bank debt from overseas

hi,

I was living in Australia for a 7 years (dual resident) and had to come back to Canada as my father was suddenly ill.

I needed money to get back fast. I had organised a bank loan for $15,000 previous for other things, plus i had 2 Mastercard credit cards total ($8000) owing.

Since being back my father passed away from his illness and i realised i have been away for too bloody long! I dont want to leave my family and go back...so i have quit my government job in Australia.

i have used most of this money to relocate (start over), find a cheap car, and i am currently still looking for a job (not easy)...and until i get resettled i cannot afford the monthly repayments and interest.

I would like to pay back one day...but wish to get established first...

Can Banks from Overseas take me to court for this money? Will this make a mess of my credit rating here in Canada??? (previous to this last year i have never had a debt in my life so i'm scared)

Will collection agencies try to locate me or my family here?

Any info is greatly appreciated! Thank you!!!

Karl

i have been paying my payments each month...I have two choices - i go back to my job in Australia, or i stay and try to make a life here. But, to relocate means i now have a huge financial burden on my hands. So i'm not yet sure what to do.

Yes i worked a govenment agency overseas (hard to get in Canada)...I am working class, pay high taxes, never even had a speeding ticket before...

My topic is valid, and i didnt premeditate for this to take place.

karl

I just posted to try to get some insight. I haven't ripped any lender off. I'm just looking for a way to make ends meet right now. Most of all I am curious what can happen if i default on my payments - things might mess up with my trying to get re-established here.

I am aware Canadian Student loans (via banking institutions) are changing for the worst. I did pay back my Canadian student loan while overseas...and yes it was difficult to do!! However, i had full-time work and was in a better position to do so. Right now i am struggling finding a job etc...in the future i wish to have no debt as i am a dual citizen and worked my ass off to get this.

So you can think what you wish. Thank you for your comments.

Good advice regarding Student Loan Debt though...it will catch up with these people if you mess with the Government. Not to mention passport restrictions, etc...NOT a good idea.

Karl

karl_00,

If your still here after that tongue lashing,

IF you are,

your credit status in another country will not effect your credit status here. It will  be tough to establish credit here without some previous credit continuity, potential lenders may ask to see what you had for credit in Australia.

collecters/lenders probably will track you down 23k in loans is probably worth executing every avenue of repayment to them and master card is international so Im sure they would have some nasty tricks up there sleeves.

From what I have read of your posts you sound like you would/will repay and I dont believe there is much of a difference between hiding from a finance agreement on a beach,under a rock or on the moon. so I will offer my advice

My Advice to you would be to get in contact with your creditors , explain your situation, structure and interm repayment plan, suggest interest only. or what you can afford they will and can negotiate, be persistant . remember you will hold all the cards in this deck.....but most of all continue to pay something

troy

Thanks Troy,

This is the info i was after...cheers!

karl

you have an obligation to repay your debts.  i suggest you contact your lenders and work something out.

many of us will have difficulty sympathising with a person who has quit a well paying job and racked up a considerable debt jumping across the ocean with no job lined up to pay for it.  being a government employee has nothing to do with it - it just sounds irresponsible.  no one cares if you were a fireman or a telemarketer or a hot dog vendor, fact is you chose to quit your well paying job after accumulating a substantial debt and are crying about having no money to start a new life.  sorry, that probably sounds a bit harsh, but you're a big boy and i'm sure you can take a little criticism.

you are a dual resident.  this means they can track you from australia.  likely you paid for your flight using a credit card, which makes it really easy for them to track you if you try and hide.  etc.  be assured they WILL track youdown for 30K.  and troy is right, mastercard IS international and they will find you, faster than you think.

you paid off your sutdent loans.  congrats.  you are making monthly payments on your other debts.  good.  continue your payments and contact your lenders.  you have been responsible all your life, don't start screwing up now.

you lived in australia for seven years.  what if you decide you want to return ??  what about the pension contributions etc you have made in australia ??  what about your lease and your possessions ??  i think you have some serious decisions to make in where you want to live and what you have to do to make it happen.

grieve for your loss, certainly.  take some time to think about your future, and where you want to be.  contact your lenders and explain things to them, they may be more sympathetic than you think.  but you have to contact them to see where you stand.

not that its any of my business, but last time i checked flights from australia to canada were in the 4500 dollar range.  if you were coming to see your father, what did you need the other 25K for ???  and did you book your flight one way or return ?

 We are not talking about Jeffrey Dahmer, Islander.  

 Islander, this site does not teach people how to avoid responsibility. It teached people about rights and freedoms.

 I sense your anger in your postings. So, I will challenge it - without any disrespect to you what so ever....

 No one here promotes nor conducts seminars on educating people how to avoid repsonsibility. Now, if you go back and actually READ the advice given to Karl from Cargo, you will understand ..or so I would think. That is helpful. It is common sense and that is the BEST ADVICE even if someone has to remind someone of that.

 Islander, I honestly do not know if you are being facetious, or maybe a little disgruntled about something I said. Now, with all due respect, I honestly hope you are not going to treat me like a pickle or mersan.

 But if you need a puching bag to unleash some of whatever you got going on there.... feel welcome.

My question to Islander then would be? (Im prepared for the tongue lashing)

Is there any real difference between someone hiding on a beach from from s/l creditors, with the Idea of maybe one day paying back the institution.Or a guy who borrows money and uses to get home to his family with the intentions of maybe one day paying the loan back.

I never once in any of the post read were he asked for advice to start defrauding his lender. what he did ask was for advice on how to remain in canada and still be able live a normal life while he figured out how to repay his lender.

In both examples both parties orginally borrowed the money with long term plans.

this last qoute is a double edged sword

 "Was anybody else under the impression that our obligation on this website was to give seminars on credit card fraud? When did we become a resource for deadbeats who want to screw  those who trusted them?"

would it not be promoting fraud to suggest to fellow posters to pack up your belongs move to some far away place and f**k the people who screwed you...just a question

troy