What to do ? Suggestions needed !!

Bart194

Hi first of all great to see a forum/website that offers light at the end of the tunnel !!

My dileema - I have ~ £20 grand debt, I have defaulted on my accounts and currently have a persoanl 'debt managment plan' in place in which I have pro-rata standing orders to my creditors. This has been established for the last 2 years.

In 6mths I'm emigrating to new zealand. The question is what to do with my exisiting debt, as realistically (in view off currency rates) it won't be possible to continue with the debt managment plan.

1) Do I just leave ?
2) Do I go bankrupt ?
3) Do I offer settlement figures (although this would be minimal ie maybe 5-10% of the debt)
4) Your suugestions ?

Many Thanks

Kevicho

I would go for 3 with help from DMP company.

Do you have things you could sell?

CLAPTON

how much are you paying now that will be impossible to pay from NZ?

how much do you expect to earn in NZ ?

will bankruptcy affect your emigration plans... I thought they had quite strict rules about finances to be able to emigrate there

Bart194

Thaks for yuor prompt replies !

In terms of things to sell - no, nothing of value

Help from the DMP company, what do you mean ? I set up the DMP myself ie leetres, arrangemnts etc

I'm paying around the 250 mark which equates to about $700

Difficult to say how much I will be earning, but maybe around 50K mark, I looked provisional around cost of living ($3500-4000) which doesn't leave much.

I understand from NZ immigration bankruptcy from another country only affects you if you wish to be self-employed/have a buisness.

floss2

Does NZ immigration statement apply to undischarged or discharged bankrupt?
Will you be able to open a bank account in NZ if you are an undischarged bankrupt?
How will potential landlord / mortgage company view your financial position & bankruptcy?