Moving to Australia but problems

keithzer

I am a electrician looking to move to Australia i have all the money needed i just have one problem i have some unpaid loans credit union/credit card does any one have any experiences with this situation? i am calling in to see my credit union next week to try work something out any feedback would be much appreciated.

GiftofGab

Pay all your loans first before interest builds up. Pay them immediately then start saving to go away

keithzer

Thanks i just dont have the money it would take 3 years i think ill stay put thanks for your reply

Radiotower

Are you closing your irish bank accounts? If not set up a standing order to the CU any pay it off weekly or monthly. They are pretty flexible. I'm sure you'll need your credit card over there so try and pay off it.

master-t

I can't talk for Oz as I have not arrived yet. However, while I was in the US 2 years ago I set up a standing order and simply paid off my installments for the CU while I was away. No hassle at all. You just get the account numbers,IBANs or whatever is needed and set up in OZ at your branch. Shouldn't be a problem.

I would however warn that do keep in mind that you may not have enough extra cash after the first few months due to bills,deposits,finding work etc so try leave enough at home to cover the first 2/3 months of installments when you are away.

Hope this helps!

Mahatma coat

Do you intend to return to Ireland within 5 Years????

if No, then Cut and Run.

woolymammoth

Radiotower wrote: »

Are you closing your irish bank accounts? If not set up a standing order to the CU any pay it off weekly or monthly.

+1

I did this myself, paying off CU and BOI loans. I didn't even tell them because as far as i'm concerned, as long as i'm making the payments, it's none of their business where i am.

keithzer

Thanks for the replys i think ill save up and leave enough in my bank to cover 4 months its the best i think. Thanks for all the replys and info

Vorsprung

Mahatma coat wrote: »

Do you intend to return to Ireland within 5 Years????

if No, then Cut and Run.

Which is both illegal and morally sickening

jonny_b1

I think speaking to them is the first option. organize a reduced repayment plan if you can,then keep up the payments while away.If ya build up savings in oz maybe send the odd lump sum back to them.

gallagbr

I suppose my situation is similar. I intend to apply for a loan while here and then emigrate on a WHV. Hopefully get an engineering job and pay back via standing order from my oz bank account. Just hope i get approved for the loan.

Mahatma coat

Vorsprung wrote: »

Which is both illegal and morally sickening

I find it more morally sickening that people recomend that the OP spend the prime of their youth struggling in debt and despair, Fvck it OP cut and Run, theres a Huge world out there, go take a few years to see it, If you're still young then credit Ratings mean nothing.

Vorsprung

Mahatma coat wrote: »

I find it more morally sickening that people recomend that the OP spend the prime of their youth struggling in debt and despair, Fvck it OP cut and Run, theres a Huge world out there, go take a few years to see it, If you're still young then credit Ratings mean nothing.

And who pays the money back? Society does, through increased charges designed to make up the shortfall in loans that have been written off. Including all its young people.

jank

Vorsprung wrote: »

And who pays the money back? Society does, through increased charges designed to make up the shortfall in loans that have been written off. Including all its young people.

+ 1 million. You are basicly walking away from your obligations and that money will have to be paid back by someone mostly the taxpayer..

Teg Veece

Sorry to hear about your but problems.
Best thing to do is just to take the hit now. It'll be rough and hurt a lot but ignoring it could leave you open and exposed to all sorts of pain further down the line.

AngryHippie

Get it paid off and done before you go, bear in mind that while the exchange rate is pretty good at the moment relative to wages in Oz, you will find that it takes a long time to get the money together to send in one lump sum by forex or by Iban, either way, its better to have it sorted before you go. I wouldn't chance the 5 year rule anymore, as the govt. may extend the statute of limitations if there is any evidence that you've intentionally done it outside of absolute necessity, plus its just pushing extra private debt into the public realm for the poor taxpayers you leave behind to clean up. Not really cool. I considered doing the same, but it just didn't sit well with me, even though it was only 2 grand, instead I've scheduled it over 2 years from here, in lump sums quarterly. much easier and no chance of it biting me in the ar$e if legislation changes.

greenprincess

You can reduce your CU loan repayments and leave some money in another accont. Set up a low direct debit that will keep the loan repayments ticking over while your here.

If your an electrician you should really really really do your Trade Recoginsion Cert. You can do it from home. It takes about 6 weeks to come back. You then have to apply to an individual state for the states electrial licience. Which takes about 4 weeks to come back, then you may have to do a 2 week course. As far as I am aware you can do all of this from home. It costs a bit, but believe me you will really really struggle to get a job without a licence as an electrician. And you prob dont have much experience in other areas so you wont be able to get a job doing anything else either!! So seriously fork out the cash and get the licence, you will earn the money back right away.

Good luck

fjh79

Im heading for Australia next monthwith no intention of coming back for a long time and have some loans here. Best option is go to the bank and talk to them. I did and they set up a new loan structure and I dont have to make any payment til the end of january which gives plenty of time to get settled in Australia. Surprisingly the banks were actually helpful.

sponge_bob

fjh79 wrote: »

Im heading for Australia next monthwith no intention of coming back for a long time and have some loans here. Best option is go to the bank and talk to them. I did and they set up a new loan structure and I dont have to make any payment til the end of january which gives plenty of time to get settled in Australia. Surprisingly the banks were actually helpful.

nothing at all surprising about it in my opinion.
it's not like they had much of a choice, if they are unsecured loans and the client comes in and tells them "here iam moving to the other side of the world and i won't be back, now what can ye do for me?" they just consider themselves lucky that you are not telling them to shove it where the sun don't shine.:D

fjh79

sponge_bob wrote: »

nothing at all surprising about it in my opinion.
it's not like they had much of a choice, if they are unsecured loans and the client comes in and tells them "here iam moving to the other side of the world and i won't be back, now what can ye do for me?" they just consider themselves lucky that you are not telling them to shove it where the sun don't shine.:D

These days the fact that any bank is in any helpful is very surpirising to me;)