i owe nearly every single bank in australia money in credit cards and personal loans?
warzo asked:
i owe nearly every single bank in australia money in credit cards and personal loans about $300000..i will never be able to pay them back,its just how my condition is.they are sending me bills every day and i have no choice but to ignore it.i just want to know what will they do to me ?what is the worst senario?
Suzanne
i owe nearly every single bank in australia money in credit cards and personal loans about $300000..i will never be able to pay them back,its just how my condition is.they are sending me bills every day and i have no choice but to ignore it.i just want to know what will they do to me ?what is the worst senario?
Suzanne
October 29th, 2009 at 11:01 pm
Juanita
file bankruptcy, its your only hope, and then don’t get your self in that position again.
November 1st, 2009 at 9:18 pm
Katherine
If they catch up with you and you go to court, you could be in quite a bit of trouble, have all your property repossessed, your wage garnered, and have your tax returns intercepted.
HOWEVER. If you default (which means you don’t reply to their letters - pretty much pretend you never got them), you will remain on the national system with a bad credit rating for five years. After this time, the debts will actually be wiped. Seriously.
Five years is a long time to avoid paying back every bank in the country though - good luck. Maybe you should get legal advice. Legal aid has a free website and phone service.
November 4th, 2009 at 12:06 am
Charles
There is not statute of limitations on owed money in Australia, so you will eventually have to pay it plus interest, Going bankrupt is not a good idea, because all your assets will be seized, and it will stop you from getting any sort of credit at all,. You need to approach the banks, explain your problems, and try to reach some repayment agreement with them
November 4th, 2009 at 11:28 am
Matthew
Maybe you do not want to hear it but the worst scenario is: work, work, work 16hours a day, to eat only rice and beans, rice and beans. You took the money and know you have to pay it back. simply as this.
November 4th, 2009 at 2:29 pm
Megan
The best scenerio, is you move to New Zealand and don’t do this stuff there.
Otherwise, live lousy and pay ALL your bills and interest.
November 6th, 2009 at 2:25 am
Gabriel
People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally soughtThe interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.
November 9th, 2009 at 2:14 am
Elizabeth
call consumer affairs and they’ll put you onto a financial counciller (its free)…likely u’ll have to declare bankruptcy unless u have say a car worth $30000 that u can sell or a house? how old are you??????