Debt Help New Zealand

System

This discussion was created from comments split from: DMP mutual support thread part 13 !!.

crh93

Hi all, not sure if this is the right place for this message but here goes.

6 years ago I moved overseas to go backpacking (New Zealand to be exact), and over the years have added to debt back in the UK through the use of about 6 credit cards, totaling around 20k. These have now all come to the end of their interest free terms, and because of a number of factors (COVID, exchange rate fluctuations etc) these are becoming more and more difficult to repay the minimum payments. I transfer a good chunk of my wages each fortnight back to my UK current account to repay, and have borrowed here in NZ to keep up with the cost of livin and having to make the repayments. 

That being said, I have never missed a payment.

Its starting to keep me up at night worrying about the repayments, and was looking into a self managed DMP as I feel like I will have these debts forever. I have contacted some debt management agencies (Scottish based companies, as thats where I lived before moving to NZ) but they are unable to help me, to qualify they need me to have been in the UK for the past 6 months. 

I have only just become a resident here in NZ, and so have also explored the option of a loan here at a low rate to pay the debts back in the UK. However, they are not interested as I don't have many assets here and the debt isn't in NZ.

As far as I can tell, I would need to write to the credit companies to get this set up. Has anyone had any success via email, it would be far easier to do this from overseas?

Has anyone been in a similar situation? Don't really know where to start if I'm honest! 

All your help and knowledge will be much appreciated!!

sourcrates

Are you coming back to the UK any time in the next 6 years ?

Very little will happen in the way of enforcement, should you stop paying, that`s just for information purposes, not a suggestion of what you should do.

Some info here -

Dealing With UK Debts While Abroad. Free Help. StepChange

For example, you could go bankrupt in the UK, that would sort all your debts in one go, 12 months then you are discharged, and it would not have any effect on your life abroad, nor on your credit file in New Zealand.

Please remember, only take debt advice from the free debt charities, those who have nothing to sell you, not fee charging companies who only want your money.

JCS1

Unless you have lived in the UK for any time in the past 3 years, you could not go bankrupt.  More details here:

https://www.nationaldebtline.org/fact-sheet-library/bankruptcy-and-foreign-issues-ew/