New Zealand Student Loan debt

[UKKiwiGirl]

Wondering if anyone can offer advice please;

 

I have been living in the UK for nearly 20 years having moved from NZ.

 

Whilst here I have not been able to afford the payments on my student loan which has in that time spiralled out of control.

 

I am now being chased by a UK dept agency outstanding payments, interest and penalty of around £64k which I cannot afford to pay.

 

My husband and I have a mortgage on our home and don’t want to lose this (we also have 20 years to run on the 25 year term and still owe about £230k on a £247k initial borrowing).

 

Should I declare bankrupt in NZ or would this put our home at risk?

[dx100uk]

cant hurt you in the UK ever.

 

i believe thats exactly what others have done here following our advice.

none have comeback stating it didnt work nor gave UK problems.

 

 

dx

 

[unclebulgaria67]

If you have been in the UK for 20 years, have not made any payments and have not admitted to the debt in 20 years, then I very much doubt that the NZ student debt could be enforced in UK Courts.

 

Don't think you could declare bankruptcy in NZ, as you have been outside of NZ for too long. And even if you went to NZ to declare bankruptcy, then I am not sure you would qualify, as you have assets back in the UK.

 

Suggest that you don't respond.  If you receive a Solicitors letter saying that the debt owner in NZ will start a Court claim in the UK, then that is when you might want to obtain formal legal advice.   

[UKKiwiGirl]

I have read things on line posted by NZ IRD about them recovering assets from abroad so am really quite anxious.

 

I have let the IRD know all my current contact details and have submitted a request for an instalment plan however the initial question on the back of this was whether I would be able to afford repayments of NZ$940 a week (about £500); I can’t.

 

They have also asked about my husband’s income;  my student loan has nothing to do with him so I am troubled about this as he is self employed.

[Ethel Street]

"a UK dept agency "

 

Can you name them please.

 

Who do they say they are acting for?

 

Who is "NZ IRD"?  Is that a NZ government agency?

[dx100uk]

god ignore the powerless muppets.

 

read these

 

Programmable Search Engine

CSE.GOOGLE.COM

clickme

[UKKiwiGirl]

CCI credit Management is the debt agency. NZ IRD is the New Zealand Inland Revenue Department (HMRV equivalent)

 

This is the article I found about the IO in NZ having successfully recovered overseas assets following individuals having declared bankruptcy 

Overseas asset recovery by the Official Assignee | Insolvency and Trustee Service

WWW.INSOLVENCY.GOVT.NZ

---

Recently the Official Assignee has been successful in recovering property from...

 

[unclebulgaria67]

That last link is about people being made bankrupt, so not your position.

 

If the NZ Government decided to take you to Court in the UK, it would be for a County Court Judgement and you would have opportunity to negotiate an affordable repayment rate.

 

And if a Court claim was issued against you, then you would obtain formal legal advice, to see whether the NZ Government could enforce the debt in a UK Court,  when you had not lived in NZ for 20 years.

 

Internet is great source of information, but not very helpful to those who keep searching for confirmation that they have something to worry about.  Each debt case is based in individual circumstances. e.g. exact details of student loan account, how long since last payment or acknowledgement.  So unless you find examples that match your own case, then you could be jumping to conclusions.

 

Yes there is international law that allows debts to be enforced in other Commonwealth countries, but the NZ Government would have to employ UK Solicitors and they are going to write to you advising the basis of the actions they can take quoting you the law they will look to use.  And you would take advice and look to challenge. There is a process to be gone through.

[dx100uk]

stop fretting

 

just goto The NZ Insolvency Website-  is very good and easy to do online from the uk....wipes the debt

 

Do it online | Insolvency and Trustee Service

 

dx

 

[unclebulgaria67]

Worth looking into bankruptcy in NZ.

 

From what I understand, if you have been living outside of a country for awhile, it is not always possible to declare bankruptcy from abroad. People living overseas have had to travel back to the country where they are insolvent and then their worldwide assets have been part of picture.

 

Get advice about your situation from NZ bankruptcy services as dx suggests.