Advice needed on leaving Australia with bad secured debt

[waxers]

Hi guys & girls,

 

This is my first visit back to the site since 2007 when I used the collective knowledge on here to defeat Natwest bank to the tune of $3000 in charges........so I am hoping once again to find some answers, or at least food for thought.

 

Ok so here goes...........

 

I am currently residing in Australia on a long term business visa and had intended to stay another 3 years plus, however due to family illness I have quit my job and I will be returning to the UK very soon which will mean my visa will expire, so I am definately not coming back!

 

The problem I have is that I took out secured finance on a brand new motorcycle (yes stupid I know) which I have been paying off diligently for the past 5 months. Now obviosuly I am going back to the UK and need to dispose of the bike and finance. I thought I would do the honest thing and approach the finance company, explain the situation, default on the finance and hand the bike back (not bothered about credit rating here obviosuly). However, although the bike is only 5 months old, the finance company are only valuing the bike at a fraction of what it is worth and they are saying that I will still owe them $$$$.

 

Now as far as I am concerend, they are taking the total **** really and I am now of a mind to sell it to my friend at a fraction of the real value (due to him not being able to road register it) and doing a runner with the proceeds.

 

Now I have read through many posts on here regarding overseas debts etc but get conflicting info. What I really to need to understand is this:

• Has an overseas debt outside of the EU ever been successfully judged in the UK courts?
  
• Does the issue of the finance being secured on a vehicle equate to more of a crime being commited in terms of what I propose, as compared to say leaving with unseceured bad debt?
  
• I am pretty sure the finance company has a copy of my passport with my parent's UK address......so I'm assuming I'm pretty easy to find?
  
• the outstanding balance will only be $8500 - is this enough for them to come hunting for me?
  
• Is credit corp the only organisation employed by Oz creditors to track down people, or do other organisations also do this?
  
• I'm think the finance company/dealer use HSBC Oceania to finance their bikes. I bank with HSBC back in the UK. problem?
  

If anyone could help me out that would be great, beacause all this is doing my head in!!

[cerberusalert]

Has an overseas debt outside of the EU ever been successfully judged in the UK courts?

There are a couple of cases going through the court in the UK at the moment.

Does the issue of the finance being secured on a vehicle equate to more of a crime being commited in terms of what I propose, as compared to say leaving with unseceured bad debt?

If the bike is on HP then legally it is not yours to sell, it still belongs to the creditor. It would be akin to hiring a car & then selling it, so you could be charged with theft & your friend with 'Obtaining Stolen Goods'.

 

I am pretty sure the finance company has a copy of my passport with my parent's UK address......so I'm assuming I'm pretty easy to find?

If they know you have returned to the UK yes.

the outstanding balance will only be $8500 - is this enough for them to come hunting for me?

Yes although if they fail to contact you they'll be likely to sell the debt to a Debt Collection Agency.

 

Is credit corp the only organisation employed by Oz creditors to track down people, or do other organisations also do this?

There are several DCAs they can pass the a/c to both in Oz & the UK.

 

I'm think the finance company/dealer use HSBC Oceania to finance their bikes. I bank with HSBC back in the UK. problem?

technically if you bank with the same company they can 'offset' monies from one a/c to pay another.