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Worst Case Scenario Personal loan arrears..

  • 01-01-2010 8:11pm
    #1
    myles79
    Registered Users, Registered Users 2 Posts: 139 ✭✭


    Hi there my wife and I were living in New Zealand and in good faith took out a personal loan over 5 years. We moved back to Ireland and have been paying the loan now for three years we have two more years to go and to date the loan stands at $13,600NZD which is approximately €6500. we have come into financial trouble with my wifes income being reduced and have defaulted on our payments we are in arrears by $1500NZD (approx €700). At this stage I can not see us being able to catch up with the arrears as well as continuing the fortnightly repayments, in addition to our outgoings and bills here. I have contacted mabs via email and am awaiting a reply for assistance but am wondering in the meantime if anyone can tell me the worst case scenario for us living here if we are unable to catch up. The bank have said that we would have bad credit rating for 5 years in Australasia. we are worried sick about debt collectors calling to the house is this possible we dont own a house or have any savings. Thanks for your replys!


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    If the loan is in New Zealand, I'm not sure if there's a whole lot MABS will be able to do to help you. I've tried googling a NZ version of MABS, but haven't had much success. I did find this which is a guide to their debt recovery system. I'm not sure what use it will be to you though. I can't see them realistically sending debt collectors to your Irish house. First thing I'd do in your shoes is contact the bank and explain the situation, see will they negotiate a lower repayment. After that our best bet would probably be to get in touch with the Citizens Advice Bureau in the city where you were living, and see if they can offer you any assistance.


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