Overseas debt?

Question

hi there

hope some one can help,this is a serious question.

i was living in england when i was 18,got into debt.i moved back to sa 6 months ago and cant afford to pay my loan in the uk and they are full of sh=t.is there someone who can advise me what to do.bankruptcy is an option please let me know.

thank you very much

bb

Answer 1

It is always better to honour your debt.  Contact your bank and make some kind of arrangement to make small monthly payments.  The way it works with loans is that you pay the interest up front, so even if you pay 50 pounds a month, after a while the interest is paid and you are only working on paying the principle.  Then there is no reason to hurry up and pay the loan off.  When you declare bankruptcy it sullies your credit for about 10 years.  That's a long time.  You should take the high road.  This allows you to keep your options open in the UK too.

Answer 2

Worried that you might lose your place at the trough Wreched?

EDIT wreked

No thanx don't like the company, but you seem to fit in quite well.

Answer 3

I will give you a serious answer to your serious question. What you can do is stay right where you are and don't even think about coming back unless you are prepared to pay your debt in full,we have enough wasters here of our own thankyou.

My place at the trough is assured syk, is yours.

Answer 4

keep in touch with them all the time, explain all your move and get an advisor to help you. otherwise you are on your way to the nearest jail.

Answer 5

I think you would be crazy not to pay it back - even if you do it very slowly.  Contact the companies that you owe money to, explain that you are in South Africa and that they are either going to have to lose the money, or be prepared for you to be allowed to pay it back slowly.  If they do not accept your offer, take a long term loan in South Africa that you know you can pay back.  By not paying, you will not be allowed to travel to most of the European world ever again, and could lead to South African banks never loaning you anything, even to buy a house!

Answer 6

Like previously said it is best to pay it off. you will never know in 5 or 10 years when you apply for something and get turned down because of this. Try to pay them back. It is the right thing o do.

Answer 7

It is fatal to get into debt overseas...but you know that now. It is also unfair to other young South Africans living overseas who may need to get credit facilities and may be denied them due to defaulting by other South Africans. For your own conscience and for future travels, don't burn your bridges and see if you can make an arrangement with the UK bank.

Answer 8

If you stay in South Africa then you should be fine. Providing that you don't return, even for a holiday! Otherwise, they will be waiting to take your sorry behind to jail.

Depending on how big the loan was can determine whether they just write it off after a number of years. Sometimes a small loan if not paid after 5 years or not returning to the country can sometimes be written off. However, I'd not take your chances! It depends which bank you borrowed the money from and what their terms and conditions are.

The thing with the UK is that even if you only pay £1 a week for your loan they legally can't touch you because you are still paying it back and have not said you WILL NOT pay it.

Try get some legal advice from lawyer in South Africa whom knows about banking laws in the UK. See what they say.

Good luck!