, if i default on my credit cards now, are these two buy to lets easily traceable and will they get snapped up by creditors? I have never lived at either of them
Regards
0
Comments
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You need to contact the creditors and arrange minimum repayments, If you just stop paying they will pass it on to DCA. Obviously they have your details regarding you being in NZ but i`m unsure how the DCA would work what with you being out of UK.
I am sure people with more experience of this sort of thing will help you out soon.DebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
whats dca ??0
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Debt collection agency .July £10 a day challenge £ 20.05 / £ 1550
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Any idea anyone? are 2 buy to lets easily traceable and can i be forced to sell them?0
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