Debt problems whilst emigrating (back)

marcp

Hi all,

First post with a cry for help please!

I graduated from university with my Law degree last year, and emigrated out to Australia with a view to starting a new life here. I had my student loan sewn up (SLC told me to contact them in April this year to sort out repayments); two overdrafts but one of which was interest-free as it was on a student account, I told the bank I was emigrating and gave them my new address out here, plus a credit card. Thought they'd be nice and easy to pay off whilst living and working out in Australia right? Wrong.

I had trouble finding work and finding work which would allow me to make ends meet. I also ended up being away from home for a week or two at a time thus wasn't always able to check the mail or sort out housekeeping. Whilst I paid off most of the credit card using my remaining funds in the UK, there was a bit still outstanding, and I didn't have the necessary information to make transactions to it from Australia.

I started getting letters from the bank being concerned about overdrafts not being deposited into, credit card payments being missed etc, but whenever I tried to call the banks on numerous occasions, I would be on hold for so long that my international phone bill became quite ridiculous. I had little luck getting through via e-mail either and had lost my Internet banking details.

I finally had a decent job lined up with the Air Force here, due to commence in June and on a decent salary so I could pay everything off. I was relying on that to help my finances. Alas, it fell through.

From the SLC point of view, I make well under the minimum amount required to pay it off, but can't get through to SLC to make contact with them and give them my new address, nor do I know my ART id as the papers were lost in the move.

Long story short, through not being able to get through to the banks or knowing how to pay off international bank accounts, I've defaulted on both the overdrafts and the credit cards. Last week I finally managed to get through to HSBC to explain the situation. I got the IBAN number off them and they tried to put me through (again) to their Credit Department. SUrprise, lines were all busy and noone was free to take the call, and the operator took my details to get someone to call me as I can't afford to keep calling and being put on hold. As yet, I've heard nothing. The IBAN charges combiend with the AUD - GBP exchange rate means I'll barely make a dent in the overdraft or credit card bills even setting aside a decent amount of my income.

Now my luck has changed and I've been offered a training contract with a law firm in the UK starting September 3rd, or failing that the year after. Unfortunately, my finances in the UK are in disarray and I fear I won't be able to get on my feet upon returning in my current financial state.

My course fees will be paid for, I will get a maintenance grant from the firm and am pretty well guaranteed a job with them after completing the LPC.

I have a good credit rating here (on the electoral roll, have a credit card but rarely use it and pay it off in full ages before the statement date etc.) so am toying with either getting a loan here to consolidate my debts in the UK and paying it off through IBAN whilst in the UK, or contacting the banks when back in the UK, explaining the situation I was in in Australia and seeing if I can get a consolidatory loan. I don't mind high interest over a long period of time, as from Sept 08 I'll be making more than enough to pay the whole thing off.

Whilst there's the option of staying here for a bit longer and working to save to make some repayments, the exchange rate means I instantly lose half the value as soon as I've made any payments to anyone in the UK.

Any advice I what I can do to sort my finances in the UK, consoldiate my debts or get enough money together to get a plane ticket and a deposit for a flat so I can get on my feet before I start? Any thoughts, insights or advice would be very much appreciated! Financial arrangements whilst overseas are a lot harder than they may initially seem!

Thanks in advance!

danno_4

Hi mate,
Iwork in the insolvency industry so i'm well conversant with your situation.First and foremost when you get back here you have to take stock of things.Iwould advise you to get settled in first say 3 months then wait and see what your creditors responce is.The situation you find youself in you need to go down this road.If you need further advice then drop me a line.
kindest regards
Danno

marcp

Cheers danno, have sent you a PM.

Is anyone else able to offer any advice or tips please?