Chantel

“Dear Steve,

My husband and I moved to England from Australia two and a half years ago and everything was going fine but unfortunatley our circumstances have changed quite dramatically. We have two credit cards one with Amex and another with City bank which totals nearly twenty thousand between them. We have always paid our bills and have not used them since moving here. We phoned them up the other morning to explain that we have had a reduncey pay off and that we would like to pay them half of what we owe and close the account as that is all we have otherwise they dont get anything. As you can imagine they said no and would not discuss lower payments etc. My husband is Australian and is really worrying about this as although we are not going back to Oz to live we have paid for tickets to see family in Febuary and he is panicking that he will be arrested at the airport!! We dont know what to do as no one can help us.

Chantel”

The Answer:

Dear Chantel,

First, let me ease your mind that you will not be arrested upon arrival back in Australia.

Second, there is no doubt that this situation needs to be addressed. You might want to immediately contact a company like Fox Symes in Australia and discuss your specific situation to put the right solution in place.

It would be best to do this from an AU point of view than from the UK side since these debts originated in the AU. A Debt Agreement in Australia is possible to pay less than the full balance on these debts but you will need the advice of a knowledgeable party in Australia to handle this for you.

Big Hug!

@GetOutOfDebtGuy

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Read the full article at GetOutOfDebt.org, click here: We Moved from Australia to the UK and Now Can’t Pay AMEX. – Chantel

Evelyn

“Dear Steve,

Hi both my husband and i are in around $40k debt combined. We live in Sydney on only his one income and find it hard to live comfortably now we seem to be going behind and behind.

I’ve tried to get loans to pay debt but havent been able to due to our bad credit us both and low income. I then realised getting loans to pay debt will be putting us in more debt. Please help we are desperate and need help if there is anyone who does consolidations for people lke us for small fees please let us know

URGENT…How do my hubby and I get outa bad debt of 40k combined we also now have bad credit realy bad and only on 1 low income

PLEASE HELP URGENT

Evelyn”

The Answer:

Dear Evelyn,

When you you live in Sydney, I am assuming you mean Australia.

There are debt solutions available in Australia. The major solutions are:

• Informal Arrangement – This is much like a U.S. based debt management plan. It is a non-binding agreement between you and your creditors to repay your debt. Just like in the U.S. your creditors could change the repayment terms at any time along the way.
• Debt Consolidation Loan – For people that are having problems, the chance of getting a true debt consolidation loan are slim to none. No legitimate creditors is going to extend a loan to someone that is already in a bad spot.
• Mortgage Refinance – If you own a home and have equity in your property, a mortgage refinance is a legitimate way to borrow money to pay off your debts. However, you can’t borrow your way out of debt. You need to understand that you are swapping one form of debt for another and now securing the debt against your property. If you can’t pay the new mortgage, you could lose your home to the bank.
• Debt Agreement – A debt agreement is a legally binding agreement that is available to you as long as you earn less than $62,735.40 per annum and you have less than $83,647.20 of debt.
• Part X Agreement – This is a Personal Insolvency Agreement (PIA) that allows you to repay your debt based on what you can reasonably afford to pay. An insolvency professional will put forward a formal repayment proposal to you creditors that upon voting and at least 75% acceptance by your creditors it will become binding on all your creditors.
• Bankruptcy – You might need to go bankrupt if there is no reasonable expectation that you will be able to repay your debt. Before considering bankruptcy or any solution, you need to speak to a debt professional in Australia.

Using the solution terms above you should be able to do a local search in Australia to find providers of these services that can assist you.

Big Hug!

@GetOutOfDebtGuy

Other Related Articles to Read

• We Moved from Australia to the UK and Now Can’t Pay AMEX. – Chantel
• Diana Is Struggling to Make Credit Card Payments And Afraid
• Bankruptcy – Latest Bankruptcy News – Bankruptcy
• Can We Get a Loan on the Equity in Our House Without Refinancing? – Dorothy
• Unsecured Debt Consolidation and Personal Loans Being Handed Out at Record Rates
• Raleigh Native Indicted In Connection With Fraud And Extortion
• Consumer Debt a Growing Problem in Canada and Australia
• Six Hundred Out Of $74 Million In Ponzi Scheme
• Attorney Sentenced In $50 Million Bank Fraud
• I Went Into Debt as a Single Mom. – Theresa

Read the full article at GetOutOfDebt.org, click here: How Do My Hubby And I Get Out of Bad Credit On One Low Income in Australia? – Evelyn